India has the third-largest number of start-ups globally.
India has the third-largest number of start-ups globally.
New Delhi:
Large corporates need to instill confidence in start-ups and start mentoring them, Union Communications Minister Ravi Shankar Prasad on February 20 said while assuring that the government will do whatever is required to promote such ventures.
-"Can you (industry) start mentoring start-ups...on the government part, whatever is further needed will be done but a simple start-up push by big corporates ultimately gives confidence in them,-" Prasad said during an Assocham conference on startups.
He said start-ups can be compared with the IT industry of India. -"When the IT industry started, there was opposition also in early 90s, when mobile telephony started, there was lot of opposition. Now those conventional barriers have been broken,-" the Minister said.
To promote start-ups in the country, Prime Minister Narendra Modi has unveiled a slew of incentives like offering them a tax holiday and inspector raj-free regime for three years, capital gains tax exemption and Rs 10,000 crore corpus to fund them.
India has the third-largest number of start-ups globally. Prasad said that 'jugaad' technology is so integral to Indians, yet start-up culture could not rise in India because there was a policy mismatch.
-"We must learn to respect the innovative spirit of Indians and this spirit is not only confined to people in industry, this is integral to every Indian,-" he said. Explaining the meaning of start-up, Prasad said, -"One who is willing to take a risk in pursuit of his mad ambition to succeed is a start-up.-"
