While presenting the Budget for 2015-2016 in the Lok Sabha, Finance Minister Arun Jaitely has announced Rs 1,000 crore fund for supporting the startup environment and also expressed the need to recognize and support cutting edge technology startups.
As per an ET report, with this objective, the Government is creating a mechanism called Self Employment and Talent Utilization (SETU) to be techno-financial incubation and facilitation programme to support all aspects of startup business and other self employment activities particularly in the technology driven areas.
“We are now seeing a growing interest in startups. Experimenting in cutting edge technologies, creating value out of ideas, initiatives and creating them into scalable enterprises and businesses is at the core of our strategies,” Arun said.
As per Economic Survey 2014-2015, “India has emerged as the world’s fourth largest hub for start-ups with over 3,100 of them, driven by “hyper growth” in technology and software products in the country.” The minister also announced that the IT-ITeS sector has raked in $119 billion revenues in 2014-2015 and directly employs about 4 million people.