Govt starting credit guarantee and startup business fund schemes
Future of India is in the hands of startups who are working hard and coming up with new ideas, Minister of State for Commerce & Industry, Som Parkash, told an ASSOCHAM virtual summit on 25 Feb 2021.
The Government is extending all support to the sector thereby creating a congenial atmosphere for their growth, he added.
“Start-up scheme is one of the most prestigious schemes, we see future of India in the start-ups. Young boys and girls with the talent to translate their ideas into actions and contribute in making India a world leader,” said Parkash at the grand finale of ASSOCHAM Launchpad – Startup Elevator Pitch Series.
The Government and the industry department is providing number of incentives and guidance to startups on how to form the companies, starting the business and other benefits like income tax exemption, relaxation in marketing experience, work experience and is also relaxing labour laws.
“Now we are also starting credit guarantee scheme and startup business fund scheme with Small Industries Development Bank of India (SIDBI), Government is giving top priority to the schemes,” said Parkash.
The ASSOCHAM Launchpad is an initiative and platform for budding entrepreneurs was a series of startup competitions held countrywide. Over 1,200 startups were screened and over 300 companies competed in 12 regional events that presented their innovative solutions, ideas, and technologies to a captivated audience of industry professionals and acclaimed investors.
The first of its kind series organised by ASSOCHAM culminated at the Grand Finale where 38 regional finalists made their final presentation to a distinguished jury for prizes worth up to RS.1.5 crore.
Three startups viz., Econovus (winner), Bastar Se Bazaar Tak (Runner Up) and Medilane (2nd Runner Up) were shortlisted as the three finalists for the grand finale event.
Sharing his perspective, ASSOCHAM president, Vineet Agarwal, said, “The ASSOCHAM startup series will empower startups for better business growth, cultivating smart technological solutions, innovation and invention. Besides, it will help in connecting the Startups with related industry members of the chamber for hand-holding and creating a business opportunity and trade among them.”
“We intend to facilitate connectivity with overseas companies to avail emerging opportunities, technology transfer and contract manufacturing tie-ups and interface with regulatory bodies, government officials and credit lending agencies and others,” he added.
The ASSOCHAM chief also expressed gratitude towards Department of Industrial Policy and Promotion (DPIIT), Ministry of Commerce and Industry and the Ministry of Electronics and Information Technology for supporting the ASSOCHAM Startup Launchpad Series, which was started in 2019. #startup #digital #technology #financing #banking #investment /fiinews.com
