Union Ministry boosts Indian startups

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The startup space has gained momentum with Commerce and Industries Minister Nirmala Sitharaman approaching the Members of Parliament(MPs) to help set up incubators and co-working spaces in their respective constituencies. She has written a letter to the MPs, asking them to utilise the Members of Parliament Local Area Development Scheme(MPLADS) funds for such plans.

To quote a commerce ministry statement, “This step will promote the startup ecosystem in the country and help startups in their constituency make rapid strides towards establishing themselves and also create jobs.”

The ‘Startup India’ initiative by the government looks forward to creating a strong ecosystem that would help the upcoming entrepreneurs to develop through innovation and design. Sitharaman commented that the government is taking efforts to see that the vision is properly meted out.

"We have been interacting with various startups regarding their business needs and support that they expect from the government," the minister said adding one of the crucial aspects that needs to be addressed in this regard is ‘infrastructure.’

She further added that startups might be unable to own or hire working spaces due to financial constraints, "thereby, it was suggested that if government could support in creating co-working spaces, it could help translate their ideas into successful businesses.” She herself has used her MPLAD fund to create co-working space for startups in Mangaluru.

To take this forward, India is planning to organise a startup meet in the South Asian region to exchange new ideas and promote interaction among them.

With the Union Ministry planning such a move, how far do you think the startup domain is going to be benefited through this? Please put in your views on the same.

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