Taking steps to promote start-up ecosystem, says Suresh Prabhu

The government is taking several steps, such as reducing regulatory burden and ensuring availability of adequate funds, for budding entrepreneurs to promote start-up ecosystem in the country, commerce and industry minister Suresh Prabhu said.

He said that as start-ups help create jobs and boost economy, the ministry is working on strengthening the ecosystem for them in every sector including agriculture and services.

The ministry is organising a meeting for budding entrepreneurs with global funds next month in Goa.

“We are working on a policy to provide mentorship to start-ups. We are meeting regulators for reducing burden, and meeting global funds for providing funding support to start-ups,” he said.

In January 2016, the government had unveiled incentives to boost start-up businesses, offering them a tax holiday, inspector raj-free regime and capital gains tax exemption as part of the start-up action plan.

Speaking at a separate function of International Institute of Security and Safety Management (IISSM), the minister said the country’s economy is expected to touch $5 trillion in next seven years and $10 trillion by 2035.

He said that $1 trillion will come from manufacturing, $3 trillion from services sector and $1 trillion from agriculture.