Nasscom, Sidbi to create 10,000 start-ups in 5 yrs

IT industry body Nasscom is not elated that over 450 new companies entered the information technology and business process management (IT-BPM) sector in the last one year. It thinks there is potential for more, much more.

So, it is out to encourage formation of 10,000 start-ups in the next five years – at the rate of 2,000 new companies each year, said N Chandrasekaran, Nasscom chairman and TCS CEO.

Chandrasekaran said the industry body is already working with the Planning Commission to prepare a plan toward this end.

"The report of how to go about it will be released in the next few weeks,” said Krishnakumar Natarajan, vice-chairman of Nasscom.

He said Nasscom has signed an agreement with Small Industries Development Bank of India or Sidbi, which provides loans to start small and medium enterprises.

@promit07, @berylmenezes