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

Wednesday, 13 February 2013 - 10:00am IST Updated: Tuesday, 12 February 2013 - 11:57pm IST | Place: Mumbai | Agency: DNA
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.

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


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