India provides venture funding for the largest number of start-ups: MSME Minister

Dubai, Apr 14 (KNN) Union Micro, Small and Medium Enterprises minister Kalraj Mishra has said that India has emerged as a place where the largest numbers of start-ups are provided venture funding.

The minister was speaking at the 2nd Economic and Business Conference being organised by Indian Ocean RIM Association and Ministry of Economy, UAE in Dubai.

He further said that Start-Up India Program envisages tax breaks, easier norms, self-certification, faster exit etc. for start-ups adding that Start-Up India also envisages building innovation centres at national Institutes and colleges and creating a network of incubation centres.

Start-up India is for promoting and facilitating innovative Start-Ups.  Innovation could be in product, biz process or the way service is delivered, added the Minister.

Prime Minister Narendra Modi with a view of, ‘Youth of India from Job Seekers to Job creator’ launched the Start-up India movement in January.

Mobile payments turned Micro Enterprises  into organised  banking and payment system reducing their working capital problems, he said adding that  Education sector has seen a number of innovations  in o/l offerings of course material where the skilled teachers are not available.

He said that a growing number of these are affordable innovations across several sectors like medicines and health care, drinking water purifiers and so on.

Indian innovation ecosystem is acquiring greater granularity, he added.

He stated that we have been promoting livelihood business incubators and technology business incubators to promote innovation in agro and rural industry.

Economies of Indian Ocean Rim Association countries have a lot of similarities and we could learn a lot from innovations in our countries, he explained.

These innovations are low cost, sustainable, green and suitable to our level technology, skill and market needs, suggested the Minister.

We need to have right eco-system for promotion of innovation. We also need to provide adequate opportunities to start ups to exploit IOR country markets, he said.

The Indian Ocean Rim Association (IORA) comprises 20 member states and 7 dialogue partners, the Indian Ocean Tourism Organisation and the Indian Ocean Research Group has observer status.

We need to bring them together for exchange of ideas and facilitate access to capital and markets. (KNN Bureau)