The government is taking several steps, such as reducing regulatory burden and ensuring availability of adequate funds, for budding entrepreneurs to promote startup ecosystem in the country, Commerce and Industry Minister Suresh Prabhu said on Thursday.
He said that as startups help create jobs and boost the 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 startups. We are meeting regulators for reducing burden, and meeting global funds for providing funding support to startups,” he said here at a function.
In January 2016, the government had unveiled incentives to boost startup businesses, offering them a tax holiday, inspector raj-free regime and capital gains tax exemption as part of the startup 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 the services sector and $1 trillion from agriculture.