Centre to partner with angel funds to set up fund for startups

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Kochi: Recommending the replication of Kerala’s Startup Village model in other States in India to boost entrepreneurship, Union Minister for Communication & Information Technology, Shri Ravi Shankar Prasad said the central government will set up an electronic development fund for start-ups across the country.

“In order to promote entrepreneurship in IT, the central government has come up with the concept of electronic development fund with the government partnering with angel funds to fund startups in IT, electronics and manufacturing,” the Minister said during his visit to the Startup Village in Kalamassery today.

“I am very happy that Kerala has done a good work. We need to replicate it.” Hailing the Modi government’s ‘Digital India’ campaign as a revolutionary plan to bridge the gap between the digital haves and have-nots, he said the entire profile of India will change in the next four to five years.

“I feel very happy coming to Startup Village and looking at young India explore new frontiers in IT. India has got 90 crore mobile phones and 300 crore internet connections. We have to make them more effective and more accessible and promote entrepreneurship in this field”, he added.

The central government is promoting electronic manufacturing in a big way by giving many incentives to electronic clusters across the country, the Minister said, adding that “until now, we have received investment proposals worth Rs. 18,000 crores from foreign players and others in the field of electronic manufacturing. Out of this, around Rs. 4,000 crores worth of projects have been approved.”

“As for the incentives, if a State government or any other body provides 100 acres of land for setting up manufacturing units, the centre will provide a funding support of Rs. 50 crore straight away. Also, for every Rs. 100 invested by someone in a factory, the government of India will invest Rs. 25. This is apart from the incentives given by the state,” he added.

P H Kurian, Principal Secretary – IT & Industries and Pranav Kumar Suresh, CEO, Startup Village, who were present on the occasion, briefed the Minister about the activities of the Startup Village and the growing start-up ecosystem in Kerala.

Kerala IT News

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