The Narendra Modi government’s maiden Budget presented by Finance Minister Arun Jaitley definitely talks about the coming of acche din for India's startup ecosystem.
The 45-day-old government, realising the huge potential of the country's growing yet ignored startup space, has allocated a whopping ₹10,000 crore for its development. This includes a major focus on startups working on creating software products.
It has also paid special attention to promoting entrepreneurial skills in the rural villages for which it has set aside a separate fund called Village Startup fund. Also, the Finance Minister has put stress on giving a major boost by providing ₹200 crore extra for entrepreneurs from backward classes.
The announcement has raised the hope of several Indian entrepreneurs who are wary about starting a venture due to lack of funds and support from Government organisations. India also has the highest startup mortality rate at 7 per cent. However, these small and medium startups form a major role in driving the country's overall economy.
The Budget also looks into the revival of several small and medium manufacturing enterprises.