The Congress has said Prime Minister Narendra Modi's policy initiatives for start-ups is a re-discovery of something that already existed. Congress said it is proud that India rose to becoming the third largest start-up ecosystem in the world during its regime.
Party leader Jairam Ramesh said the most important policy requirement expressed by entrepreneurs, who met Congress Vice-President Rahul Gandhi recently, was to maintain neutrality of the Internet between big business and start-ups. "It is unfortunate that in the mega show for start-ups that the government held yesterday, the Prime Minister failed to commit to net neutrality. His silence on this vital issue is deafening," Ramesh said.
On the Centre’s announcement of Rs10,000 crore to generic venture capital funds that already attract funds from various sources, including foreign billionaires, he urged the government to direct such taxpayer funds into social impact innovation in sectors such as agriculture technologies, education and affordable healthcare where private venture capital is not easily available.
"When the overall economy is in shambles with falling exports, weak domestic demand and a collapsing rupee, it is prudent to optimise government funds in important social sectors and not in risky generic venture capital funds," the former minister added.