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Nasscom seeks tech mission fund to fuel start-up's growth
Hyderabad: Nasscom Seeks Tech Mission Fund to Fuel Start-up\'s Growth, Nasscom, which represents the country’s IT and software industry, has on Friday made a fervent appeal to the central government to establish a technology entrepreneur mission with an initial outlay of Rs 500 crore in order to fuel growth of startups across the country.
Hyderabad: Nasscom, which represents the country’s IT and software industry, has on Friday made a fervent appeal to the central government to establish a technology entrepreneur mission with an initial outlay of Rs 500 crore in order to fuel growth of startups across the country.
“At present, 80 per cent of the $118-billion industry is represented by less than 200 companies, while the rest are more than 15,000 firms which are mostly medium, small and start-ups,” R Chandrashekhar, President, Nasscom, told media on the sidelines of second edition of the industry body’s Big Data & Analytics Summit 2014 here on Friday.
Therefore, we have suggested that a technology entrepreneur mission needs to be launched by the government with an allocation of Rs 500 crore on a continuous basis to look at issues related to funding and infrastructure, he explained.
According to him, a lot of countries adapt this method to attract entrepreneurs and companies globally and many of them are also trying to attract Indian firms. So, the mission should be announced in the current budget, he added. "It is important for the government to send out a signal that it recognises the importance of this segment," he said. He also called up on the government to review taxes on angel investors as investments made by them are risky in nature.
