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Today Date : Thursday, May 26, 2022

Government’s start-ups support was  consistent and constant: Nirmala Sitharaman

Government’s start-ups support was consistent and constant: Nirmala Sitharaman

The government’s policies for start-ups were constant and consistent and developmental structures were strengthened to support startups said Smt.NirmalaSitharaman the Finance Minister.Delivering address as the chief guest in the Start-up Dhurv award ceremony for winners of an an inaugural pitching completion organized by the StartUps Academy, Coimbatore, the finance minister said the prime among the policy measures are the abolition of angel tax, IT Exemptions for 3 years and capital gains tax exemptions for investors.

These measures rationalized tax regulations and  simplified the flow of risk capital enabling many startups to raise the requisite seed capital. Some of the other measures worth elaborating upon include the Start Up India portal which enables self-certification and compliance with 9 environmental and labour laws, SIDBI’s Fund of Funds to facilitate investment in start-ups and Credit guarantee schemes. Additional support is also provided in terms of incubation centres and tinkering labs said the Finance Minister.
Stating that she firmly believed that Coimbatore has the potential to develop solutions for using web3 techs and lead in that domain, she said that when it is done it would elevate the startup world to a new leve.

Speaking about the contributions of the Modi-led BJP Government to the industry.She said Congress had made some revisions in the policies in 1991 to usher growth inIndustry and it did good to the sector.However during the Congress regime, everything related to Industry was designed and decided centrally. 

Even when core industries had the potential to manufacture more, their aspirations were clipped due to the policies.Following the takeover of NarendraModi, the 
Indian Government has opened up opportunities to the industries; today except for a few sectors, the private sector can takepart in defence sector, atomic energy and any sector that can give space for growth of the country and the industry.

 Mr. Sanjay Jayavarthanavelu shared his thoughts on the entrepreneurial ecosystem of Coimbatore. Smt.VanathiSrinivasan, MLA Coimbatore South spoke about the incentives available to start ups such as SIDBI Fund of Funds, Credit Guarantee schemes, incubation centers and tinkering labs all meant to promote a healthy startup ecosystem throughout the country. The president of the academy G.Karthikeyan welcomed the gathering. Mr.N.Venkatesh, Secretary The Startups Academy proposed the vote of thanks…