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DIPP to help banks kick-start government's Start-Up India initiative

Economic Times:  September, 2015

New Delhi: The Department of Industrial Policy and Promotion (DIPP) will start working closely with banks to kick-start the government's Start-Up India initiative in both rural and urban India. 

Commerce and Industry Minister Nirmala Sitharaman said the government would ensure that startups don't run out of money and that their equity requirements don't go unattended. The minister was talking to the media on the sidelines of a Ficci event. 

The department is spearheading the Start-Up India initiative announced by Prime Minister Narendra Modi in his Independence Day address. Sitharaman said DIPP would work with banks across the country, espcially in rural areas. "If each of these (bank) branches gives tribal or Dalit population something to start up with, it would take the whole startup and innovate India (initiative) thought to district level," she said. 

DIPP is also working on ways to reach out to the urban educated and the deprived section of the society to build entrepreneurship. "All over the country, youngsters are coming up with ideas of entrepreneurship ... They don't have time to wait, we don't have time to lose," Sitharaman said. The commerce minister said there is a need for greater participation of industry in driving ahead the movement of Skill India. 

"India needs an ecosystem where talent and skills can be nurtured. Through our .`10,000 crore fund of fund for startups, we will provide soft loans, capital to those who want to start fresh enterprises," she said. 

The skill development and entrepreneurship ministry currently offers certified training in 31 different sectors under the Pradhan Mantri Kaushal Vikas Yojana. Sitharaman, in another event organised by the Confederation of Indian Industry, said India, which ranked 142 in the World Bank's 'Ease of Doing Business' index, is likely to fare better this year as the government has taken several steps to improve the standing.