'Venture capital can birth 4 cr jobs'
Venture capital investments have the capacity to generate Rs 10 lakh crore revenue and create four crore jobs in the next decade, a Planning Commission expert group has said.
Boosting VCI can result in creating 2,500 new successful high growth ventures and can repeat success of IT/BPO sector in three or four other industries in the next 10 years, said the committee on angel investment and early stage venture capital set up by the Planning Commission in a report submitted to the Finance Minister.
In its recommendations, the panel pitched for establishing a National Entrepreneurship Mission (NEM) to drive the long term agenda of inclusive growth from entrepreneurial perspective and to boost venture capital investment in India.
The NEM will engage key stakeholders including venture capital funds, financial institutions, educators, entrepreneurs, industry bodies, Finance Ministry, Department of Science and Technology, Ministry of Micro Small and Medium Enterprises, Planning Commission, state governments and regulators like SEBI and RBI.
The mission will be a nodal point for an entrepreneurship movement in India and develop a clearly defined plan of action, according to the panel's recommendations.
It has also recommended a set of longer term recommendations for creating a vibrant entrepreneurial ecosystem which include host of tax incentive, relaxing regulatory regime covering the entry, operation and exit of venture capital investments.
The Commission's Deputy Chairman Montek Singh Ahluwalia has said in a statement that the findings of the report will appropriately reflected in the 12th Five Year Plan (20012-17) document.
The committee headed by the former revenue
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