Budget 2019 India: Finance minister Nirmala Sitharaman today announced a television channel dedicated to the growth of India’s burgeoning startup ecosystem.
Union Budget 2019 India: Finance minister Nirmala Sitharaman today announced a television channel dedicated to the growth of India’s burgeoning startup ecosystem that is already the world’s third-largest startup ecosystem with around 8,000 technology startups and overall around 30,000 startups.
In her budget speech, Nirmala Sitharaman announced that the new TV channel to be launched under the Doordarshan umbrella will help startups with respect to the challenges it faces.
There will be a “TV channel exclusively for startups to promote them, discuss growth issues, matchmaking with venture capital (investors) for funding and also for tax planning. This channel shall be designed and executed by startups themselves,” the minister said.
In 2016, DPIIT (erstwhile DIPP) had reportedly proposed setting up of a TV channel dedicated to startups along with a reality show for startups to showcase their business model to investors, similar to the US-based programme Shark Tank. Startups pitch live to venture capital investors and post pitch, the investors decide whether to invest in a startup or not.
Through a dedicated TV channel, startups would be able to share their grievances and achievements even as it would lead to making startups a more prominent part of the Indian ecosystem.
Indian startups have already made a mark on the global stage by setting up and scaling businesses such as Flipkart, Zomato, OYO, Ola, Paytm, InMobi, Druva etc., on the back of rapid adoption of internet and smartphone, reduced data tariffs, and increased awareness around cloud adoption among small businesses particularly.
With respect to small businesses, Nirmala Sitharaman said that government has allocated loans up to Rs 350 crore for 2019-20 for interest subvention to GST-registered MSMEs on fresh and or on incremental loans. The minister also announced the creation of a payment platform for SMEs to cut downtime. The online platform will provide ease of access to credit worth up to Rs 1 crore within 59 minutes for MSMEs.