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Startups in India and Budget 2016: A five-fold hike has been made by the FM Arun Jaitley in his Union Budget 2016-17 for funding startups in India during the next fiscal, a move which is in line with Prime Minister Narendra Modi's ambitious 'StartUp India' initiative. Here is all you want to know about the allocations for startups in India: (PTI)
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"This is a huge challenge for us. This is a big ideological challenge. We should consider this an ideological battle and I feel we have won its first round. Now people who were raising slogans against the country have started saying they will chant 'Jai Hind', if not 'Bharat Mata ki jai', said the Finance Minister. (PTI)
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Startups in India and Budget 2016: For the next fiscal, the Narendra Modi government has increased the overall funding for startups from Rs 40 crore to Rs 200 crore, he added. "Funding has always been a problem for startups. With the seed money, the startups can approach venture capitalists or other funding agencies," Sharma said. (PTI)
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Startups in India and Budget 2016: Startups in India and Budget 2016: "Earlier, we would provide Rs 10 lakh per startup but, this year, we have increased the funding substantially," he said. Referring to an internal study done by a consultancy firm on behalf of DST, Sharma said that over the last nine years, it has invested Rs 200 crore in start-ups and its value had risen to Rs 4,000 crore with 10,000 jobs, too, being created. (Reuters)
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Startups in India and Budget 2016: The Narendra Modi government will also open 25 new technology-business incubators to provide relevant training. Incubators are a major source of funding to these new ventures. The government has also earmarked Rs 10 crore for creating "world class" incubators.
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Startups in India and Budget 2016: Sharma said one of the reasons for hiking the funding for startups was that new ventures other than IT have limited scope of raising money. "Sixty per cent of the funding would go to companies that are into hardware and manufacturing business," Sharma said. (PTI)
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Startups in India and Budget 2016: Asked whether it was a risky preposition to fund startups and allocate more money to them, Sharma said many who start a new venture are PhD holders or qualified persons with knowledge in their field. "So, they know what they are doing. More importantly, the proposal will be thoroughly scanned before giving money to the start-ups," Sharma said.
