The finance ministry could announce a slew of reforms and policies to make it easier for startups to setup shop and do business in India during the upcoming budget on Saturday.
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According to an Economic Times report, Finance Minister Arun Jaitley could roll out a Rs 2,000 crore ‘fund of funds’ that will provide seed capital to startups in the IT and BioTech spaces.
India is already among the top five global startup hubs, and the government is now looking to emulate what China and Israel have done – nurture startups with friendly policy and money.
Further, the Indian government is already making headway in setting up ‘innovation labs’ that function similarly to incubators in large universities such as Stanford abroad.
The move is very much in line with Prime Minister Modi’s ‘Digital India’ and ‘Make in India’ missions, that aim to digitize the country’s economy while also transforming India’s IT sector away from being a services industry to one where real innovation takes place.

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