Finance Minister Arun Jaitley is currently presenting the Union Budget 2015 at Lok Sabha. One of the first announcements relating to the tech industry is the government’s plans to invest in tech-based startups.
Jaitley said that the government will be establishing the Self- Employment and Talent Utilisation (SETU), which is essentially a mechanism of techno financial and incubation platform for tech-based startups. The government will be spending Rs 1,000 crore to help incubate these new companies. SETU will support all aspects of a startup businesses, and will not only help create new jobs, but also encourage self employment.
“We are now seeing a growing interest in startups. Experimenting in cutting edge technologies, creating value out of ideas and initiatives and converting them into scalable enterprises and businesses is at the core of our strategy for engaging our youth and for inclusive and sustainable growth of the country,” Jaitley said.
With the e-commerce boom, smartphone manufacturing and the rise in Internet users in India, big bets are being made on investments in improving technological infrastructure in the country. Modi’s push for ‘Digital India’ and his ‘Make in India’ initiative too is expected to be a big part of the speech.
You can watch the live stream of Arun Jaitley’s Budget 2015 speech here.
The press release follows.
Self Employment and Talent Utilisation (SETU) to be EstablishedGovernment has announced the setting up of a Self- Employment and Talent Utilisation (SETU) mechanism. Presenting the General Budget 2015-16 in the Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley stated that SETU will be a Techno-Financial, Incubation and Facilitation Programme to support all aspects of start up businesses, and other self-employment activities, particularly in technology-driven areas. An amount of Rs.1000 crore is being set up initially in NITI Aayog for SETU.
Shri Jaitley stated that “we are now seeing a growing interest in start-ups. Experimenting in cutting edge technologies, creating value out of ideas and initiatives and converting them into scalable enterprises and businesses is at the core of our strategy for engaging our youth and for inclusive and sustainable growth of the country.” He said concerns such as a more liberal system of raising global capital, incubation facilities in our Centres of Excellence, funding for seed capital and growth, and ease of Doing Business etc need to be addressed to create lakh of jobs and hundreds of billion dollars in value. The Minister said, with this objective in mind, SETU is being set up.