Nirmala Sitharaman initiates “Start-up Coast” project in Karnataka
Union Commerce and Industry Ministry Nirmala Sitharaman has initiated the “Start-up Coast” project using her Members of Parliament Local Area Development Scheme (MPLADS) fund for setting up state-of-the-art innovation centres, modern incubation centres, tinkering labs and co- working space for start-ups on the west coast in Karnataka. Began with an aim to emerge Mangalore as India’s first start-up district, the project has been expanded to Karnataka and the complete start-up ecosystem is likely to be up and running by 2019.
“As an MP from Karnataka, I will invest my efforts to make sure that I can support the development of physical and human infrastructure necessary for innovation to thrive in the area. This shall be the first step towards shaping the ‘startup coast’ of India,” Sitharaman told PTI.
G20 lauds India’s push to start-ups, ease of doing biz & labour reforms
G20 has lauded the initiatives of India in advancing the ease of doing business, start-up funding, and labour reforms in the country. The G20 has adopted a ‘Hamburg Action Plan’ from world’s 20 largest economies in 12th GST Summit 2017 to achieve strong, sustainable, balanced, inclusive growth. The Action Plan states India is popularising a number of derivative instruments in exchanges or electronic trading platforms in the financial sector to enhance economy. On its part as a G20 member country, India encourages innovation through External Commercial Borrowings (ECB) by start-ups, and bringing in female participation in work-force, the Plan notes.
— Gopal Baglay (@MEAIndia) July 8, 2017
ALC India launches fellowship programme for aspiring entrepreneurs
Hyderabad-based social enterprise ALC India has launched a two year entrepreneurship fellowship programme under ‘Transforming India Initiative’ (TII), for fresh graduates and young professionals who aspire to become entrepreneurs and wish to make an impact to the country. Attendees will be imparted with entrepreneurial experience and practical knowledge on venturing before they start their own ventures. After the completion, they will receive incubation and funding support for a period of 6 years to set up profitable social enterprises.