Govt’s full support to start-ups, created a Rs.10k cr corpus: Prabhu

The Government is in the course of creating a credit guarantee fund of Rs.2,000 crore to fund start-ups.

The Dollar Business Bureau 

Suresh Prabhu, who assumed the charge as Commerce and Industries Minister this week, assured the Government’s support to start-ups and help in eliminating hurdles for promoting the sector in India.

In a video message via Twitter to the promising entrepreneurs on Wednesday, the minister assured that the Government has set up a Rs.10,000 crore corpus and has taken a decision to provide guarantees to the amount of Rs.2,000 crore.

The Government is in the course of creating a credit guarantee fund of Rs.2,000 crore with the purpose of giving funds to start-ups.

“We are committed to promoting start-ups in India. We are committed to removing obstacles, and help you move forward. You will get tailwinds. Earlier you were getting headwinds,” Prabhu said.

“I will ensure that I will do my best to make the start- up community become successful, they shine, succeed and excel,” he added.

The Minister further said that there is a bright future for those who are ready to take risks and can think differently.

Top firms of the world are the ones which were recently born and this should instill confidence in you that you will be among the leading firms in the future," he added.

Prabhu said the world around us is changing fast and if we take a look around ourselves, we can find opportunities knocking at the doorsteps, as changes provide opportunities.

“Start-up is an opportunity to take advantage of change but start-ups itself is a trigger for change. So you are actually a change agent for society,” he added.

In January last year, Prime Minister Narendra Modi launched a number of incentives to promote the start-up business environment, providing them a tax holiday and a regime free of inspector raj for three years, tax exemption from capital gains and corpus of Rs.10,000 crore to fund them.