The first full-fledged budget of the Modi-led government has served to provide a broad directional roadmap for fiscal planning, infrastructure investment, planned expenditure and policy reforms. The government’s vision has been clear since they took over the reins 9 months ago – to lead India on a path of economic transformation. And, towards this end the government has rightly recognized the need to reimagine India as a hub for manufacturing & innovation.
The government has demonstrated great foresight in recognizing the potential of start-ups in contributing to this vision. Encouraging the spirit of entrepreneurship will provide a fillip to innovation, boost employment, enable an inflow of foreign exchange through exports, foster self-sufficiency and indeed, significantly contribute to India’s renewed economic growth.
As with the interim budget, this current budget recognized the start-up sector as an area for growth and development and has sought to launch a mechanism to boost entrepreneurship SETU (Self-Employment and Talent Utilisation), that has been envisaged as a Techno-Financial, Incubation and Facilitation Programme, is a welcome initiative. I am confident that the 1000-crore allocated by the government to SETU will go a long way in supporting all aspects of start-up businesses. By creating an ecosystem that allows start-ups to flourish, particularly those in the technology domain, the government can unlock India’s potential to create disruptive products and services.
With a progressive vision and timely investment, a pro-entrepreneurship Industry will lend itself to achieving sustained growth and create a global brand for India.