The union minister for finance, Mr Arun Jaitley along with the minister of state for commerce & industry (Independent Charge), finance and corporate affairs, Mrs Nirmala Sitharaman on the way to present the General Budget 2014-15, in New Delhi on July 10, 2014.
With a thrust on technology development through public private partnerships, the union budget 2014 offers big encouragement to the small enterprises, biopharma and agriculture research as well as a few initiatives to increase access to healthcare.
New entreprenuers means big industry in future
Making this announcement while presenting the General Budget in Lok Sabha, union finance minister, Mr Arun Jaitley stated that the promotion of entrepreneurship and start-up companies remains a challenge. In order to create a conducive ecosystem for venture capital in the MSME, he proposed to establish a Rs 10,000 crore fund to act as a catalyst to attract private capital by way of providing equity, quasi equity, soft loans and other risk capital for start-up companies.
The Minister also announced the establishment of a Technology Centre Network to promote innovation, entrepreneurship and agro-industry. He proposed setting up a corpus fund of Rs 200 crore.
The Finance Minister has announced the development of an entrepreneur friendly legal bankruptcy framework for SMEs to enable easy exit. He said that a nationwide "District level Incubation and Accelerator Program" would be taken up for incubation of new ideas and providing necessary support for accelerating entrepreneurship.
Big boost for biotech research