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Impetus To Innovations And Start-ups From Govt. Of India By G S Sandhu At TiEcon Delhi 2014

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TiEcon Delhi 2014 is one of the biggest events, encouraging talented entrepreneurs to flourish different industries from their talented ideas. Since its first edition, it had a clear focus of targeting talented entrepreneurs and now it has reached to a matured stage where it is focusing entrepreneurship at a broader level and exploring the new trends of entrepreneurial ecosystem.

This event started with a ‘Bang’ from some great insights from G S Sandhu, Secretary, Financial Services who was accompanied by Saurabh Srivastava, Chairman Emeritus, TiE Delhi-NCR and Jeffrey Tull, Monitor Deloitte. G S Sandhu is a Senior IAS Officer from 1980 batch who took charge as a new Financial Services Secretary.

He discussed about how Indian Government is helping and encouraging start-ups and innovative entrepreneurs to contribute in the growth of the country. Few insights shared by him during the session were:

As per G S Sandhu, In India, we have to create more and more jobs. We need one million jobs every year and that can be done only through entrepreneurship. High growth of 7% to 8% and creating new jobs are the two major areas, we are working on. G S Sandhu shared that both IMF and World Bank predicted that growth rate will increase up to 6.4%; however, countries like China’s growth rate is dropping down to 7.4% but on the other hand India’s growth rate is increasing.

Some major initiatives taken by government which should be noted are:

  • Creating separate ministry for entrepreneurship is the need of today and already funds for skilled development of 1000 crores is initiated.
  • Lot of focus should be on innovation. ‘Make In India’ program is truly going to be one which will help in country’s growth and which can further give a hike in GDP as well.
  • ‘Digital India Program’ is mainly focusing the IT industry so that young entrepreneurs can drive the country.
  • Any start up company finds difficult to get low debt in the country; however, as per G S Sandhu, 10000 crore venture capital fund will be created for the same. Hundreds of funds will be created which will help SMEs, start-ups etc.
  • India is 4th country in the world which has come up with its own debit cards. Earlier, when debit / credit card were used by people, the transaction fee and money settlement was done through other countries.
  • 6 crores zero balance account is already created by now in the country.

Overall, this session from G S Sandhu was one of the insightful ones and provided a lot of information about how and what initiatives Indian government is taking to encourage entrepreneurship.

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