Prime Minister Narendra Modi will announce important measures to boost the startup industry in India in December, Minister of State for Finance Jayant Sinha said on Saturday. As part of Modi's "Startup India" campaign, which the prime minister first announced during in his Independence Day speech this year, the new measures will look to promote and incentivise entrepreneurship in the country and facilitate job creation.
Sinha said that the announcements would be directed at improving India’s entrepreneurial system through easier bank financing, and encouraging innovation. Claiming that the incumbent government has done more in the last year-and-a-half than the previous United Progressive Allliance government did in a decade, he promised that the announcements by Modi will be "very exciting".
India-based startups will reportedly receive an estimated $5 billion in funds by 2015, a 125% jump from the $2.2 billion it received in 2014, a National Association of Software and Services Companies(NASSCOM) report had stated earlier.