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India pledges fresh billion for startups
India announced a new $1.15 billion Fund of Funds for startups on Saturday while unveiling sweeping regulatory reforms and an ambitious nuclear energy
The government is betting on innovation and entrepreneurship to help achieve its longer-term goal of 8% growth needed to create adequate jobs for its young population. “The first fund done a few years ago gave a huge fillip to the Indian venture capital industry,” said Sanjeev Bikhchandani, a high-profile investor who is among the earliest backers of Zomato and Policybazaar. “We are determined to ensure that our regulations keep up with technological innovations and global policy developments,” Sitharaman said in her budget speech, announcing plans to decriminalize more than 100 provisions across various laws through a new Jan Vishwas Bill 2.0.
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