FM Nirmala Sitharaman promises measures to further boost Indian startups
Union Finance Minister Nirmala Sitharaman met a cross-section of industrialists, trade bodies, ecommerce companies, and startups to receive feedback from them, following the presentation of the Budget on February 1.
Union Finance Minister Nirmala SitharamanOne of the criteria that startups need to fulfil is to be approved by the Inter-ministerial Board (IMB) of the government.
According to people present during the interaction, Finance Minister Nirmala Sitharaman promised that steps would be taken to smoothen the process and it would be aligned with global best practices.
On this, the people present during the interaction said that Sitharaman promised that incremental steps would be taken over a period of time to give a boost to the startups in the country.
In fact, leading ecommerce companies – Amazon and Flipkart – have already made a representation with the government seeking a rollback of this proposal.
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