India takes inspiration from Silicon Valley
Posted on 16 October, 2015 by Mark Chatterley, reporter
Following his trip to Silicon Valley, India’s prime minister Narendra Modi plans to encourage startups and female entrepreneurs in the country through potential legislation changes.
The Indian government is planning to encourage startups in the country and working on special incentives to promote female entrepreneurs, according to the India Times.
The plans come in the wake of the prime minister's visit to Silicon Valley where, among other commitments, Narendra Modi met Mark Zuckerberg, founder and chief executive of social network Facebook, and visited the respective headquarters of internet company Google and electric car manufacturer Tesla Motors.
The changes being considered include the introduction of flexibility when it comes to hiring and allowing failed startups to wind up faster. Incentives for female entrepreneurs could include preference to their startups in public procurement and ways of making it easier for them to access capital.
Another area being looked at is the regulatory framework for startups. Changes in this area could prevent startups moving to other countries as they become successful.
Jyotsna Sitling, joint secretary in the ministry of skill development and entrepreneurship, said: "Women can make a big impact in the economy, so we are looking at a slew of steps to help them start up, such as making incubators and accelerators gender-neutral, facilitating access to capital and changing public procurement norms to help such enterprises."
– Photo courtesy of India's government
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