Govt woos foreign start-ups to set shop in India

As the Startup India initiative nears its one year anniversary, the government has strategically planned to woo prominent international startups to enter India’s growing new economy, even as Alibaba and AirBnB plan to start India operations.

The department of industrial policy and promotion is organizing a start-up conference next January in this regard, to coincide with the first anniversary, according to an official.

While foreign start-ups like Uber have set up shop in India, the government feels there is a lot of room for growth. The event will aim at drawing foreign investment in startups and push local partnerships.

The StartUp India initiative had announced easier labour, tax and compliance regimes for start-ups. The government has also declared a fund for startups that will invest Rs 2,500 crore each year over the next four years in venture capital funds listed with the Securities and Exchange Board of India. Another conference aimed at local start-ups will be organised by the Department in Hyderabad, in August.