Discover 6 articles related to Government Of India
The IndiaAI Mission has shortlisted 10 companies for the final bidding to supply 10,000 GPUs, aiming to strengthen AI infrastructure in India. The initiative will enhance computing capabilities through a public-private partnership, fostering innovation and research nationwide.
Radhika Gupta, MD and CEO of Edelweiss Mutual Fund, cautioned against the glamorized portrayal of startups, labeling it as “startup romance.” Through a viral post, she highlighted the harsh realities of entrepreneurship, such as limited budgets, constant rejection, and prolonged uncertainty. While the post garnered mixed reactions, many resonated with her candid depiction of the unfiltered startup journey, stressing the disparity between social media’s rosy narrative and real-world struggles.
Karnataka’s IT Minister, Priyank Kharge, recently launched ELEVATE 2024 and KAN to empower startups with seed funding and acceleration support. ELEVATE 2024 offers up to Rs 50 lakh in grants for early-stage startups, while KAN provides mentorship and market access, especially for companies outside Bengaluru. Designed to foster innovation, these programs support growth in sectors like AI, IoT, and SpaceTech, positioning Karnataka as a major startup hub. Applications for ELEVATE 2024 are open until November 29 via missionstartupkarnataka.org.
The government has launched 'Bhaskar', a digital platform aimed at enhancing India's startup ecosystem under the Startup India initiative. Led by the DPIIT, BHASKAR will centralize resources and foster collaboration among startups, investors, mentors, and service providers. The platform aims to create the world’s largest digital startup registry, providing personalized IDs for easier networking, searchability, and discovery of opportunities. This initiative aligns with India’s goal of becoming a global leader in innovation and entrepreneurship, supporting over 1,46,000 DPIIT-recognised startups.
Finance Minister Nirmala Sitharaman announced a Rs 1,000 crore venture capital fund to boost India's space economy. The initiative aims to increase India's share in the global commercial space market to 10% by 2030, from the current 2%. This policy offers financial assistance, adding to the existing policy support and technical aid. (2) Lt. Gen. AK Bhatt (Retd.) of the Indian Space Association hailed the fund as crucial for space startups. Awais Ahmed of Pixxel and Srinath Ravichandran of Agnikul Cosmos praised the fund's impact, while Pawan Kumar Chandana of Skyroot Aerospace emphasized its role in capturing global market share.
India’s federal government has abolished the controversial “angel tax” for all classes of investors, marking a significant victory for the country's startup ecosystem. Introduced in 2012 to control money laundering, the tax had long burdened early-stage companies and their backers. Finance Minister Nirmala Sitharaman announced the removal during her budget speech, aiming to bolster the entrepreneurial spirit and support innovation. The abolition of the angel tax has been widely welcomed by the startup community, including entrepreneurs, investors, and venture capitalists. Siddharth Pai of 3one4 Capital called it a "watershed moment," while Amit Mehra of Lightspeed highlighted the reduction in tax-related uncertainty for startups. This move is expected to foster a more supportive investment environment, fueling innovation and growth.