The Commerce and Industry Minister, Nirmala Sitharaman has written a letter to all Members of Parliament (MPs) to consider setting up co-working spaces/incubators for Startups in their constituency under the Members of Parliament Local Area Development Scheme Fund (MPLADS), informed ministry in a press release on Wednesday.
The minister said, “This step will promote the Startup ecosystem in the country and help Startups in their constituency make rapid strides towards establishing themselves and also create jobs.”
In the letter Sitharaman said the ‘Start-up India’ initiative of the Government of India envisions building a strong eco-system for nurturing innovation in the country and empowering Startups to grow through innovation and design. She said the Government has been making all-out efforts towards realizing the vision of the Startup India Mission.
She further added that one of the crucial aspects that needs to be addressed in raising Government support for startups in the country is infrastructure. She said Startups may not be able to own/hire working space due to financial constraints, thereby, it was suggested that if Government could support in creating co-working spaces, it could help translate their ideas into successful businesses.
Notably there are total 790 MPs and their constituencies including some rural and semi-urban areas which are far away from startup revolution the country saw in last decade. The urge of Sitharanan to MPs, if fall in place rightly, Indi could see an another startup boom.
To recall, Sitharaman has also used her MPLAD fund to create a co-working space for startups in Mangaluru.
Moreover, India is also planning to organise a meet of startups of the South Asian region — SAARC nation, precisely — for exchange of new ideas and promoting interaction among them.