Feeds

Indian government flings ONE HUNDRED BILLION rupees at startups

We're over outsourcing, says local industry, let's sell software instead

Intelligent flash storage arrays

India's new and tech-savvy government has created a one hundred billion rupee startup fund.

Even once converted into US dollars that's still $1.6 billion. And India doesn't see that as the end of the matter: as the budget speech (PDF) by finance minister Arun Jaitley makes plain, the new fund is intended to “act as a catalyst to attract private Capital by way of providing equity, quasi equity, soft loans and other risk capital for start-up companies.”

Not all of the money is expected to land in the technology sector, but the new government's first budget has given it a boost too.

A new “Digital India” program aims to deliver “Broad band [sic] connectivity at village level, improved access to services through IT enabled platforms, greater transparency in Government processes and increased indigenous production of IT hardware and software for exports and improved domestic availability”.

The mention of software for export is notable. India knows it has done very well with IT services, but the local industry believes exporting products is the next step in its evolution. India is also less-than-thrilled that it imports so much hardware from the rest of the world and, seeing as it runs a decent space program, thinks that more advanced industries should be able to thrive on its soil.

Investments in technology were expected in the budget, as India's new prime minister Narendra Modi made modernised government a theme of his campaign. It is therefore not surprising that Indian technology industry groups have welcomed the budget.

The Indian Software Product Industry Roundtable (iSPIRT ), for example, says it “congratulates the Union Finance Minister on a thoughtful maiden budget” as the budget “has embraced iSPIRT’s view that the software product industry can transform India.” ®

Internet Security Threat Report 2014

More from The Register

next story
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.