Nirmala Sitharaman urges MPs to set up incubators for startups

New Delhi: Commerce and Industry Minister Nirmala Sitharaman has urged the Members of Parliament (MPs) to consider setting up co-working spaces or incubators for startups in their constituency.

In a letter to the MPs, the minister has asked utilising the Members of Parliament Local Area Development Scheme (MPLADS) funds for such initiatives. "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," a commerce ministry statement said quoting Sitharaman.

The 'Startup India' envisions building a strong ecosystem for nurturing innovation in the country and empowering the budding entrepreneurs to grow through innovation and design.

She said the government has been making all-out efforts towards realising the vision of the Startup India Mission. "We have been interacting with various startups regarding their business needs and support that they expect from the government," the minister said adding one of the crucial aspects that needs to be addressed in this regard is "infrastructure".

She said startups may not be able to own or 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".

The minister has used her MPLAD fund to create a co-working space for startups in Mangaluru.

India is planning to organise a meet of startups of the South Asian region for exchange of new ideas and promoting interaction among them.