Huge opportunities for Russian startups in India: DIPP Secretary

The government is taking several steps to strengthen the ecosystem for budding entrepreneurs and there are huge opportunities that exist in India for Russian startups, a top official said Friday. Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said more steps are required to promote the growth of startups in India.

"We need to do more like we need more VCs, incubators, angel funds, market support and easier regulations. Many things have been done but it is a work in progress, we need to do more," he said here at a session of the Russia-India Business Summit, organised by CII.

He said that the government is committed to strengthening the ecosystem from the government side. "We are trying to see the challenges of society can be resolved addressed by innovative solutions of startups," he said adding for Russian startups "lot of opportunities are there in India".

On January 2016, the government unveiled a slew of incentives to boost start-up businesses, offering them a tax holiday, inspector raj-free regime and capital gains tax exemption as part of the start-up action plan.