Nasscom for tax relief to startups: BVR
IT industry body Nasscom is trying to get tax relief for start-up ventures
By : DC Correspondent
Update: 2015-10-02 02:08 GMT
Hyderabad: IT industry body Nasscom is trying to get tax relief for start-up ventures to boost entrepreneurship in India, a top official said. “There are still a few challenges [in making India a start-up hub] and Nasscom is working closely with the government to ease tax law around start-ups, creating a fund of funds for seed investments, skilling India, etc. Once the above barriers are removed, we will see a six lane highway between India and Silicon Valley,” said Nasscom chairman B.V.R. Mohan Reddy, referring the industry body’s interaction with starups in the Silicon Valley during the Prime Minister’s recent visit to the United States.
Mr Reddy said that Nasscom’s interactions at the Silicon Valley has “encouraged US venture capital companies and mentors to look more closely into India startup community and also for Silicon Valley companies to look for talent in India. Indian start-ups got an opportunity to look for funding and also partnering with valley professionals.” Mr Reddy has chaired Nasscom sessions on startups during the PM’s visit to the US.
“Nasscom’s message at the event was that India is open and connected... The key drivers are large English speaking population and open policies of the government for international business... We are seeing Silicon Valley startups launch in the US first and then launch in India as a second market,” he explained.