PRIME Minister Narendra Modi has
reiterated that his government doesn’t want to run and manage businesses, but
act as a facilitator. If this is the case then the Start-Up India Action Plan
(SIAP), with its 19 broad points encompassing capital, labour, incubation,
industry-academia partnership, financial incentives, and handholding, is a
non-starter. The reason: one of its lynchpin is the ‘Fund of Funds’, a corpus
of Rs.10,000 crore to be set up by the government, where the state-owned Life
Insurance Corporation of India (LIC) will be a co-investor, which will decide
the venture funds to invest in, and whose representative(s) will sit on the
boards of these venture funds.
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