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India needs to have more incubators and more start-ups: GM Rao

July 19, 2014

Business Today spoke to GMR Group Chairman GM Rao on what he thinks about Finance Minister Arun Jaitley's Budget for 2014-15 financial year.

"It's good to see that the finance minister is looking to propel innovation. India needs to have more incubators and more start-ups. Rs 10,000 crore is a good start and will give an impetus to entrepreneurial capabilities in the country.

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The importance of skill development for sustainable growth has been recognised. We are confident that setting up of quality educational institutions for developing a skilled work force will be a positive step towards the country's economic growth.

We welcome the announcement of 3P India-the agency to streamline and address the issues that the developers have been facing. The critical financing support that the Infrastructure sector was seeking-like Infrastructure Trusts, long-term financing by banks, development of the bond market-have been given a green signal.

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Various enablers have been set for banks to fund infrastructure. On the equity front, ADR/GDR liberalization is encouraging."

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