India is an aspirational country unlike some of our politicians, Finance Minister Jaitley said.
To fulfil Prime Minister Narendra Modi's Independence Day announcement and push for bank-financing of start-ups, Finance Minister Arun Jaitley launched the India Aspiration Fund in Mumbai on Tuesday with a capital of Rs 2,000 crore.
Set up by the Small Industries Development Bank of India, the India Aspiration Fund aims to create 7.5 lakh jobs in five years. By then, the government expects the total investment to grow to Rs 75,000 crore with more debt and equity pumped into the start-up funding ecosystem.
Addressing the country from the Red Fort on August 15, PM Modi had said, "We are looking at systems for enabling startups. We must be number one in start-ups. Start-up India, Stand up India."
Announcing the fund, Arun Jaitley took a dig at Congress Vice President Rahul Gandhi calling him 'obstructionist' and said he did not 'understand the pulse of aspirational India'.
"You have had decades in the industry which was almost like Indian politics where surname mattered a lot. India is an aspirational country unlike some of our politicians," he said. "It is here that somewhere in this crowd are seated the future visionaries and leaders of corporate India itself," Mr Jaitley added.
Mr Jaitley's deputy, Minister of State for Finance, Jayant Sinha also blamed the Congress Party for holding up reforms. "The whole country is waiting for Rajya Sabha to function and pass important reform measures like the GST (Goods and Services Tax) Bill." Hinting at Mr Gandhi and his mother, Congress President Sonia Gandhi, he said, "The decision to hold up Parliament is a decision of two people."
In his constituency Amethi, Rahul Gandhi hit back saying, "So whole India is being run to benefit 5-10 individuals. And I want that you all should fight for this. And the promises which Modi has made, if that is of Rs 15 lakhs, of providing employment, he has to fulfill them," he said.