CROWD FUNDING: THE INDIAN SCENARIO

Crowd funding, as a process of raising capital from the public group, is becoming prominent nowadays. The group can be an informal group in which everyone comes in to contact mainly through social media. Today, internet is used widely for such raising of fund mainly through facebook, whatsapp, instagram etc. Capital can be raised for any purpose like arts, dance, paintings, own business, contribution towards any natural calamities.  It is not a new practice of fund raising but used in different situations by different persons. When we enter in to the Indian context, there are films made out of Crowdfunding financing viz., Manthan (1976), I AM (2010), Greater Elephant (2012), Lucia (2013), Placebo (2015) were some of them with an attempt to promote the nation’s independent film industry. The current situation of flood affected Kerala also hint the importance of the crowd funding which makes the topic more relevant. The Government of Kerala has requested for the fund for reconstruction by utilising the Crowdfunding financing.

The most pioneer situation for Crowdfunding is considered to be related to the Statue of Liberty. After the completion of the statue, they met with a problem of financial constraints for the construction of a deserving platform on which it should be placed. This was tackled by way of asking donations from the public mainly through the dailies which was considered as the media for mass communication in those days. The people contributed their small savings to this programme and a good platform was constructed for the elegant positioning of the statue. Thus this is a theoretical study that analyses the crowd funding and its possibilities in the Indian scenario. The study discusses the theoretical concept of crowd funding and its various implications in the light of Indian financial necessities Hence the paper is endeavoring to analyse several crowd funding situations carried down in Indian environment.

KEYWORDS: Crowdfunding, Startups, JOBS Act, Fund Raising, Mass Communication.


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