Economic Survey is the flagship annual document of the Ministry of finance. It gives a detailed account of the various sectors of the economy and overall economic scenario of the country in the past years and provides an outline for the year ahead. India’s first economic survey was presented for the financial year 1950- 51. While budget is a constitutional obligation for Union government, Economic Survey is neither a constitutional nor statutory obligation.
Consider the following statements regarding ‘Startups' in India :
1. Only those products, services or processes which have potential for commercialization are covered under startups
2. They cannot raise more than 75% of their funds from foreign venture capital investors
Which of the statements given above is/are correct?