‘Start-Up India Stand Up India’– the ambitious initiative from Prime Minister Mr. Narendra Modi to boost entrepreneurship and job creation in the country is going to be unveiled today in Vigyan Bhavan. This initiative will facilitate a first-of-its-kind platform to the budding group of entrepreneurs to share their business ideas as well as their plight for growth. The motive is to curtail the startups from moving abroad as according to industry sources 60% of Indian startups move abroad especially Singapore due to difficulty in doing business and tight regulations. So, a reform in regulations for the startups is on its way.
According to a NASSCOM report– ‘Start-up India – Momentous Rise of the Indian Start-up Ecosystem’, India ranks third in the world after US and UK with the number of startups crossing over 4,200. The country has emerged as the fastest growing base for startups globally. The meet will witness business moguls from national and international arena coming together in one platform with the same motive to inspire and mentor early-stage startups. The high-profile event will be attended by 1500 startups and will facilitate them to have direct interactions with some of the big names of the industry as well as venture capitalists.
The meeting is said to be inaugurated at 9:30 am in Vigyan Bhawan by Union Minister of Finance and Corporate Affairs Mr. Arun Jaitley. Honourable Prime Minister Mr. Narendra Modi will unveil the action plan for Start-Up India thereby emphasizing on Government schemes and policies for developing a feasible environment for the startups in the world’s largest democracy. Apart from PM and FM, there will be Mr. Amitabh Kant (secretary, DIPP), Ms. Nirmala Sitharaman (minister of state for commerce and industry) and other senior government officials, and 40 leading CEOs, such as SoftBank’s Masayoshi Son, WeWork’s Adam Nuemann and Uber’s Travis Kalanick present at the event.
On this occasion we take a look at some of the important things which can evolve from this event (Based on an article from Hindustan Times).
One of the biggest challenges that Indian startups in recent times have faced is the issues and problems that an entrepreneur has to go through to start a business. Even more difficult is to shut the venture down. As quoted by many big players of the business, Indian laws are quite rigid when it comes for a startup to close its operations. That is why more than 60% of Indian startups prefer to move abroad. One of the big relief that can come out from this mega event is the relaxation in rules for entrepreneurs.
Simplification of Tax Regulations
The government previously has felt that startups do not need any tax breaks. But in this new policy, to encourage women and youth to enter into startup ventures, the government is trying hard to simplify tax procedures or having tax breaks to boost entrepreneurship.
India is a country where it is often said that ideas run in every nook and corner of a city. But what binds down the growth for early-stage startups is the lack of funding, means of raising funds and most notably security for entrepreneur to receive funds. Seed funding-one of the most common ideas of funding has not yet completely developed in India. There are government incentives and subsidies are available and some collateral free loans are also existing but startups need more funding. Entrepreneurs’ plight for funding will be heard today.
Skill Development beyond technology
Technology inspired startups are already doing good in the country right form starting e-commerce to literally everything. But startups those are working or thinking to work in the grassroots level, many areas like agriculture, bio-technology or social problems have not been explored that much yet.
More than 70% employment generation in the US is done by startups, according to CEOs of Silicon Valley. The main idea behind this ambitious step is to create more jobs to fight huge unemployment in India.