Midst of all the buzz, finally heard the long awaited declaration of new policies for the boon of start-ups in India. Very true that an Idea alone doesn’t pave the way to success. Huge support and a constantly improvising ecosystem is needed.
So here you go with the cream attractions for the initiators, but with a thought:
Easy Inception: Prayers are heard and finally startups will be able to do Self Certification. One single Mobile App integrated to provide guidelines on starting a startup. On top of that, Registration of the start up will be made possible via a simple form within the app. No more shelling out on CAs!
Nurturing: First 3 years of profit are proposed to be tax exempted. Also, capital gains tax could be exempted. This, somehow, denotes benefit to investors besides a self funding to some extent, within the startup, by the startup.
Baby Steps: There are many big & small expenses that a startup has to bear, just to give itself an identity. One of them, Patent Application is now going to be waved at 80% on its cost. That’s way appreciative.
Growth : A lot has to be put in for a sustained growth of the startups. To begin with, every start up struggles to get various stages of funding. A mature yet very basic step needed to be taken was government’s involvement in funding of such uprising babies. So,
- corpus of 100 billion rupee will be set aside for the purpose
- seed capital shall also be on the list
This is not just going to be the growth string for the companies but also for the job seekers who will equally benefit with the more plausible growth with a more explorable and positively challenging career.
India has a lot of potential not just in terms of upcoming entrepreneurs but also a huge potential of end users and the target profit makers of these sharp, innovative ideas shaping up. India is yet to go completely digital and much of the population is untapped consumer.
Consistent Support : Network of incubators to be formed will consistently help the start ups, followed by an Easy Exit Policy in case of a failed project. Smooth Entry, Easy process and Convenient Exit will eradicate the hitch to dare starting a company with less profits or no profits or any such unforeseen situation.
Youth Revival : This Students innovation program will focus on School and College Students for not just bringing out the hidden talent but also encourage more and more students to think innovative. Going to be real skill development on the grass root level.
A Think Over:
Everything stated above seems to be good and I always insist on seeing the positivity ( where these days social media is insensibly used for useless criticism ).
Yet few possible flaws are intriguing which can turn this great hope into a great failure and a shame to the innocent cause. Making this Start-up and Stand-up India a success, depends much on its implication and the government administration. Be it Center Government or State Government, we need to see the Government united on any policy drafted and Act as One in benefit of the nation.
One of the exploitable feature is Self Certification, where it can be used by public, private or government officials to form fake companies and gain benefit. Its going to be even easier because of the Easy Exit Policy leaving no trace or notice.
Corpus of 100 billion rupee will be set aside for start ups. So, will the start ups be able to demand an accounting on which start up is allocated a fund and whether this fund is being actually utilized for the Real Start ups and not ones formed just to eat up the so called start up fund in the name of fake start ups.
Hoping the policies proposed will be strategically and genuinely implemented and taken care.