The Startup India Campaign was brought to centerstage limelight by Prime Minister Narendra Modi last year, amidst much fanfare, while he was delivering his Independence Day speech. PM’s triumphant words “Startup India, Standup India” sent ripples of positivity and hope throughout the economy. The launch of the highly touted event was attended by the bigwigs of major startups from across the globe. It is hoped that the inventive ideas unveiled during this campaign will ignite the creative minds of those who have the potency to convert intangible ideas into materiality. However, the innumerable loopholes inherent in our legal framework prevent the country’s creative prowess from showing and as a consequence, underlying potential of the country’s human resource forever remains dormant.
The Startup India Campaign is expected to remedy the above anomalies of our system. Entrepreneurial activity is expected to spur on, as the government relieves and relaxes the red tape . Key features of the Startup India initiative are as follows:
- Providing an estimated 10,000 crores as funds.
- Single window clearance using mobile application, to ensure easy access and fast deliverance of services.
- Effectively tracking and restricting red tapism.
- Elimination of taxes to incentivise startups. For example, startups will be exempted from paying capital gain tax and tax in profits. 80% rebate in patent cost.
- Relaxation of labour norms, promoting a less hassled environment for fledgling startups.
Apart from the government, the country’s central bank has also decided to aid the growth of the startups. The budding startups have finally got the recognition they’ve always deserved!
The above stated features of the Startup India Campaign are enough to give a ray of hope to embryonic entrepreneurs, who were till now slumbering in this ancient land of innovators. India has traditionally been a hub of knowledge and learning, a place where creativity bubbles with exuberance. Successful implementation of Startup India will create millions of jobs and provide decent livelihoods to people. This may also turn out to be a ready tool to curb the problem of brain drain that India has been facing in recent decades. Now with this system of conducive business environment in place, India is clearly moving towards innovation, saying goodbye to an inefficient and ineffectual system. The government’s scheme serves the dual purpose of benefitting people and the state, both simultaneously.When people choose to stay in their own country and decide to wing ideas in the name of their motherland, the country moves towards a brighter and more competitive future. Also, as the creative and imaginative ideas of young people are given enough headway and consideration and are forced into reality with adequate financial aid and less cumbersome processes, people are able to put more efforts in improving their business designs and are in a position to devote less time to the mundane task of securing finance and procuring legal permits. This undoubtedly guarantees a brighter future and a more pleasant present to the entrepreneurial minds.
There have been some valid criticisms of the policy as well. For starters, the existing education system is less skill based, focussing more on clerical rote learning— which basically means that we’re fettering creativity. However, basic economics tells us that demand creates its own supply.. This implies that a more open and friendly business environment will lead to the adoption of a more creative education system. Although this argument seems far fetched at first, its occurrence at some point in the future cannot be immediately refuted.Thus we see, the Startup India Campaign will finally kick off the dust from the riddled minds of our entrepreneurs and give them free space to dance with innovation. The government has finally shown the green flag to thinkers and doers. All you promising entrepreneurs, be assured. The government has your back!
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