Start-up India, Stand up India # invitation# Taxmantra # witness # booming start-up ecosystem # PM Modi action plan # help ease of business for start-ups
Just few days left for the much-awaited Start Up India, Stand Up India campaign. The Government of India is due to unveil the full Action Plan on 16th January 2016. Taxmantra is invited to witness the action plans of PM Modi.
This initiative will not be limited to the IT or digital world, but there will be an effort to assist people starting new business ventures, especially those that involved innovation.
According to Prime Minister Narendra Modi, “A structure will be presented before you. This programme will be connected to the country’s IITs, IIMs, central universities and NITs. Wherever there are youth, they will be linked through ‘live connectivity.”
Start-ups have come up with the issues which according to them must be addressed by PM Modi in his upcoming plans for start-ups. Expectations from StartUp India StandUp India:
- To make regulatory compliance norms easier
- The relaxation of existing tax laws
- Access and support to funding
- Clarity on FDI Policy
- Bridging the gap between academics and training for setting up an enterprise
- Access to guidance from industry leaders
- Opportunities for incubation and exposure to colleges outside the IIT/IIM network
- Changes in MCA Act to allow all compliance (of Central and state Governments) online in least time possible using digital signatures
- A platform where an entrepreneur can reach out to them on certain regulation which limits the potential of start-ups growth
- Government need to help overseas investors to bring in their money with minimum paperwork
- Fast track the announcement of easy norms from SEBI
- Link of TDS deductions based on turnover
Challenges in funding for early-stage start-ups are also an area of concern. It will be a real game-changer if entrepreneurs can get Rs 10 to 20 lakh from banks for starting up. There has been herd mentality among the investor community, for chasing some sectors according to market buzz and often exhibiting indifference to startups based in Tier II and III cities. The startups hopes that government should give initial seed capital for youngsters starting up.
There is a pain not only for starting up but also if the effort fails and the startup has to shut down. Government should not only startup to emerge but also let the entrepreneurs gracefully walk away from failure.
According to the World Bank’s Doing Business Report 2016, India moved up nine spots in the starting a business category to 155 but slipped six spots in terms of ease of accessing credit to 42. This implied that it has become more difficult to get loans in India, especially for start-ups and the medium and small scale enterprises.
Encouraging startups is essential in a country where 80 per cent of the population is under the age of 40, and unemployment is rising along with population. India is full of talent and innovative ideas. The only requirement is easy platform where they have an ease with the compliance and tax regime.
A certain boom is being expected from PM Modi and his Start up India, Stand up India in the start-up ecosystem. Taxmantra as invited to witness the action plan of PM Modi will provide you a closer view of the announcement made and its impact on the start-ups.
For startups querry visit: taxmantra for startups