Saturday, 16 January 2016

Finance Minister kick-started PM Modi's Ambitious Start-Up India Mission

Finance Minister Arun Jaitley finally introduced the Prime Minister's ambitious Start-Up India mission at Vigyan Bhavan in New Delhi. Through this landmark programme, Prime Minister Narendra Modi is willing to create India as the international hub of entrepreneurship, an initiative to empower businesses and giving them freedom from the government. While addressing the entrepreneurs at Vigyan Bhavan, the Finance Minister said "It is a final break from the conventional Licence Raj of India. We ostensibly broke away with it (Licence Raj) in 1991. But the break was only partial, because who would be funded, there was an invisible role of the state, control over land permissions, foreign investment proposals, and environmental clearances."

 The government in the Budget next month will announce a friendly tax regime that will encourage setting up of start-ups in the country, he said. The finance minister also noted the success of the MUDRA scheme which is aimed at creating small entrepreneurs in the country.

 Businesses across the nation have welcomed 'Startup India, Stand Up India' with much positive sentiment. Many believe that it will help boost young entrepreneurs and catapult the growth of Indian economy. According to Mr. Rahul Jalan - Director, "Honourable Prime Minister Narendra Modi’s ‘Start Up India, Stand Up India’ initiative will simplify the things and doing business in India will be easier than ever. Finance Minister Arun Jaitley has promised that he is going to announce a friendly tax regime in the Union Budget next month, which is really a big relief for the corporate sector.

  Funding and financing for the start-ups is the key area where most of the young entrepreneurs are anticipating disruptive changes. For Innefu Labs' Co-Founder, Tarun Wig, it is a thriving initiative that will propel greater innovation and technology adoption, he said, "Liberal and friendly economic policies pertaining to taxes, registration and foreign investment proposals will help businesses a lot to perform and sustain both in domestic and international market." 

 On the other hand, many players in the mobile handset category are expecting that 'Startup India, Stand Up India' will help to resolve many ongoing problems of the industry such as a delayed quality certification process by the Bureau of Indian Standards (BIS). According to Mr. Govind Bansal, Co-founder of Aqua," Due to a slow procedure consumers are deprived of good options and businesses are unable to meet the market demand with the right product at a right time. As Finance Minister Arun Jaitley has ensured that It is a final break from the conventional Licence Raj of India, we expect that things will be easier and simpler in future."