Narendra Modi, the far sighted persona knows how to ignite and how to reach the limits. His Start-up Initiative is gearing up with the help of startup players and masterminds such as SoftBank President Nikesh Arora, Snapdeal Chief Executive Officer Kunal Bahl, Oyo Rooms founder Ritesh Agarwal and former Infosys director Mohandas Pai.
In this initiative various angel investors and venture capital (VC) have also come in place their hands in shaping this initiative by Narendra Modi. In December, a detailed policy to encourage these start ups will get unraveled in the month of December.
It is with the help of Department of Industrial Policy and promotion (DIPP) and with several rounds of discussions that this point came into concern and varied strategies were formed. The discussions with the stakeholders were to draw up to 40-point action plan that will be sustainable to address key concerns of budding entrepreneurs. After all our Govt is engaging people to get into entrepreurship and make a movement.
According to the senior DIPP official “We are getting a feel of realities at the ground level. These interactions have helped in (understanding) the issues that have to be addressed to build an ecosystem for startups. These relate to different departments, including corporate affairs, banking, Reserve Bank of India, economic affairs.”
There are start ups that have faced delays in incorporation, infrastructure, funding and resource finding cumbersome Foreign Exchange Management Act (FEMA) documentation and access to external commercial borrowings. All these concerns need to be addressed.
Pai who is a part of the deliberations said “”The government has been very receptive to our suggestions that what we need is ease of doing business for startups. Incentives can come later. Young techies don’t understand all these compliances and complex documentations which make moving money in and out of India so difficult.”
As per now, two meetings have been held with the Prime minister and govt officials to discuss about incentives for start ups and boost their growth.
