Prime Minister Narendra Modi has kicked off the ambitious Startup India Movement. The government programme aims to fill gaps in the economy for the growth and development of startups and will aim to boost digital entrepreneurship at the grassroots. The government is expected to earmark around Rs 2,000 crore for the initiative.
Will join the programme to commence the #StartupIndia movement this evening. Looking forward to interacting with start-up entrepreneurs.
— Narendra Modi (@narendramodi) January 16, 2016
Here is a wrap of how India Inc, especially startups are reacting to the news.
Pramod Saxena, Chairman Oxigen Services highlighted the need of easy access to capital for the growth of start-ups. He said, “Also, banks are not taking position to support early stage projects hence only areas of interest to VCs/ PVT Equity are seeing growth in startup’s. If government ensures a frictionless access to early stage capital to young entrepreneurs, we will see many more startup’s in areas of priority for country’s overall development.”
Sanjay Krishna Goyal, CEO & Founder ACL Mobile said, “The government initiatives should focus on building a start up culture in the country by promoting all round entrepreneurial development and subsequently creating an eco-system for conducive growth of the startups. The movement must aim at reducing cost. This can be done by defining a startup, easing regulations and the procedures around the company registration process, and possibly exempting startups from direct and indirect taxes, at least in their initial years, to reduce cash outflows.”
— Nikesh Arora (@nikesharora) January 16, 2016
Nidhi Agarwal, CEO and Founder of KAARYAH.com sees it as a great opportunity for the country to showcase how Indians are now graduating from being workers to creating employment, globally. “As far as expectations from Startup India Standup India are concerned, large scale skill development programs, tax reforms and minimizing round about legalities can be a great fillip for all entrepreneurs,” she said.
Amit Rathore, Founder & CEO, Quintype said, “Start-ups need to attract the best of talent and retain that talent. Currently, the employee stock option plans for start-ups is not tax friendly. It is important to incentivize risk taking and innovation with tax breaks. Today it is reserved for the elite. This needs to change.”
— CIM India@GOI (@CimGOI) January 15, 2016
“As part of the initiative, Government should look into easing the process of starting a business by making the entire process technology based. Also, Indian start-ups are in need of better infrastructure. We also need to re-look at our education system and incorporate a more practical fact driven system. Subjects like entrepreneurship should be made part of the curriculum,” said Shailesh Jain, Co-founder, Mirraw.com.