With the ever changing face of technology and networking, Startup is no more a buzz word in India. The young generation is ready to go lengths and risk their career map to ideate a startup. But, with this comes the baggage of challenges and difficulties. Starting from complex and twisted registration process, hard to understand company laws, finding capital, manpower, etc., to competing in the market, Startups are running the rat race to see the light of the day.
On the event of the previous year’s Independence Day, Prime Minister Narendra Modi mentioned about the new initiative,” Start Up India Stand Up India”. The focus was on creating more entrepreneurs rather than job seekers. On January 16th 2016, Narendra Modi made a key announcement to encourage growth and development of startups and overcome the shortcomings.
On a brief note the highlights of the scheme look like below:
In this budget, vide Finance Bill 2016, few more reforms were announced by Shri Arun Jaitely to boost the startup ecosystem. The major announcements are as follows:
Conclusion:
The Government has provided much needed voice to the startups. Which is good sign. More startup friendly policy needs to be implemented such as easing regulations and procedures, better infrastructure facility, Speedy Implementation of GST.
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