Starting a Business in India: Not a Dream Anymore!!!
In the last decade, start-ups in India have
mushroomed like never before. Boys and girls from prestigious institutions like
IITs and IIMs have quit their worthwhile jobs to propel their ideas and
imaginations. Innovation is the new success mantra which is inspiring the
Indian youth to explore new ventures and become entrepreneurs. However, while
commencing a start-up, there are various procedural and economical hurdles
which often stifles the ability of an individual to start-up his own
organization.
Starting a Business in India
Capital requirements or funding acts as one of
the major impasse. High interest rates alongwith procedural impediments often
disheartens one from going ahead with their dream. Other restraint in the way
of start-ups is Government Policies and initiatives. World Bank Ease of Doing
Business in its latest data has ranked India at 142 (among 189 nations). This
data evidences the difficulty faced by an individual in starting a business in
India. The data ranks a nation on various parameters like starting a business,
registration of property etc.
Other critical aspect for start-ups is the protection
of their intellectual property (IP). After all it’s that unique idea or
innovation which impetuses an individual to embark on their venture. Hence, its
imperative that IP protection is treated as a crucial aspect for a successful
start-up. However, monetary and procedural constraints often prompt an
individual to ignore this important aspect.
Government’s Initiatives for Start-Ups
It cannot be denied that the Government in the
past few years has recognized the role of start-ups in driving the economic
growth of India and the same is apparent from the reforms and initiatives taken
by the Indian Government recently.
SETU
The Union Budget 2015- 16 saw the glimpses of
boosting start-ups by the Indian Government. In pursuance of the same, Government
in its Budget announced the initiation of program SETU (Self-Employment and Talent Utilisation), established with the
object to support all aspects of startup businesses and other self-employment
activities particularly in technology- driven areas. In this regard, Mr.
Jaitley, Finance Minister in his budget speech had remarked "We are now seeing a growing interest
in start-ups. Experimenting in cutting edge technologies, creating value out of
ideas and initiatives and converting them into scalable enterprises and
businesses is at the core of our strategy for engaging our youth and for
inclusive and sustainable growth of the country.”
Start-Up Mission
Prime Minister Narendra Modi in his Independence Day Speech this
year surfaced the idea of ‘Start-Up India, Stand-Up India’ mission, which is
aimed at developing an entire ecosystem for aiding startups with capital
requirements, incubation, IP issues, marketing strategies, financial and
technical support.
In this context, Indian Daily, Economic Times on September 07
has reported that DIPP (Department of Industrial Policy and Promotion) has been
entrusted with the task to run Mr. Modi’s start-up mission.
Other Initiatives
Form INC-29- The Ministry of Corporate Affairs introduced this
form (Integrated Incorporation Form) as a means of enabling quicker company
registration. The Form has merged the process of getting Direct Identification
Number (DIN), name approval and incorporation application into a single
process, thereby reducing the time to register and consequently start a
business.
Conclusion
The aforesaid initiatives by the Government reflect the efforts
of a progressive nation towards simplifying the ease of doing business in
India. The recent reforms certainly come has a huge relief for the Indian
youth, however speedy and successful implementation of the policies would make
Narendra Modi’s vision of start-up mission a sustainable campaign.
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