Prime Minster Modi on 16 January 2016 started the new government initiative called “Start-up India”. This initiative is a venture towards new enterprises and investments in India. This initiative is a movement to bolster innovative new ventures in India. The Government hopes that it would be able to tap ideas and innovation as an effective driver for India’s transformation. The new venture if effectively utilised could help generate employment opportunity in the country .
The new endeavour encompasses innovation and development of new products or services. The government is offering several tax benefits and there is a lighter regulatory burden. This probably could result in innovation-driven companies . Since start-ups often faces several impediments, the new programme seems to be a very positive initiative.
Several Indian entrepreneurs are keen to play a new role in the economy .Start-up ventures triggered by the Silicon Valley successors is a new trend and with the government support seem to draw several investors. Today Indian entrepreneurs are moving from a safe vault initiative to take up challenges.
India’s tech savvy Prime Minster has set up a $300 million fund for start-ups and also has eased restrictions for Indian’s living abroad who want to invest in venture capitals in India. The adage is “old money, new money-everybody wants a piece of our start-up-boom”. The start-up India is to be promoted through bank finance and incentive to boost entrepreneurship, job creation and an conducive environment to set up start-ups. Withs several plan drawn, innovation in research is a key are that the government would call for investments.
This has raised a sense of hope amongst the Indian investors and is seen as an important landmark for emerging India. An action plan is created to this effect drawing several government officials and entrepreneurs. They are working towards hassle and barrier free environment conducive to investment.The action plan kick starts a new era in building entrepreneurs thus laying a foundation for New India.
The visibility of the initiative is at an infant stage. How is it going to be nurtured and developed is a question that remains to be seen. Started with a major fanfare the success or the credibility of the vision “Start-up India” is something that has be watched .
Priya Suresh is a Research Scholar with the Takshashila Institute. She tweets@priyamanassa.