On 16th Jan 2016, Prime Minister Narendra Modi kick-started the ‘Startup India, Standup India Campaign’ with the intention of building a strong ecosystem for nurturing innovation, driving sustainable economic growth and generating employment. Prime initiatives taken by the government are focused on reducing regulatory burdens, funding, Industry-Academia partnership and incubation.
Start Ups now have access to Single Window Clearance and 10,000 crore fund of funds under the program. There is No Capital Gains tax and Income tax applicable for three years and special schemes have been announced for women entrepreneurs. RBI has proposed relaxations enabling start-ups to receive foreign venture capital investment by permitting Foreign Venture Capital Investors to transfer shares to other residents or non-residents. Start-up India Hub has been created to foster mentoring for start-ups and to help them in obtaining funds and advice. The government also launched Mudra Bank in April 2015 to boost the growth of small businesses and manufacturing units. The new Bank provides a credit facility of up to INR 50,000 to small businesses. NASSCOM has started a program called 10000 startups in association with the industry and aims to facilitate and incubate Start Ups.
The government is doing its part, the world considers India as a hot investment destination and angels and VCs are in line, looking for bright ideas in the market that has more growth potential than any other across the world. Softbank has invested US$2 billion into Indian startups. The Japanese firm has pledged the total investments at US$10 billion. Oracle announced to set up nine incubation centers in Bangalore, Chennai, Gurgaon, Hyderabad, Mumbai, Noida, Pune, Trivandrum and Vijayawada. Many other corporate and MNC's have announced several other funding and incubation programs. This is a big boost to the entrepreneurial and start up machinery in the country.
"Is there one invention from India that has become a household name in the globe? Is there one technology that has transformed the productivity of global corporations? Is there one idea that has lead to an earth shaking invention to delight global citizens?," asked NR Narayana Murthy, chairman emeritus of Infosys, while addressing the second annual convocation of the Indian Institute of Science (IISc), Bengaluru. "...the reality is that there is no such contribution from India in the past 60 years," he said, answering his own question.
Wake up India, it is the time to innovate and launch your ideas. Never before has the time been more ripe to do something of your own. Education, bureaucracy, money and infrastructure is no more an excuse to not to unleash your creativity. Make use of the favorable regime and investment environment, realize your ideas and turn them into giants that are not only revered and followed, but also set examples for other developing nations across the world.