Experts Aid Govt in Drafting Policy for Startup India Initiative


BENGALURU: This year has been more pleasing to Startup players as the current government gives its full support to the startups. The startup initiative is taking shape with the help of SoftBank President Nikesh Arora, Snapdeal Chief Executive Officer Kunal Bahl, Oyo Rooms founder Ritesh Agarwal and former Infosys director Mohandas Pai, reports The Economic Times.

According to the National Association of Software & Services Companies’ (NASSCOM) report, the Indian startup ecosystem is among the top five in the world. Startups have created more than 80,000 jobs and as many as 11,500 startups could come up by 2020 creating 250,000 jobs.

 "We are trying to get startups to shift from digital to manufacturing and from tier-I to tier-II cities to create more jobs and (ensure) inclusive growth," the official added

A host of venture capital (VC) funds and angel investors has also come forth with their suggestions. A detailed policy to encourage startups is likely to be unveiled in December. The department of industrial policy & promotion (DIPP) has held several rounds of discussions with these stakeholders to draw up a 40-point action plan which will address key concerns of entrepreneurs.

"We are getting a feel of realities at the ground level. These interactions have helped in (understanding) the issues that have to be addressed to build an ecosystem for startups. These relate to different departments, including corporate affairs, banking, Reserve Bank of India, economic affairs," a senior DIPP official told.

"The government has been very receptive to our suggestions that what we need is ease of doing business for startups. Incentives can come later. Young techies don't understand all these compliances and complex documentations which make moving money in and out of India so difficult," said Pai, who is part of the deliberations.

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