Corporate India's Reaction on Modi's Comeback
Jitendra Chaturvedi, Director & Co-founder, Batooni Mobile Advertising
The government had started smoothening the tax issues in startup funding. Continuation of the regime will hopefully hasten the change in the procedures and laws helping startup funding. BJP's known penchant for advertising is very good news for adtech startups.
Bhavin Turakhia, CEO, Zeta & Flock
In the last four years, Indian B2B startups have more than tripled. Our country is now taking giant strides towards becoming one of the fastest growing startup hubs globally. To make this a reality and accelerate their growth, the new Government of India must put in place measures such as training hubs for entrepreneurs across India to ease flow of capital, regulatory compliance and more. Further, these hubs must act as one-stop knowledge, research and development centers so that startups can focus more on innovation and less on processes. Thus, acting as a catalyst or emerging startups across sectors.
Satyam Kumar, CEO & Co-Founder, LoanTap Financial Technologies
Currently, a start-up needs to follow number of compliance laid down by various regulatory bodies as well as there is a knowledge gap because of multiple points of contact. While they are definitely necessary, they are onerous and costly to comply with. Compliance is expected with regards to Labour Law, MSME Registration, Investment, MCA Compliance as well as ones related to individual sectors. There should also be consideration on hefty penalty in cases of non-compliance. Expectation from Government is to make process simpler to comply with - A single clearance window - which ensures end to end solution or procedure to be followed by a start-up that enables pro-active compliance as well as helps to avoid unnecessary costs.
Javed Tapia, Founder, Slonkit
The current government has given a fillip to startups with initiatives such as Start-Up India which enables self-certification, rebate in filing-patents, income tax exemptions, easier public procurement norms etc. I think the new government should further enhance the vibrant start-up ecosystem wherein startups can collaborate seamlessly and share knowledge and technical expertise. This will help India to leverage its entrepreneurial potential and become a hotbed of unicorn start-ups across different sectors.