As Prime Minister Narendra Modi is willing to create India as the international hub of entrepreneurship with his dream campaign ‘Startup India, Standup India’ on January 16, businesses across the nation seems enthusiastic with PM Modi’s bold initiative. Many believe that ‘Startup India, Standup India’ will help boost young entrepreneurs and MSMEs, and brings desired reforms in the area of registration, taxation and licensing. The rising penetration of internet and Smart-phones have helped businesses to explore potential markets and serve the customers with iconic products and services. Digital technology has enhanced the reach of the businesses and it enabled them to interact with the target audience more easily and fruitfully.
According to Rahul Jalan – Director, Indiaonline Network, a startup company “Honourable Prime Minister Narendra Modi’s ‘Start Up India, Stand Up India’ initiative will simplify the things and doing business in India will be easier than ever. However, government should take measures to provide relaxation in existing tax laws and other regulatory procedures.”
Funding and financing for the start-ups is the key area where most of the young entrepreneurs are anticipating disruptive changes. For Innefu Labs’ Co-Founder, Tarun Wig (an IT startup firm), “it is high time the Govt of India realise that the any innovation in cyber security ecosystem can achieve the double aim of economic growth as well as improving national security landscape of the country. US has already realised this and established In-Q-Tel and CIA funded venture capital firm to invest in technology startup. India needs to follow it.”
On the other hand, many players in the mobile handset category are expecting that ‘Startup India, Stand Up India’ will help to resolve many ongoing problems of the industry such as a delayed quality certification process by the Bureau of Indian Standards (BIS). According to Mr. Govind Bansal, Co-founder of Aqua (a startup telecom firm),” Due to a slow procedure consumers are deprived of good options and businesses are unable to meet the market demand with the right product at a right time. Aqua Mobiles requests The Controller of Certifying Authorities to take necessary actions that may expedite the certification process in the interest of both consumers and manufacturers of mobile handsets.”