StartUps cheer leg up from Narendra Modi
On expected lines, Narendra Modi’s announcements to boost statups on Saturday met with with huge appreciation from all stakeholders in India’s new sunshine sector. Dinesh Agarwal, Founder and CEO, IndiaMart.Com, said, “These policies should be applicable to all startups including MSMEs in manufacturing, trading, retailing and services sector.” Most entreprenuers felt that the roadmap laid down by the Prime Minister will not only benefit new age tech companies but also the MSME sector.
While the standing ovation from the startup ecosystem at the end of the PM’s speech was testimony enough of the appreciation for the announcements made, most startups are specifically lauding the changes proposed in the financial, labour and regulatory norms. “The relaxation of the financial and labour norms is a great step towards making things simpler for young startups so they can focus on innovation without getting entangled in some of these norms that are more applicable to larger entities” said Shashank ND, Founder & CEO of healthcare startup Practo.
The announcement of the Atal Innovation Mission has also seen very positive reactions from startups. They believe that this Mission will help foster innovation at a grass root level among students in schools and colleges, which will in turn encourage more youngsters to enter the field of entrepreneurship.
The hour-long speech by Narendra Modi on Saturday struck the right chord with startups as most of their wish lists found its way into the announcements. From tax holidays to easier exit norms to self-certification Modi ensured that startups got a huge leg up.
