In early to mid-December Prime Minister Narendra Modi will make a serious of announcements on Startup India, where the government will bring together a lot of the work being done around startups and make very important statements on how to take the entrepreneurial ecosystem forward, says Minister of State for Finance Jayant Sinha.
Sinha was tight lipped about the details, but is believed it will center on providing tax breaks to startups and making the entire process of starting a company and winding a company easier. "These will be very interesting announcements and what we have done in the last 15 months is much more than what the previous government did in the last 10 years. These announcements are going to ensure that India as a country will be the best in the world when it comes to startups and entrepreneurs, "said Sinha at TiEcon, 2015, held by the TiE Delhi-NCR chapter.
In his August 15 speech to the nation this year, Modi had announced the new campaign called "Start-up India, Stand up India" to give a boost to entrepreneurship in the country. "The government is a collaborator and partner. To use a cricketing analogy, our job is to ensure the grass is green and the pitch has been properly rolled. At the end of the day you [entrepreneurs] have to score the centuries and take wickets .You are the players. To that end the Prime Minister has already mentioned on August 15 that we are serious about start up India," says Sinha.
Sinha went on to highlight the important policy initiatives like the pass-through of distribution in alternative investment funds, setting up India Aspiration Fund, streamlining doing business in India, Atal Innovation mission and Mudra banks.
Calling on Indian entrepreneurs to cater to the 6 billion people in the developing economies, Sinha said India has a great chance to solve world's problems. "We cannot follow the China model as there is a slow demand and fewer requirements for manufactured goods. We have to create our own model and I think India's model has to be driven through innovation. The good news is, I think it's beginning to happen," said Sinha.