India Inc And Startup Expectations From The Government

With the NDA coming back to power, there are huge expectations from the Government. We present below some of these expectations.

Rajan Navani, Chairman of the Confederation of Indian Industry (CII) National Council on Future Businesses and Artificial Intelligence and Vice Chairman and Managing Director, JetSynthesys It is indeed exciting to welcome back the ‘Always Investible (AI)’ PM Modi. The citizens of India have invested their future, their hopes and aspirations for the next five years in him and I look forward to there being increased momentum in every aspect of economic development including a huge push to empower the people of India with jobs through entrepreneurship incentives and leveraging digital first technologies in every aspect of nation development.

 

Sanjay Agarwal, Director and Co-Founder at Umbrella Infocare We hope the new term brings with it a favourable policy framework for IT software and Hardware products manufacturing under Make in India. The government must also encourage big corporates to enter local manufacturing of IT equipment. This will replace high dependency on Import and boost employment and export. Secondly, we feel a flexible and reduced tax, legal, labour law compliance for IT startups will prove beneficial, as currently, compliance cost for small companies is very high. Thirdly, we expect the government to offer quick response to issues faced by new-age tech companies like Cloud, e-commerce, edu-tech, Fin-tech. Existing policies and laws do not cover rules for such new-age companies, leading to litigation and business loss.And finally, we have long been demanding rationalization of high TDS rate on resale of software services including cloud services, because it directly impacts growth of business and increases cost

 

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