Prime Minister Narendra Modi’s Startup India initiative is taking shape with the help of inputs from some of the famous stars of the startup world as SoftBank President Nikesh Arora, Snapdeal Chief Executive Officer Kunal Bahl, Oyo Rooms founder Ritesh Agarwal and former Infosys Director Mohandas Pai.
A detailed policy to encourage the startups are likely to be unveiled in December as a host of Venture Capital(VC) has also come forward with their suggestions.
To draw up a 40 point action plan that will address the key concerns of entrepreneurs, the department of industrial policy and promotion has held several discussions with the stakeholders. A DIPP official said that they are getting a feel of realities at the ground level. The interactions have helped in understanding the issues that have to be addressed to build an ecosystem for startups. These relate to different departments, including corporate affairs, banking, Reserve Bank of India, economic affairs.
Start-ups have flagged setbacks in development of companies, issues with regards to worker share, lack of accessibility to initial financing, complicated Foreign Exchange Management Act (FEMA) certification and access to exterior professional borrowings as areas where work on the plan front is needed.
DIPP has also written to The Indus Entrepreneurs (TiE) Silicon Valley, a non-profit company for promoting business, to search for information for the Start-up India programme. So far, two units of conferences have been organized by the Prime Minister’s Office with various government departments to decide upon incentives for start-ups.