Self certification, three-year freedom from inspection for environment related laws, tax holiday on profits of new entrepreneurs should attract educated youth to become job creators rather than job seekers, industry chambers said.
This comes after Prime Minister Narendra Modi on Saturday announced a slew of incentives while kick-starting the government’s pet project ‘Start-Up India’.
“Initiatives like Electropreneur Park, which aims to create 50 ESDM start-ups and at least 5 global companies over 5 years with a focus on Intellectual Property creation and Product Development, are the proof points of government’s noble intention,” India Electronics and Semiconductor Association said in a statement.
Stress on innovation and providing patent protection to the innovators would help India improve its record in patent registrations, ASSOCHAM President Sunil Kanoria said.
“Start-Up India is an out-of-box idea and its strength lies in taking programme well beyond IT and apps ….the involvement of the private sector and academia through incubation centres should make a difference. What makes it unique is easy exit option for which the bankruptcy law should be passed at the earliest,” Kanoria said.
Harshvardhan Neotia, President, FICCI, said, “It is a landmark moment and a major shift as we are looking at an unshackled regime where Government would merely be a facilitator of the entrepreneurship in the country that would provide employment for our large young population”.
Kanoria, however, added that the functioning of the credit guarantee schemes should be monitored since young entrepreneurs may not know how the schemes could help them, unless the lending banks promote them through hand-holding.