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Published: Monday, 25 January, 2016 10:00 AM
MBA aspirants must be updated with General Awareness on current affairs. General Awareness topics with analytically drawn conclusions will benefit you in XAT, IIFT, NMAT, SNAP ,CMAT, MAT, and later in Post exams screening Tests like WAT, GD & PI , Essay writing.
Read General Awareness Topic: Start-up India to Kick Start Entrepreneurship
In order to inculcate the spirit on entrepreneurship in India, the Government of India launched ‘Start-up India’ initiative on January 16, 2016. If successful, this initiative indeed would be a watershed in ushering the era of economic prosperity in India. The objective of this initiative is not just to create jobs for the youth but create an army of job creators through entrepreneurship. The major elements in this initiative are as under –
The start-up India programme is different from erstwhile programmes in its very basic approach and objective. While the objective erstwhile programmes was to create employment opportunities for the youth of the country in different sectors, start-up India aspires to channel the energy of the youth in entrepreneurship which will create jobs. Thus the start-up initiative aspires to make the Indian youth not a job seeker but a job creator. If start-up India succeeds in what is expected from it, it would be a game changer for Indian economy.
However, the road for change is not very easy and there are many challenges. First of all, the basic objective of the start-up India initiative is to inculcate the spirit of entrepreneurship in common man. Like any other plan, this scheme also requires large scale people participation along with the supportive business policies. Historically, India was good at announcing the plans but poor at implementation level. If start-up India initiative fails at implementation level, it will have same fate as the erstwhile programmes.
Secondly, experts have criticised the income tax rebate for three years as it is very hard for a start-up to become profitable in three years. Thirdly, in order to get funding, unit had to avail a certificate from the Department of Industrial Policy and Promotion (DIPP) for innovation which is just an additional hurdle in receiving fund. Setting up of the corpus find of INR100 billion is also criticised as it will fund the private venture capitalists with tax payers’ money.
Nevertheless, Start-Up India is indeed new in its approach and its failure would be a severe loss to the country. Still a lot of work is required on the front of ease of doing business. If a person is made to run from pillar to post to get a government approval, it is unconceivable for a common man to engage in manufacturing activity. A suitable business environment, disappearance of red tape, proper infrastructure is crucial to involve the common man in start-up business. Authorities should make sure that spirit of entrepreneurship generate by this programme is not faded with time.
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