Hemmed in by policy irritants and the lack of an enabling environment, Startup India, the Modi government’s flagship initiative to encourage entrepreneurship, is flagging
Anu Acharya, CEO of Hyderabad-based Mapmygenome and a pharmaceutical entrepreneur for over two decades, is no stranger to the difficult terrain of Indian business. Yet, this Young Global Leader of the World Economic Forum for the past seven years, who has nurtured firms such as Ocimum Biosolutions and Gene Logic, says the business environment in India is not start-up friendly. “In the past five years, 35 venture capitalists have advised us to register our business outside,” says Acharya.
The founder of a Hong Kong-based start-up discourages start-ups to launch in India. He recommends China, Singapore and Hong Kong as better alternatives even though India is a huge untapped market. India is “such a difficult country for start-ups”, he says. Asked if the Indian government’s Startup India initiative, launched in January 2016, has changed things for the better, he says: “No, the processes are still extremely cumbersome.”
When Prime Minister Narendra Modi announced Startup India from the ramparts of the Red Fort on August 15, 2015, it piqued business interest because start-ups seemed to have found a special place in the Indian narrative—a country brimming with possibilities. Startup India was meant to be the game changer—a funds pool of Rs 10,000 crore, incubators, self-certification of compliance with labour and environmental laws and tax exemptions as required, all aimed at promoting new enterprises and projecting India as a global start-up hub (see How’s Business?). However, three years on, the story is not so upbeat. Although 6,096 companies have been recognised as start-ups by the Department of Industrial Policy & Promotion (DIPP), only 74 start-ups have been approved to avail of tax benefits and allowed to self-certify compliance under various labour laws.
This story is from the July 16, 2018 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 16, 2018 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
BJP's Big Paschim Test
On paper, the BJP-RLD tie-up is a winner for the NDA in west UP, though the INDIA bloc thinks otherwise. The BSP's entry with mixed candidates can unsettle both alliances
Why Gen V Matters
The Way The 210 Million-Strong Generation Viksit Bharat Casts Its Vote Will Determine The Outcome Of This Election As It Has In The Past
Heart Stopper
Cushions with tales of beauty, serenity, art and nature
THE NIPPON NARRATIVE
Say konnichiwa to good design and sayōnara to bad aesthetics, as this apartment in Bangalore is a lesson in how to use Japanese design effectively
RURAL RESPLENDENCE
This second home in a small village in Uttar Pradesh brings to life the beauty and simplicity of locally sourced materials
Curves in the Right Places
Arches may be taking over interior design, but how and where you place them in your home can make or mar the look of the room
Marvels in Mud
Here's how this humble material is changing the way we look at eco-friendly homes in India
DESIGN FOR THE AGES
Five homes, five distinct design styles that help decode how to curate age-appropriate spaces
TAKE FIVE
FROM RUGS TO CUSHIONS, THESE DECOR PIECES WILL GIVE YOUR INTERIORS AN INSTANT MAKEOVER THIS SEASON
TRENDY TABLESCAPES
At the turn of the season, three fashion labels throw a soiree that is stylish, suave and sophisticated