From skill development centres to conducive norms for student entrepreneurs that can help them raise seed funds, Indian start-ups have great expectations from the upcoming budget.
Some of the key initiatives by the Government like fast tracking of patent applications; tax rebates and fund allocation for setting up manufacturing plants to boost IT product innovations in India, are very encouraging moves for the start-up community. Another significant move was the launch of Start-up India policy to boost entrepreneurship, which entrepreneurs expect to see rolled out this year.
Incubating skill development and university incubators
Krispian Lawrence, Co-Founder and CEO, Ducere Technologies expressed his views on the upcoming Union Budget: “The government should also encourage building a vibrant startup ecosystem by inculcating skill development and entrepreneurship skills in Colleges and Universities. Additionally, the IPO regime should be relaxed and made easier for startups to go public, which in a way will encourage entrepreneurs to stay in the country and not move out to overseas markets. We would also like to see a continued support from the government to ease the regulatory clearances policies, as it will help in fostering a conducive environment for the entrepreneur community.”
To build India a Startup nation and to make India a conducive environment for the development of world-class products and services, we don't just need entrepreneurs but also need a talent pool of employable and skilled workforce.
Deepit Purkayastha, Co-Founder and Chief Strategy Officer, Inshorts dished out his opinion, including, “The government needs to make investments towards imparting contemporary skills in Colleges and Universities via Professional Certifications both in technical and non-technical streams. The government also needs to demonstrate some out-of-the-box thinking and involve the participation of private players and trade associations like NASSCOM and IAMAI in executing this. The other significant area that urgently needs government's attention is the overhaul of University Incubators. While it is encouraging to see University Incubators being set up across the country in Engineering and Management Institutions, there needs to be more focus on improving the quality of mentoring and the Industry Interface of these incubators in terms of interaction with Successful Entrepreneurs, Enterprise Customers, Investors and Angels Funds. Besides, norms should be eased for Student Entrepreneurs to raise at least seed capital from these Incubators.
“The start-up community also looks forward to government's effort on exempting tax on Angel Investments and ESOPs and making way for a relaxed regime for Start-ups to go public and launch IPOs.”