IFFCO MD Dr U S Awasthi has lent his full support to start up India campaign launched by the Prime Minister last week. Tax waiver for three years, end of inspector raj and a dedicated fund for startups are some of the measures announced by the govt at the launch.
Welcoming the decision Dr. U S Awasthi tweeted”#IFFCO Congratulats @narendramodi Ji 4 initiating idea of #StartupIndia @standup_startup. Encouraging entrepreneurship; new growth angle.”
In another tweet MD repeated IFFCO’s initiative in this direction and asked his fellow cooperators to send new ideas at startup@iffco.in
Awasthi tweet read “At #IFFCO, We have set-up a team for looking #startup new innovative ideas @standup_startup. All ideas can be sent to startup@iffco.in.”
“The first time when I mentioned about start-up India and Stand-up India from the pulpit of the Red Fort it hardly registered in the minds of people but today after more than 100 days of the announcement, people will come to know what are these innovative ideas”, said Narendra Modi speaking on the occasion.
Govt has done so many things for the last 70 years and see where we have reached. Today we are assembled to know
from you what all should we not do. If only do we stop interfering for just 10 years, miracles will happen, Modi said in an inspirational speech underlining the perils of licence-quota raj.
Start-ups are not begun with an aim to earn money. It begins with the idea of improving the life of people. And money happens on its own, Modi said quoting how Uber became Kuber(rich). The 19-point action plan was announced by Prime Minister Narendra Modi after a day-long event.
The Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Arun Jaitley and the Minister of State for Commerce & Industry, Nirmala Sitharaman were also present.
TEN MILLION START- UPS IN ONE YEAR ?
Thank you , Narendrabhai , for the Start Up Action Plan announced last evening
I am glad that some of my suggestions ( sent to Ministers / Secretaries ) over the past 2 years , have been incorporated in the ACTION PLAN , in respect of :
* Self Certification
* Simplified Registration thru Mobile App
* Tax Exemption for Capital Gains
* Entrepreneurship Program for 10 lakh students
* No Corporate Income Tax for 3 years
You will find my detailed suggestions covering these points in following blogs at ,
http://www.hemenparekh.in :
* A New Economic Order – Start Up Act 2015 / 12 Sept 2015
* From Job Seekers to Job Creators / 15 Sept 2015
* Back Factory of the World / 09 Sept 2015
* Blue Print for a Start Up Nation / 27 Dec 2015
* Creating Jobs Vs Creating Self Employed ? / 10 Dec 2015
* Get Out of the Way / 01 Dec 2015
* Ten Million Entrepreneurs ? / 19 Oct 2015
* Start Up Eco System / USA vs India / 01 Oct 2015
* Treading the Beaten Path / 25 Sept 2015
* Second Industrial Revolution / 21 Sept 2015
* From Single Window to a Single Day ? / 19 Sept 2015
* Myth of Job Creation / 12 Sept 2015
* Killing Many Birds with One Stone / 07 Sept 2015
* If Mohamed cannot go to Mountain / 26 July 2015
* Ditch Historical Baggage / 24 Dec 2015
* Create Self Employment / 21 Feb 2015
Very likely , your initiative may see the birth of ten thousand new start-ups in 2016-17, which , together , might generate one lakh jobs
In itself, this will bring a new dynamism to India’s Economy
But that will still fall far short of 12 Million ( 120 lakh ) youth joining the work-force each year
Can all of these youth become Start Ups ?
It is entirely possible
All you need to do is to implement my following suggestion, described in ,
” A New Economic Order / Start Up Act – 2015 ” / 12 Sept 2015 ” :
SUGGESTION
* Although all Start Ups will need to file annual Income Tax returns ( with full disclosure of income / expenses / profits / sources of funds etc ) , it will not be required to pay any Corporate Income Tax for the first 10 years of its existence
* A Start Up will be free to raise funds from any source ( Individuals / Companies / PE funds / VCs / Angel Investors / Religious Trusts etc )
* 100 % FDI will be permitted in Start Ups
* A Start Up can receive loans or equity and be able to accept fixed deposits . It can also give loans to individuals or other Start Ups or invest in other Start Ups by way of equity
* There will be no restrictions on what interest ( on loans / FDs ) that a Start Up may pay nor any restrictions on dividends it may declare
The dividends declared by Start Ups will not attract any Income Tax
* As far as the persons / companies etc providing funds to Start Ups ( by way of loans or equity ) is concerned , no questions will be asked re their source of funds
WHAT WILL HAPPEN , IF IMPLEMENTED ?
* Billions of rupees worth Black Money will flow into these Start Ups – money which is currently lying unutilized or locked up in unproductive assets
* Within 3 months , thousands of Venture Capital Funds will be born , exclusively for funding of Start Ups ( You know who will set up these VCs ! )
* With NO Income Tax to be paid , Start Ups will conduct all transactions through cheques ( receipts / payments )
* GST collections will go up
* Domestic Savings Rate will go up
* Since millions of ( Black Money holding ) individuals / businesses will come forward to fund these Start Ups , lending pressure on banks will go down
* Who knows , Start Ups may get into the business of Assets Reconstruction and relieve banks of NPAs !
* With locally / domestically stashed Black Money flowing into the economy , our dependence on FDI will go down
* Corruption will decline drastically
Dear Shri Narendrabhai :
It is still not late to incorporate my suggestion in forthcoming Union Budget on 29 Feb 2016
This is your opportunity to
* Dream BIG
* Enable millions to dream big
* Unleash the Entrepreneurial Genome of India’s Youth
* Make 21st Century , an Indian Century
* notwithstanding the opposition in Rajya Sabha
——————————————————————————————————-
hemen parekh
17 Jan 2016
We r a newly registered women cooperative working for rurarl poor womens livlihoods.
Are we eligible for startup india when we do postharvest n short term loaning