Friday, 29 January 2016

Top entrepreneurs react to India's new startup policy

Prime Minister Narendra Modi unveiled his government's Start-up India policy at an event held in Vigyan Bhawan, New Delhi on January 16, 2016. The 19-point Action Plan aims to take forward the startup culture, making it easier for young, aspiring Indians to build on their business ideas.

While the jury is still out on the fine print of the policy, here are some quick reactions from some of India's top entrepreneurial minds:

Mohandas Pai, chairman, Manipal Education:
I think they have done everything that they could have through notification without amending the law, because amending of law will have to go to Parliament (that) is disrupted and not working. The disruption of Parliament has happened for political reasons. What is enthusiastic is that PM came; he spoke and announced many policies, which means that he cares. I think there is a bright future for technology, startups and employment in this country. The government is listening. There were 11 secretaries sitting on the dais and answering questions and telling us that ‘we are here for you’. I haven’t heard that in 20 years. The Revenue Secretary saying that ‘I will look into tax matters’, I haven’t heard that at all.

I think in Modi’s reign, everything is too good to be true but it is actually happening on the ground because we see it. We have been engaged with them for the last three-four months. The only thing that is lacking in a big way is the Reserve Bank of India (RBI). We have been engaged with Governor Raghuram Rajan (and) he has promised to do things. I think we will (now) see some action from the RBI side.

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