oppn parties Startup India Gets Overwhelming Response

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  • After both candidates got 34 votes in HP. Congress' Abhishek Singhvi lost in the draw of lots as the BJP candidate was declared winner
  • ED issues 8th summons to Delhi CM Arvind Kejriwal in the excise policy scam case
  • Prime Minister Modi introduced the three IAF group captains - Prashanth Nai, Ajit Kirshnan and Angad Pratap - and Wing Commander Shubhangshu Shukla, who have been shortlisted for the first manned space mission of ISRO
  • Centre appointed former SC judge A M Khanwilkar as the new Lokpal. It also named three judicial and three non-judicial members of the Lokpal panel
  • A 9-judge Supreme Court bench started hearings on whether states are entitled to tax mineral-rich land in their respective states
  • Taking note of the huge disparity in charges in government and private hospitals for most treatment procedures, the Supreme Court asked the Centre to strictly enforce the CGHS rates or warned that the court would have to step in
  • Calcutta HC ruled that regardless of a woman employee being regualr or on contract and whether her contract permitted maternity leave, employers cannot deny childbirth and maternity leave to any women employee as it 'seeks to create a class within a class which is not permissible'
  • Sebi asks MF companies to disclose more risks associated with their small and mid cap funds
  • Vodafone Idea board approves Rs 45000cr funding infusion
  • NCLT clears Hinduja acquisition of Reliance Capital at Rs 9650cr upfront payment within 90 days of approval of resolution plan
  • Stocks returned to winning ways on Tuesday: Sensex gained 305 points to 73095 and Nifty 76 points to 22198
  • Commonwealth Chess championships: Mitrabha Guha wins title by scoring 7.5 points in 9 rounds
  • WPL: RCB beat Gujarat Giants by 8 wickets
  • Bengal starts paying MNREGA workers out of own funds as Central disbursement is stopped due to alleged 'discrepancies' in accounts
  • ISC chemistry paper postponed to March 21 just hours before start of exam due to "unforeseen circumstances"
Cross-voting in Rajya Sabha elections enables BJP to snatch seats in UP & Himachal /////// Congress government in Himachal in trouble as some MLAs revolt
oppn parties
Startup India Gets Overwhelming Response

By Sunil Garodia
First publised on 2016-01-11 14:31:10

About the Author

Sunil Garodia Editor-in-Chief of indiacommentary.com. Current Affairs analyst and political commentator.
image courtesy: nasscom.in

The very fact that there were over one lakh requisitions for the approximately 1500 passes available for the government’s “Start Up India” show shows that budding talent wants to strike out on its own. Young India is now bursting with innovative ideas and it is our duty to ensure that the workable among them are allowed to flourish and the others are at least given a fair chance to try. Even if they fail, they will learn from their failures and perhaps come up with a better plan next time.

It is not as if innovation did not strike the Indian mind in the past. But most of it was crushed under bureaucratic red tape which found anything new and untried that deviated from existing norms as quirky. Outdated government norms have buried the dreams of generations of Indians. Those who got the chance left India and pursued it elsewhere. Others just rued their bad luck and pursued mundane things. In the process the nation was deprived of innovation and enterprise.

Controls and unnecessary bureaucratic interference are surefire ways of killing innovation. Normal bureaucrats go not understand new things. Normal financial channels are also not available to innovators as the banks are shy of taking risks as per existing norms. Hence, it is good the government is doing its share to kick-start the startups. The realization in government circles that startups have different needs is bound to change bureaucratic and banking mindset.

Private investors had recognized this fact long time back and had supported startups through incubation, handholding, mentoring and financing at various stages of their journey. While some investors have burnt their fingers in plans that failed, most have made good. That is the only reason why the startup space is buzzing and many more people are coming up with new ideas and more investors are also joining the party. But the government initiative is likely to expand the reach manifold. If done properly and without bureaucratic bungling, it will change for better the way India does business.