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The Start-up Buzz in India

21st Jan 2016 Economy, Kryton Buildmat Co. Pvt. Ltd. by Anandita Kakkar

As mentioned in a blog written last month, start-up companies are popping up all over India, specifically in Bangalore and a few other regions. This shift is creating a wave in the Indian Economy; a shift Prime Minister Narendra Modi is taking notice of and creating areas of support. Recently, in a historical announcement at the ‘Start-Up India’ event last week, Modi declared plans to invest support for young entrepreneurs in India.

Since 2010, the younger generations in India have jumped into entrepreneurship roles and have been building and bolstering platforms that have attracted investment. This investment is not just coming from the local domestic investors, but throughout the world. In fact, a majority of investment for these start-ups is coming from abroad.

4331356987_66fe9b2534_oThis has created a great opportunity for the economic expansion and prosperity. The steps taken by the Modi government will not just ease the start-up costs and the day-to-day operations of these companies, but will also open up the market for fresh and creative ideas. In essence, the barriers that steep individuals and groups away from start-ups are being removed to promote entrepreneurship in India.

Some of the key points are:

  • Creation of a Start-up India hub;
  • Simplifying the Start-up process
  • Patent protection;
  • Exemption from Capital Gains Tax; and
  • A Credit Guarantee Fund.

In fact, Modi has long envisioned the important role of entrepreneurs and start ups will play in India’s emergence as a world superpower. This stance creates an outlook that embraces technological innovation for the country.

As the nation gears up to celebrate the 66th Republic Day, this optimistic shot in the arm for the Economy is being greeted with open arms. A nation can leave a mark on the global Economy when it can fulfil the needs of both a consumer based and a service based Economy. With ‘Start-up India’ as the crux for growth for the Indian Economy and the support present for this innovative outlook, India’s Economy is forecasting great growth in these sectors.

For more on the Action Plan, visit http://goo.gl/DcJo7L.

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