Following the Prime Minister’s declaration of ‘Start up India, Stand up India’, NASSCOM 10,000 Start-up Program is co-opting with Department of Industrial Policy and Promotion, Government of India, along with other partners to host ‘Startup India’ event on January 16, 2016.
The event will be addressed by Hon’ble Prime Minister Narendra Modi, Sh. Amitabh Kant, Secretary, DIPP, Smt. Nirmala Sitharaman, MoS, Commerce and Industry, and Sh. Arun Jaitley, Union Minister of Finance and Corporate Affairs. The event will also see participation from some of the most influential start-up CEOs from across the world.
According to a NASSCOM report titled ‘Start-up India-Momentous- Rise of the Indian Start-up Ecosystem’, India has emerged as the youngest start-up nation in the world with over 72% of founders being less than 35 years old. The country has a presence of more than 4,200 startups, making it the 3rd largest start up base worldwide. NASSCOM has also partnered with various State Governments to launch the Start-up warehouses across major and emerging cities.
The aim of the initiative is to make India the largest start-up hub in the world which will further help drive the country’s economy towards better results.
Rajat Tandon, VP, NASSCOM 10,000 Startups, said, “India is the youngest start-up nation in the world. This start-up wave has really caught the eyes of people around the world with a passionate drive to build something new. New policies, in favour of both entrepreneurs and investors will open up newer opportunities which will further help in building some really strong, innovative products. We are proud to be the key outreach partners in this mission with the Government of India.”
Taking Step Forward
NASSCOM has also partnered with institutions & authorities like RBI and STPI to help create a robust ecosystem for the startup landscape. In line with this, Central Board of Direct Taxes (CBDT) had simplified filing information on foreign remittances to non-residents where threshold has been enhanced from Rs. 250000 to Rs. 500000.
RBI has designated an email id to receive queries from start-ups in an effort to offer helpdesk services to start-ups. The RBI also notified a simple summary sheet on export transactions for the purpose of softex approvals. With the launch event for Start-up India, Stand up India on January 16th, the entire ecosystem is hopeful that more of such start-up friendly announcements will be made.
NASSCOM further wants India to bring more policy reforms for the growth of the start-up sector. It has sought easing of rules and regulation for funding. It wants simplification in compliance procedures by minimising licences, permits, approvals, tax for startups.
The day-long event will also see presence of more than 2,000 leaders from the world of start-ups including Deepinder Goyal, Founder, Zomato; Pranay Chulet CEO & Co-founder, Quikr; Masayoshi Son, Founder & CEO, Softbank; Travis Kalanick, Founder, Uber, among others.