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Start-up India was launched with humongous fan fare and high expectations but the result till now has been ‘lukewarm’ to say the least. Less than 600 applications were received and as per latest figure only 1 made the cut. According to a Company Registration Consultants in Delhi, there are thousands of Online Business Registration and Registration of Company in India every month and hence it requires scrutiny to understand poor response for a project so vital. We evaluate some of the key reasons for it:
1- Bureaucracy: Right from DIPP to Commerce ministry to IT ministry to almost every government department is involved and we all know that government people has a very distinctive style of working which not only complicates the process but also slows it down. With fast moving environment where first movers have huge benefits, embroiling in bureaucracy is not something what entrepreneurs want.
2- Ambiguous definition: No one has any idea how to define a start-up under this scheme. Anything which is so ambiguous and open ended and comes under realm of Government is the ideal recipe for disaster.
3- Lack of Procedural Clarity: Single Window System is require to felicitate the project which has so many stake holders. Interested parties are clueless as to where to go if they want to take advantage of start-up policy
4- Limited Advantages: The advantages like Tax Exemption etc. is not enticing enough for entrepreneurs to take all the pain (Paying Income Tax on Profits is last thing on mind of entrepreneurs)
5- Basic Ecosystem: There is lack of basic ecosystem for Start-Ups like support in patent filing, fast process for LLP Registration or Private Limited Company Incorporation and Start-Up India campaign fails to address
In our next blog we will suggest some of the factors which could help revive this project and allows new business registration to really benefit from Startup India Campaign.
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