oppn parties Startup India Gets Overwhelming Response

News Snippets

  • Supreme Court holds hotels liable for theft of vehicle from their parking area if parked by valet, says "owner's risk" clause is not a shield from such liability
  • Finance Minister says she is receiving feedback from many sectors that recovery is happening as there is lower stress
  • Sabarimala temple opens, but police bar the entry of women below 50 years
  • Finance Minister Nirmala Sitharaman says Air India and BPCL to be sold off by March
  • Media person Rajat Sharma resigns as DDCA president
  • Shiv Sena, NCP and Congress postpone meeting the governor of Maharashtra
  • Shiv Sena not to attend the NDA meeting on 17th November, says break up "a formality"
  • Shiv Sena says that the confidence the BJP is showing about forming the government in Maharashtra is based purely on its expectation of getting numbers through horse trading
  • Anil Ambani resigns as director of the bankrupt Reliance Communications
  • India beat Bangladesh by an innings and 150 rums inside three days in the first Test. Indian pacers excel after Mayank Agarwal's double century
  • Sena-NCP-Congress work out a common minimum programme, will form the government soon and it will last 5 years, says Sharad Pawar
  • Income Tax Appellate Tribunal upholds the decision to withdraw the charitable status of Young India, making it liable to pay Rs 145 in income tax. Rahul Gandhi and Priyanka Vadra are the majority shareholders in the company
  • CBI raids offices of Amnesty International across India
  • Supreme Court quashes NCLAT order against Arcelor Mittal and paves the way for the company to take over ailing Essar Steel
  • Finance Minister Nirmala Sitharaman says concerns of telcos will be addressed and no company will close down
Two Muslim litigants in Ayodhya refuse to accept the Supreme Court order, say review petition might be filed
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Startup India Gets Overwhelming Response

By Sunil Garodia

About the Author

Sunil Garodia Editor-in-Chief of indiacommentary.com. Current Affairs analyst and political commentator. Writes for a number of publications.
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.