Launch of StartUp Action Plan will surely enthuse India’s young engineering graduates to take up entrepreneurship . Schemes like self-certification and freedom from inspectors as also credit guarantee for bank loans should also be extended to the existing MSMEs , EEPC Chairman T S Bhasin said in a statement.
“This in a way can be Start-Ups for graduating to larger scale,” he said
He welcomed announcement by Prime Minister Mr Narendra Modi to drastically cut fee for seeking patent registration and easing of IPR .
“Such an initiative can take Indian innovation to the global level” Bhasin said.
Modi unveiled Start-up Action Plan on Jan 16 in which he announced several initiatives to promote start-ups in India. This included three-year income tax holiday to start-ups.
He wanted the youth to be not job seekers but job creators. About 60 per cent of India’s 1.25 billion population were below the age of 35 years. With 10-12 million youth entering job market every year, there is no way that many jobs could be created in organized private and public sector companies every year. Start ups may provide the answer.