KILLING
MANY BIRDS WITH ONE STONE
?
Shri Amitabh Kant
Secretary - DIPP
Ministry of Commerce
----------------------------
Dear Sir :
Just read that the task of " Start Up : Stand Up " initiative announced by Shri
Narendra Modi in his Independence Day speech , has been entrusted to DIPP
The question that you must be debating in your mind
could be :
How can we ensure
that millions of new Start Ups are born and nurtured ?
During your talk at Jai Hind College ( Mumbai ) on 05
Sept 2015 , you held out one approach , viz :
No need for making any application to any Government
Agency for grant of any permission / approval , to set up a Start Up
Apparently , you are trying to distinguish Start Ups as
a new ,
" Category
of Businesses "
A category quite distinct from MSME
Such " Out of Box " thinking has many
advantages
It will enable us to treat Start Ups as " Business Class " governed by totally different
set of rules / regulations / laws
One revolutionary way to treat them separately , should
be :
No Income Tax of any kind for the
first 10 years of operation as a Start Up !
Conditions :
* A Start Up must register on Income Tax Dept web
site , as a " Start Up "
* Must file each year, START UP ZERO TAX RETURN, quoting Start Up No
If implemented , this one " Innovation " will set in motion , the
following :
> Billions of Rupees will flow
into setting up of Start Ups
> Black Money will flow into the
main stream of national economy
> All business transactions (
receipts / payments ) will become official
> Millions of new bank accounts
will get opened / active
> Collection of GST will
sky-rocket
> Millions of new jobs will get
created by these tax-free Start Ups
> Thousands of tiny factories /
workshops will crop up everywhere
> Share of Manufacturing in GDP
will cross 25 %
> Capital Goods Industry ( Mother
of all industries ) will go double-digit
> Exports will rise and current
adverse Trade Balance will decline
> 3 million youths, graduating
each year ,will set up Start Ups from homes
> Decreased agitation re "
Quotas / Reservations "
> Many unforeseen advantages
Of course , eminent economists ( and sundry naysayers )
will say :
Unworkable / Impractical / Horrible / Disastrous /
Dangerous , idea !
I would be happy , if anyone has a better idea that
will create 10 million Self Employed , every year
On other hand , an Online Survey among millions of
ordinary citizens will settle whether this idea will work or not ( most popular
Opinion Poll ever )
If conducted thru a Mobile App , 200 million Smart
phone owners will respond to such a survey in 10 days !
-------------------------------------------------------------------------------------
hemen parekh
08 Sept 2015
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