Hi Friends,

Even as I launch this today ( my 80th Birthday ), I realize that there is yet so much to say and do. There is just no time to look back, no time to wonder,"Will anyone read these pages?"

With regards,
Hemen Parekh
27 June 2013

Now as I approach my 90th birthday ( 27 June 2023 ) , I invite you to visit my Digital Avatar ( www.hemenparekh.ai ) – and continue chatting with me , even when I am no more here physically

Wednesday 20 January 2016

TEN MILLION START- UPS IN ONE YEAR ?


TEN  MILLION  START- UPS  IN  ONE  YEAR  ?


Thank you , Narendrabhai , for the Start Up Action Plan announced last evening

I am glad that some of my suggestions ( sent to Ministers / Secretaries ) over the past 2 years , have been incorporated in the  ACTION PLAN , in respect of :


*    Self Certification

*    Simplified Registration thru Mobile App

*    Tax Exemption for Capital Gains

*    Entrepreneurship Program for 10 lakh students

*    No Corporate Income Tax for 3 years

   
 You will find my detailed suggestions covering these points in following blogs at ,



















Very likely , your initiative may see the birth of ten thousand new start-ups in 2016-17, which , together , might generate one lakh jobs

In itself, this will bring a new dynamism to India's Economy 

But that will still fall far short of 12 Million ( 120 lakh ) youth joining the work-force each year

Can all of these youth become Start Ups ?

It is entirely possible

All you need to do is to implement my following suggestion, described in ,


SUGGESTION

    *  Although all Start Ups will need to file annual Income Tax returns ( with full disclosure of income / expenses / profits / sources of funds etc ) , it will not be required to pay any Corporate Income Tax for the first 10 years of its existence

    *  A Start Up will be free to raise  funds from any source ( Individuals / Companies / PE funds / VCs / Angel Investors / Religious Trusts etc )

    *  100 % FDI will be permitted in Start Ups

    *  A Start Up can receive loans or equity and be able to accept fixed deposits . It can also give loans to individuals or other Start Ups or invest in other Start Ups by way of equity

    *  There will be no restrictions on what interest ( on loans / FDs ) that a Start Up may pay nor any restrictions on dividends it may declare

        The dividends declared by Start Ups will not attract any Income Tax

    *  As far as the persons / companies etc providing funds to Start Ups ( by way of loans or equity ) is concerned , no questions will be asked re their source of funds


   WHAT  WILL   HAPPEN , IF  IMPLEMENTED  ?


   *  Billions of rupees worth Black Money will flow into these Start Ups - money which is currently lying unutilized or locked up in unproductive assets

       
    *  Within 3 months , thousands of Venture Capital Funds will be born , exclusively for funding of Start Ups ( You know who will set up these VCs ! )


    *  With NO Income Tax to be paid , Start Ups will conduct all transactions through cheques ( receipts / payments )


    *  GST  collections will go up


    *  Domestic Savings Rate will go up


    *  Since millions of ( Black Money holding ) individuals / businesses will come forward to fund these Start Ups , lending pressure on banks will go down


    *  Who knows , Start Ups may get into the business of Assets Reconstruction and relieve banks of NPAs !


    *  With locally / domestically stashed Black Money flowing into the economy , our dependence on FDI will go down


    *  Corruption will decline drastically



Dear Shri Narendrabhai :


It is still not late to incorporate my suggestion in forthcoming Union Budget on 29 Feb 2016

This is your opportunity to


*   Dream BIG

*   Enable millions to dream big

*   Unleash the Entrepreneurial Genome of India's Youth

*   Make 21st Century , an Indian Century

*   notwithstanding the opposition in Rajya Sabha holding up passing of " The Insolvency and Bankruptcy Code , 2015 "



-------------------------------------------------------------------------

hemen  parekh

17  Jan  2016

-------------------------------------------------------------------------

Dear Legislator :


It is very likely that initially you may feel uncomfortable with my suggestion

But do give it a second thought !

If you are convinced about my logic , remember what Shri Narendra Modiji said at the Start Up Action Plan event :

" You should campaign in the social media to ask political parties to allow passage of key bills "


Do you agree with this suggestion ?


People voted you to power . Here is your chance to vote for the Self Employment





hemen  parekh


Marol , Mumbai , India


( M ) +91 - 98,67,55,08,08


No comments:

Post a Comment