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
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