A major shift is happening the professional market in India. The Indian youth today no longer wants to be working for a foreign employer. Rather they are now exploring areas where they can contribute directly to the fast growing economy of the country. Startups are being encouraged like never before. There needs to be proper awareness among entrepreneurs regarding the facilities that they can avail if they want to open their own business. According to market research companies in India Indian startups will have to cross the $10 billion market cap to make a mark in the global market. Hence to encourage this initiative, several steps have been taken by the government to encourage setting up of new businesses. Hence entrepreneurs should realize that this is the right time to begin their own business.
Why is it the right time to set up your startup in India?
In 2016 the much-awaited policy, called Startup India policy was launched by the Prime Minister. This policy intends to revolutionize the Indian entrepreneurial ecosystem. Through this policy the government is encouraging the youth of the nation to take up the onus of becoming job creators. The main aim of this policy is to quicken the market entry strategy of businesses from different sectors into the entrepreneurial journey, which is currently limited to the digital and technological sector.
It is indeed the right time to invest in businesses from different sectors and encourage startups to move from tier 1 cities to tier 2 and 3 cities, including rural and semi-urban areas. With the aim to provide the right platform for entrepreneurs, the government has launched the Startup India Hub to resolve queries and do some handholding to entrepreneurs to provide them with the right guidance.
From this Hub now startups can get answers to their queries on Certificate of Recognition as a Startup, Certificate of Eligibility to get the tax benefits and information on funding. consulting companies have done their research on this policy and have found out that to encourage entrepreneurial ventures that government has announced that for the first three years profits made in a startup are not taxable. To protect intellectual property, patent fees in startups have been cut down by 80%.
Indian cities that are best suited for startups
With the atmosphere in India being so favourable for entrepreneurs, market research companies in india have recognized few cities that are best suited for entrepreneurial ventures:
Bangalore: this city is the Silicon Valley of India. This city has developed along with the startup ecosystem. Consulting companies have studied statistics that Bangalore is the most preferred city for business and startups in India.
Mumbai: this city is called the commercial capital of the nation. People, from all across the country flock to this city as Mumbai is brimming with many opportunities. There is free flowing money that can be invested in one’s company.
Kolkata: although this city may not appear to be suitable for business, but this is the main commercial and financial hub in eastern India. It has a port and is connected to the seven sisters, providing entrepreneurs with enhanced connectivity.
Pune: Pune is a tier 2 city that is soon catching up with the other metropolitan cities. It is soon climbing up the ladder to catch up with Bangalore with increased number of tech parks and IT hubs.
Indian startups have a fertile growth path in India. This is mainly because of the the excellent resource base in the country and the massive workforce of both skilled and unskilled labourers. Given a chance India would surely be one of the most sought after nations for startups.
Conclusion
The current milieu in India is such that it is encouraging the youth to start their own businesses instead of lying under the shadow of big multinational companies. The government has taken some progressive steps to make sure that tricky business of opening a startup becomes easier for the young businessmen in India. All kinds of guidance to formulate the best market entry strategy is now being offered by the government so that entrepreneurs do not suffer losses due to wrong steps.
Sources:
https://www.indianweb2.com/2016/01/15/103084/
https://www.entrepreneur.com/article/279483
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