Unleashing Animal Spirits ? Get Out of The Way

 

Context :

Ø  ET CEO Roundtable: ‘To deliver on promise, unleash private sector’s animal spirits’

 

Extract :

India needs to unleash the ‘animal spirits’ of the private sector while remaining fiscally prudent to grow at far higher rates than at present, leveraging the unique demographic dividend it enjoys, top industry executives and government officials said.

India is ‘reaching an inflection point" on investment and needs to really tap into the sunrise sectors was the key message at the panel discussion titled ‘India’s decade: Can the country deliver on its promise?”

My  Suggestion :

 

 

Ø  A NEW ECONOMIC ORDER ? aka " Start Up Act - 2015 "…………[ 12  Sept  2015  ]

 

Extract :

You may also call it , " Start Up Act - 2015 "

 

 

#   Objectives of the Act

 

     Every  year , to create 5 million Start Ups , each employing 2 persons , for a

     total of 10 million new jobs per year

 

 

   #    Methodology

 

     *  Instead of Companies Act - 1956 , these Start Ups will be governed by

         the Start Up Act - 2015

 

     *  A Start Up can be launched by any Indian citizen under the age of 30 (

        covering roughly 65 % of our population )

 

        

     *  A Start Up will need to register online on the web site of the Income Tax

        Department and obtain a unique " Start Up Number "

 

 

     *  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

 

 

      

 

 

Dear Smt Sitharamanji,

 

I have been advocating this for the past 7 years – and will continue to do so

Our young work force ( persons between 15 to 29 years of age ), will soon reach

380 Million , making India a “ Young Nation “

There is no way, either the Governments ( Central + States ) or the Private Sector

 can provide jobs to these millions

Only way is to ENABLE them to become SELF EMPLOYED

Only way is for you to announce the  START UP ACT , in your Budget Speech on

01 Feb

 

 

With regards,

Hemen Parekh

hcp@RecruitGuru.com  /  25  Jan  2023