The present government of India led by Narendra Modi has several ambitious plans for the steadfast development of Indian economy. The Make in India initiative, the introduction of Smart Cities, Digital India at a cursory look may seem like 3 different programs but on a deeper level, every initiative and growth plan is interconnected. The skill development programs launched by the Govt. of India under the National Skill Development Corporation aim to equip the young unorganized rural manpower with the necessary skills to join new and upcoming organizations at various levels.
• With the aim to help startups grow and contribute to the growth of India’s economy, the government is implementing measures for quicker registration of patents
• It also aims to create a new scheme for protecting Intellectual Property Rights
• Committing minimal government interference, the PM has stated that start-up firms can self-certify their compliance with nine labor and environmental laws without any suspicion. They would also receive quicker approvals within a day through a mobile app which is being developed
• Simultaneously, the government has begun building a healthy rapport with young entrepreneurs so as to boost more and more start-ups in the country. This move is also aimed at improving the exports scenario of the country so as to make The Make in India initiative a success
• With an entrepreneur friendly taxation mindset, start-ups are given a break from income tax on profits for the first three years of their operations. Various benefits are part of the Start Up India package which includes-
◦ Self-certification on compliance with nine labor and environmental laws
◦Minimum human interference especially from the bureaucratic and regulatory authorities
◦ 80% rebate in patent registration fee
Apart from this, the government has also announced a Rs 10000 crore corpus to promote an entrepreneurial culture in the nation and a Rs 500 crore credit mechanism scheme to financially support innovation-based start-ups. These are certainly developmental steps being taken by the government towards a positive direction however much can also be achieved by manufacturers and exporters through simply thinking about ways and means to make their mark across the country and overseas.
Online platforms today give us a window of opportunities to grow businesses and create a demand for our products without actually setting up a shop or even exporting any goods for real before actually making a sale. Moglix is one such platform where manufacturers can simply showcase their products across various vendors in other markets and also sell them online to overseas and regional customers. This will not only save much of the transaction costs but will also give exporters and small and medium enterprise manufacturer’s overseas clientele and markets to explore and serve thereby increasing their profit margins and client portfolio.