#MyVote2019 – ‘Govt Supporting Startups’

I am not an economic expert and thus can only speak for myself. In my opinion, the employment situation has improved, though the recent report released by NSSO (National Sample Survey Organization) says otherwise. Having said that, to form an opinion about matters as serious and as multi-layered as this, one needs to delve deep into the subject.  

I am happy about the fact that the government has increased the taxable income slab to 5 lakh per annum. I understand that it still needs to be passed in the parliament and as of now is only a proposal, but is a good start nonetheless. The ESIC (Employees’ State Insurance Scheme) amendment that came into effect on January 1, 2017, is also a welcome step for those already in the workforce. After the amendment, the wage limit of employees covered under the scheme went up from Rs 15,000 to Rs 21,000. This new move also included insurance cover for family members of employees.

The current government has definitely created a conducive environment for start-ups with the launch of the Start Up India Scheme launched in 2016. I particularly like the fact that the Mudra Banks Scheme (Pradhan Mantri Mudra Yojana) provides micro-finance at low-interest rate loans to entrepreneurs from low socioeconomic backgrounds. This means anybody, who has a great idea, irrespective of their socioeconomic background, can dare to dream and take the leap.

As someone, who would love to start his own enterprise, I love to read about how the government is helping turn ordinary people’s ideas into reality through steps such as, creating a Rs 10,000 crore start- up funding pool; reduction in patent registration fees; improved bankruptcy code, to ensure a 90-day exit window; freedom from mystifying inspections for first three years of operation; freedom from Capital Gain Tax for the first three years of operation; and self-certification compliance.

I have heard about the Skill India campaign launched by Prime Minister Narendra Modi on 15 July 2015 which aims to train over 40 crore people in India in different skills by 2022.

As I mentioned above, even though I currently work as a business analyst, sooner or later I would like to start my own business, or in other words looking forward to being self-employed. Currently I am doing research about what it is that people need, so that my business can help fill the gap in the market.

I did not vote during the last elections, however since 2014 I have begun to take a keen interest in politics and must say I am impressed with the ruling party’s work and would like to vote for them in the upcoming elections.