NEW DELHI : Stating that ‘Start-up India’ is a final break from the conventional Licence Raj, Finance Minister Arun Jaitley today said the Government will act as a facilitator and provide friendly tax environment to promote the campaign. Drawing a contrast with the Licence Raj which was meant to restrict, constrain entrepreneurial energy of people, Mr Jaitley said that the NDA government wants to restrict the role of the state in entrepreneurship.
The idea of Licence Raj was to restrict, constrain the entrepreneurial energy of people. It was Government that decided who should business and which business, the Finance Minister said.
But our effort is to restrict role of state in entrepreneurship, Mr Jaitley added. He said that since the Narendra Modi government has come into power, the traffic of industry visiting the North Block has ended. Department of Industrial Policy and Promotion (DIPP) was the corridor which most people visited, Mr Jaitley said on a lighter note.
The Finance Minister said ”the world economy is going through crisis but India is still growing faster, though challenges remain, but we are without our challenges. We are struggling to keep a respectable growth in the economy, he added. The FM said that private investment has slowed and monsoon has disappointed for last two seasons.
“The Government has increased public spending and Foreign Direct Investment (FDI) is coming in a big way. But there are challenges given that the government has limited role to create jobs,? Mr Jaitley added.
In such circumstances, he said, the Government has to explore new areas. Talking about the success of the ‘Mudra Yojana’, Mr Jaitley said Rs 1.7 crore entrepreneurs have availed the facility over past 4-5 months.
The Finance Minister said that India seeks friendlier tax environment for start-ups. Start-up India is aimed at celebrating the entrepreneurship spirit of country’s youth, and is to be attended by CEOs and founders of top start-ups from across the country and abroad. Later today, Prime Minister Narendra Modi, will launch the “Start-up India” movement at Vigyan Bhawan.
The PM will visit a virtual exhibition and interact with ‘Start-up’ entrepreneurs. He will also release the ‘Start-up Action Plan’, and address the gathering. Mr Modi’s arrival at the venue will be preceded by a day-long workshop on entrepreneurship, which shall include panel discussions on various aspects of the subject. (UNI)
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