PM Modi's Silicon Valley visit likely to make life easier for startups
BI India BureauSep 25, 2015, 01.37 PM
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According to an official involved in the planning for the visit, the Prime Minister's Office has sought a list of issues and possible solutions from some key representatives in the startup sector.
The wish list has about 10 items, and right on top are recommendations to make it easier for investors to back Indian startups by either abolishing capital gains tax on profits from startup investing or keeping the rate low. "The PMO has indicated that the prime minister would announce decisions on a few items while he is here. We don't know yet what it would be. The push is on capital gains tax," said the official.
The policy announcements are likely to be made during the 'Start-up Konnect' event cohosted by The Indus Entrepreneurs (TiE) and software industry grouping
Another long-standing demand of the industry which remains unfulfilled despite being announced in the Budget is the ease of setting up and shutting down a company.
"We are hoping that there will be some policy announcements; they are just very long overdue," said Sharad Sharma, cofounder of software products think tank iSPIRT.
Nasscom has also been sending representations to the government to address some of these issues. "We have again suggested that there needs to be a mechanism which makes it easier for companies to set up, operate and shut shop," said Sangeeta Gupta, senior vicepresident of Nasscom.
(Image credits: Indiatimes)