How Government and its laws support the Entrepreneurs in India
In recent decades, countries around the world have become increasingly dependent on small and medium-sized enterprises as it is a potential solution to the sagging economic growth and rising unemployment.
Entrepreneurial Ecosystem
The term was being used by management writers to describe the conditions that helped in bringing people together and foster economic prosperity and wealth creation. The stronger the ecosystem, the higher the chance of success for firms operating in that ecosystem.
The three crucial tangents that were a backbone of any successful start-up ecosystem- government and policies; domestic consumption; and start-up exits fuelled by acquisition as local companies were struggling to keep up with the high.
KINDS OF SUPPORT NEEDED BY ENTREPRENEURS :
Entrepreneurs’ basic support will always be their idea with which they start their company. The stronger and long-term the idea is, the better is the support. Ideas will bring investors to them. These are always the first steps for an entrepreneur. The next step for an entrepreneur to be successful is to list them. This step is needed because by listing a company, the entrepreneur can enjoy the government policies and make the company public for even more funding opportunities. Making a country well developed and prosperous lies in the hands of entrepreneurs. And for entrepreneurs, big support is needed from the government. So whichever country provides more support to entrepreneurs develops more. America is the best example of this. India also supports entrepreneurs with its policies.
The Government Policies
There are a total of 50000 start-ups currently in India and as per the estimations, our country will add another 50000 by 2024! To encourage budding entrepreneurs to kick-start innovative businesses that will eventually create employment opportunities, the government offers innumerable schemes to make the process easy. The schemes provide financial assistance to potential individuals and organizations in the form of subsidies and loans. Here are few policies.
IS GOVERNMENT SUPPORT, THE MOST NEEDED?
The first step for an entrepreneur is obviously their idea and investors. But for the entrepreneurs who could not find suitable investors or want to start independently, they have to depend on subsidies and loans. The subsidies and business loans given by the government are more useful and necessary for evolving entrepreneurs. Apart from funding, the government lends their helping hands in other areas too which are crucial for developing entrepreneurs. Listing companies grant entrepreneurs a wide range of customers. So the government also provides a customer range also for an entrepreneur. So by all means, our India is supporting the growing entrepreneur sect and in return increasing the economy. So with the help and support of the government, entrepreneurs can grow and spread easily.
AWARENESS IS IMPORTANT:
There is no denying in the fact that Start-up India and other such initiatives have given a huge boost to start-ups in our country. However, lack of awareness or problematic government assistance could prove to be a catastrophe for a start-up. It could go from being glamorous to clamorous. Knowledge, some updates, and a lot of passion could certainly change that. The Indian government has come up with more than 49 schemes for idea-stage, entrepreneurs /researchers, early-stage start-ups, and growth-stage companies over a period of time, and many of these were introduced before the launch of the Start-up India plan. But most of the entrepreneurs are either not aware of these different schemes or do not have a clear idea of how to avail them. Starting up involves policy regulations and rules, taxations and turnaround time for registration and more and entrepreneurs need to have a clear understanding of these for their business to bloom. So it is better to consult a good mentor or business advisor for suitable use of the government policies.
