By Venkatesh Rangachari,
While the Government of India has some favourable policies in place, which is commendable, yet there is a need to make modifications to the existing rules and regulations for the start-ups to provide the ecosystem with the support it needs to expand and flourish. To start with, we hope that the government could provide tax incentives to early stage start-ups by easing the taxation rates which impacts the profitability and impedes the growth potential. Reduction in GST rates to 5 per cent will help budding entrepreneurs thrive. Going further, the loan availing process should be eased out for start-ups which is currently a very tedious process. Due to this, new-age entrepreneurs instead of focusing on expanding the business ends up focusing more on fund-raising. The start-ups that do not have much collaterals should be allowed to mortgage their intellectual property (IP), for instance, the technology used by the start-ups.
(The writer is Co-founder, GroCurv)