Deepak Menaria, Chief Idea Farmer-LEMON
As every year, citizens of India are looking forward to the budget with hope and curiosity. The global economic scenario looks grim and it would be a challenge for Union Government to match external as well as internal expectations. There have been many bold and branded initiatives launched by Modi government over last year ranging from Make in India to Skill India to Digital India and latest one is Start-up India. For the real outcome of these ambitious schemes, Government must ensure that there is holistic implementation backed by proper fund provisioning. We may not see long term success if these schemes are not aligned with Education and youth. Professional education needs a shift from theory and jobs to practical and creation.
Aspiring entrepreneurs and start-ups are keen to see What’s in store for me. Expectation from Finance Minister Arun Jaitley are many including GST, Service tax exemptions and greater push for core-infrastructure sector.
These are few expectations for Startups and Education sectors:-
- 3 year service tax exemption for startups as well as other ecosystem organizations.
- Concrete implementation steps for various provisions mentioned in Start-up India action plan.
- To support parallel education for skill development and employable readiness of youth, Government should exempt privation educational players from ambit of service tax. Education as a role is directly linked to nation building and hence such benefits are justified.
- Start-up India scheme needs a clear push from Business education where colleges should be incentivized to open incubators and seek private expertise for implementation
- Concrete allocation of funds for Skill India and Startup India with merit based implementation.
- Skill India needs more push through funding and governance.
- Provision of CSR fund (2 % of profit) to be utilized for Education and Skill India by private organizations.
- No new announcements for New IIT’s and IIM’s as a tool for regional appeasement but provide necessary funds and support to existing institutions. These premier institutions should really become “Premier role models”. Instead make provision for ITI’s and other blue collar skill based professionals.
- Mandatory PPP for Business education and other institutions to bring in the quality and relevant training pieces.
- Expenditure on startups, education and skill building by parents should be given more Income tax benefits through exemptions.
- Standard and relaxed tax regime for online education and training organizations.
Intentions look good but unless actions reflect the practical approach, we may not see the desired outcome. It would an important year for India as many new trends are likely to set during the year. Let’s hope for the best and continue our efforts for Development of youth and India for mission 2020.