“Young generation and Aspirants should work for Modern India”. This was the message passed yesterday by our Prime Minister while addressing students. It’s good to hear that we should build to revolutionize and I would like to highlight what we are facing in reality.
As W2S Solutions is an app development company, Local market is very receptive now and I could see Non-resident Indians are returning and initiating a business. It could be Food Industry, Healthcare, Operational engineering or FinTech. I am able to sense the pattern of app development or new venture request that we get is huge comparing with a decade before. Single Window System may help to start a business easily, however the pain point is to run a business with this Infrastructure, Taxation, executional delays and new policy implementation.
Government’s Idea towards digital India, Startup India, Swatch Bharath, Demonetization are all-great in theory, but It’s not practically implemented or thought through. When young aspirants come up with a solution for UPI or Payment Gateway solution for mobile money transfer, financial Institutions for months keep paper work in hold.
With no clarity of why Payment Gateways are so hard in getting clearance, Entrepreneurs who invest in ecommerce and FinTech are stuck and their time and money investment is not producing any valuable outputs. If this is introduced only to promote BHIM App and private sector App, then It should not be a public API saying it will change the way Money being exchanged here rather has to be a closed launch only for Government and Financial Institutions. This raises the question or if you are clever enough, it proves that Government is for the Corporate and not for emerging businesses.
Demonization really hits the cash flow from Nov till March this year and it was hard for businesses that started just before that. Heavy usage of social media does not mean that the country is 100% Digital, but how digital the public sector is and how it helps Small, Medium Enterprises and Entrepreneurs to build their business really matters. It is simple to open a current account for business nowadays and yes, there is a scheme that eliminates taxation for startups in first few years and Tax % is reduced to 25% from 30%. But there should be revenue to pay taxes and business only comes with cash flow or loan offerings. Emerging companies are ready to repay loans, but the government should come up with policies to let them access funds.
India is growing. Young talent is ready to build the future. Both statements are true. But what’s the percentage of India’s growth rate? Is this sufficient to compete against the global giants? We know patience matters and that’s what we were taught. Perseverance is our driving force and we’re expecting things will grow rapidly. Till then, we say as Mr. Raghuram Rajan “I DO WHAT I DO”.