Loksabha Elections 2019: BJP and Congress’ Manifesto For Entrepreneurs

Loksabha elections are just around the corner and both the major political parties of India have declared their manifesto on which they will deliver if they win the election. Let’s have a look at the promises that BJP and Congress have made for the betterment of entrepreneurs.

BJP’s Manifesto For Entrepreneurs

• In a promise to build ‘New India of 130 crore dreams,’ BJP has initiated a new Seed Startup Fund of Rs. 200 billion. This amount will be utilized to fund new startups at their beginner stage.
• The party has also promised a collateral-free credit of up to Rs. 50 lakh for entrepreneurs. Of which, 50% of the amount will be reserved for female entrepreneurs and 25% will be for male entrepreneurs.
• BJP has assured the starting of a new project by the name ‘Entrepreneurial Northeast.’ this project will offer financial support for micro, small, and medium industries in Northeast India. This project will also enhance the employment generation in these areas. Additionally, this project will participate in the ‘Stand-up India’ initiative by backing entrepreneurs from scheduled castes, scheduled tribes, other backward communities or economically weaker sections.
• BJP has promised an establishment of 50,000 new startups, 500 incubators and accelerators by the year 2024. Also, 100 Innovation Zones will be set up in Urban Local Bodies by the said year.
• The leading political party has promised that the noose around the taxing system will be loosened. The regulatory requirement for startups will be eased up. Also, the time spent on tax compliances will be reduced to one hour per month.

Congress’ Manifesto For 2019 Elections

• Congress has bravely promised the total abolishment of Angel Tax that is imposed on start-ups.
• Congress has assured that the government will create a patent pool, and gain access to patents. This will ensure that high-end machines and technology that is patented will be accessible to businesses at reasonable costs.
• A National Mission will be established for some advanced technologies like Big Data, IoT, 3-D printing, etc. Also, an India Inclusive Innovation Fund will be set up too that will boost startups by providing funds and support them in any financial way.
• All the MSME enterprises (Micro, Small and Medium Enterprises) will be free from all the laws and regulations for 3 years starting from this financial year. The only exceptional tax that will be levied on MSMEs is the Minimum Wages Act and tax laws.
• Congress is planning to support and encourage a ‘Mass Entrepreneurship’ wherein entrepreneurs will be encouraged to rebuild some old, yet efficient business models to meet with the constantly growing demand for goods and services.
• Congress has promised that a support system of sorts will be set up for entrepreneurs that will be equipped with facilities such as counseling, incubation, access to technology, funding, domestic and export markets, and the creation of new products, services, and intellectual property.

Which of the two political manifestos presented will be optimum for entrepreneurs? Share your thoughts with us in the comments section below!