Congress Chief Lists 4-Point Plan to Replace Red Tape for Businesses with Red Carpet
ANDALIB AKHTER / NEW DELHI
After much talked about ‘Nayay scheme’ of 72000/, Congress president Rahul Gandhi today came up with a new idea for youngsters. The Congress chief announced that said if his party comes to power no ‘regulatory permissions’ will be required to start a new venture/business for three years.
He also promised to remove the existing ‘angel tax’ imposed on start-ups. Angel tax is levied on investment in start-ups. Currently, angel tax is charged at a maximum rate of 30 per cent.
Gandhi said this “powerful idea” came after he held discussions with several entrepreneurs, during which they stressed that their biggest problem was getting all kinds of permissions from different agencies before starting their enterprises.
These proposals, Gandhi said, will be included in the Congress’ manifesto for the Lok Sabha elections which will be released early next month.
Taking to Twitter, Gandhi said he had four-point plan to boost job creation and economic growth in the country.
Rahul Gandhi
✔
@RahulGandhi
Youngsters,
Want to start a new business? Want to create jobs for India?
Here’s our plan for you:
- ZERO permissions for the first 3 years of any new business.
- Goodbye Angel Tax
- Solid incentives & tax credits based on how many jobs you create.
- Easy Bank Credit
Youngsters,
Want to start a new business? Want to create jobs for India?
Here’s our plan for you:1. ZERO permissions for the first 3 years of any new business.
2. Goodbye Angel Tax
3. Solid incentives & tax credits based on how many jobs you create.
4. Easy Bank Credit
— Rahul Gandhi (@RahulGandhi) March 28, 2019
Gandhi said that promoting domestic industry will be a key priority for the Congress and it will ensure that all new businesses are freed from the clutches of red tape. The lack of jobs has consistently ranked as the most pressing issue by youth in several pre-poll surveys conducted by various agencies. Unemployment touched a 45-year-high in 2017-18, according to leaked NSSO report.
“Don’t bother about anything, there is no permission you need. Start your business, get to work,” he said in a bid to woo the youth who intend to start their own businesses.
“We’ve said that we will remove the draconian and ill-conceived angel tax. I’ve made that commitment and it’s going to be done,” Gandhi said.
The entrepreneurs said different agencies ask lots of questions and bribes, and hence “we said, we believe in you; we trust you, and so for the first three years of setting up a new business, we are going to free you up from the red tape”.
The Congress president said another idea that came up during discussions with entrepreneurs was the opening of the banking system to young business-persons and providing them access.