Gandhi on Thursday declared another plan for young entrepreneurs in India on Twitter. Unveiling his economic agenda, Congress President Rahul Gandhi Thursday said if voted to power his party will cut red tape for businesses, exempt new enterprises from seeking any permission in first three years, make it easier to get bank loans.
Rahul Gandhi also suggested that his party would take care of Angel tax as well. Angel tax, introduced in 2012 to curb money laundering through unregistered companies, has been eased but certain conditions still apply.
Angel tax is levied from a privately-held company when it raises funds at a rate higher than its actual valuation. In India, Angel tax applies if a company raises funds at a 30 per cent premium on actual value.
Gandhi also promised solid incentives and tax credits based on how a start up contributes to job creation. If Congress comes to power, Gandhi also promised to make it easier for small businesses and start ups to avail bank credit easily.
While several measures have been taken by the present government to boost the country’s start up sector, there are several issues that continue to suppress the full potential of the sector.
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.
“Why should only Nirav Modi get thousands of crores? How many jobs has he created in India? Why can’t a youngster who wants to start a business, who wants to give India 2,000 jobs, get a bank loan,” he asked. “Solid incentives and tax credits will be given to new entrepreneurs based on how many jobs they create,” the Congress chief said.
Gandhi said the party is putting together a manifesto after several rounds of discussions with stakeholders and voicing their suggestions in the party’s manifesto, which will include many such things to promote business, farming, employment generation etc.
Congress president Rahul Gandhi has been on a roll since his announced the Nyuntam Aay Yojana (NYAY) scheme for 5 crore poor families in India.
Rahul Gandhi said the NYAY scheme will “remonetise” what the Narendra Modi government demonetised in the year 2016.
“What the PM has done over the past five years is to remove all money from the economy with failed policies like demonetisation and a poorly executed Gabbar Singh Tax [GST]. Informal sectors have been badly hit,” Gandhi said.
“The aim of the ‘Nyay’ scheme is two-fold. First is to guarantee a minimum income to the bottom 20% families. The second is to remonetise the economy that has been demonetised by Modiji,” he added.
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