The #StartUpIndia initiative doesn't necessarily mean more employment
::REUTERS
Last week, the Prime Minister Narendra Modi unveiled incentives to boost start-up businesses. These included a tax holiday, capital gains tax exemption, a Rs 10,000 crore corpus, and and no inspections for the first 3 years of a startup's existence. It’s the exemptions from labour inspection that have scared India’s labour community.
The popular faces of #StartupIndia, brands that can afford crores in advertising spends have hired – and fired liberally.
Soon after securing Rs 177 crores in funding to help it last another 12 months, Tiny Owl fired 300 people, in spree across multiple offices was that became the topic of much drama. By November, Housing.com had also fired 600 employees, and announced 200 more layoffs after its shareholders tightened budgets. Food Tech players Zomato and Foodpanda had also fired 300 employees each. PepperTap, which closed around around Rs 237 crore in 2015 suddenly fired 40 employees, citing poor performance and a newer business model.