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For employees, a job is about more than just the paycheck—elements like work-life balance, career development and a positive <keyword id="20375714" type="General" weightage="20" keywordseo="workplace-environment" source="keywords">workplace environment</keyword> play crucial roles. This broader perspective extends to a national level too, with highly <keyword id="20614079" type="General" weightage="20" keywordseo="skilled-professionals" source="keywords">skilled professionals</keyword> increasingly drawn to countries that offer a more inclusive and progressive atmosphere. A recent study from Washington State University underscores this notion, revealing that European countries which embraced <keyword id="20026331" type="General" weightage="100" keywordseo="same-sex-marriage" source="keywords">same-sex marriage</keyword> saw a significant boost in retaining their top talent. This shift had considerable economic repercussions, particularly in influencing the flow of skilled workers to the United States. <cmsannotation type="cmsannotation" annotationid="Uncovering the link between marriage equality and skilled labour retention" comment="subhead" text="Uncovering the link between marriage equality and skilled labour retention">Uncovering the link between <keyword id="1660336" type="General" weightage="20" keywordseo="marriage-equality" source="Orion">marriage equality</keyword> and <keyword id="22603926" type="General" weightage="20" keywordseo="skilled-labour-retention" source="Orion">skilled labour retention</keyword></cmsannotation> The study, recently published in AEA Papers and Proceedings, analysed 20 years of data on H-1B visas—those coveted permits for immigrants with advanced degrees and specialised skills. The research team’s choice to focus on EU countries was a strategic one, leveraging the shared labour market within this political and economic union for a more precise analysis of marriage equality’s effects. The EU also provided a natural experiment: by 2019, roughly half of the 27 member states had legalised same-sex marriage, while the remaining 14 had not, creating a perfect control group for comparison. The results revealed that from 2000 to 2019, as 13 EU countries adopted same-sex marriage laws, the U.S. experienced a 21% decline in new H-1B visas from these countries. This trend persisted despite differences in enactment dates and economic conditions across the EU. The study also considered the effect of the U.S. recognising foreign same-sex marriages in 2013. Notably, this policy change slowed the decrease in H-1B visa admissions from EU countries with existing marriage equality laws, such as The Netherlands, Belgium and Spain. Koroles Awad, a Ph.D. candidate in economics at WSU, emphasised that <keyword id="21934841" type="General" weightage="20" keywordseo="inclusive-policies" source="keywords">inclusive policies</keyword> make countries more attractive to skilled labour. This finding underscores the broader economic benefits of marriage equality beyond just social progress. Awad further noted that marriage equality could act as a non-monetary incentive for attracting and retaining highly sought-after skilled workers, particularly in STEM fields. Building on previous U.S. studies showing that same-sex couples and households led by women were more likely to relocate to states recognising same-sex marriage, this new research broadens the understanding of how inclusive policies affect migration patterns. Although this study doesn’t address the sexual orientation of H-1B visa holders, it clearly indicates that the appeal of inclusive environments is a significant factor for skilled professionals.

Inclusivity pays off: Countries with same-sex marriage retain skilled professionals more effectively, per study

At a time when companies worldwide are vying to succeed in a rapidly changing business landscape, most organisations in India are just beginning to understand human capital risks and think about the frameworks, tools and methodologies they need to manage them. This is because in many organisations, human capital accounts for an increasingly significant share of operating costs and is a major determinant of business performance. 
 Business leaders in India, therefore, are becoming more concerned about challenges like shortage of key skills, rising workforce costs, employee acquisition, retention and evolving labour reforms. "They are increasingly realising the need to move to a comprehensive <keyword id="6720196" type="COMPANY" weightage="20" keywordseo="talent-management">talent management</keyword> approach that allows them to plan for long-term business needs," according to a Willis Towers Watson-CII report on <keyword id="3337551" type="UNKNOWN" weightage="20" keywordseo="human-capital-risk">human capital risk</keyword> management which has gathered the views of nearly 100 CEOs, chief HR officers, CFOs, chief risk officers (CROs) and other senior executives in India from diverse industries. 
 
The report identifies the top 10 human capital risks faced by Indian businesses: 
 
1. Insufficient leadership bench-strength 
This risk poses the biggest danger to organisations in India, according to the research. Having unfilled key positions can lead to missed targets and disrupt business continuity. Seventy-four percent of respondents indicated that insufficient leadership bench-strength significantly impacts business performance, and 38% said this risk has been a concern for their organisation in the past. Having long-term succession plans for key leadership positions is a fundamental responsibility of the board and CEO, and should be monitored and addressed regularly. 
 
2. Retention of critical talent segments 
High attrition of critical workforce segments affects businesses in many ways: posing obstacles to business growth, raising succession/ transition risk and increasing costs associated with untrained or unprepared talent. 77% of respondents cited the impact of this HCR on business performance as “major” or “catastrophic”, while 31% reported having faced retention challenges in the past two years. 
 
3. Capability gaps with respect to emerging business/technology 
Organisations need their workforces to possess the critical skills required to maintain a competitive edge in today’s rapidly changing market, where new products and technologies emerge every other day. When skill gaps persist, the company’s talent profile goes out of alignment with its medium- and longterm HR needs, necessitating an overreliance on external talent and creating budgetary stress. 
 
In India, the supply-and-demand mismatch of skilled workers constitutes a perennial challenge for employers. Seventy-four percent of respondents believe skill gaps significantly hurt business performance, and 28% say their company has struggled with this risk. 
 
4. Low workforce productivity 
Many studies have confirmed a direct correlation between corporate financial performance and workforce productivity. Failing to enhance employee productivity can result in unmet business targets, lower profits and higher HR costs as organisations scramble to replace less productive workers. It can also foster an organisational culture lacking in performance-oriented work processes and systems, further dampening performance levels. 
 
For organisations in India, boosting productivity necessitates greater investments in training and skills enhancement, and in further efforts to improve employees’ attitudes towards learning new skills and enhancing productivity. 64% percent of respondents said that workforce productivity challenges have a big impact on business performance, while 28% have faced productivity challenges in their own organisation. 
 
5. Inadequate talent attraction programmes 
The inability to attract the right employees to fill open positions is a cause of concern. A lack of appropriate hiring risk controls can lead to employment of suboptimal talent — either overpaying for workers’ experience/skills or a misalignment between workforce skills and business requirements. 65% of respondents think flawed or insufficient talent attraction programmes strongly affect business performance, and 25% said their organisations have faced such hurdles. 
 
6. Lack of compelling capability development and talent management programmes 
Failing to provide appropriate learning and development programmes that enhance workforce capabilities and bridge any skill gaps poses a serious threat to organisations. Inadequate talent management can depress business performance by resulting in suboptimal career planning for employees and inadequate succession plans for critical roles. 
 
7. Suboptimal workforce planning and organisation design 
Where organisational design is ineffective, firms may lack the flexibility they need to scale-up to meet intensifying business needs. There may also be conflicts between functional and organisational roles, as well as overall obstacles to delivering the customer value proposition. Suboptimal workforce planning results in: Insufficient resources to deliver services to targeted levels, Excess workforce in some areas that may need redeployment in the short/medium/long term, Weak linkages between workforce planning and business/functional variables (e.g., number of customers, fixed assets, number of purchase orders, full-time employee-to-HR ratio) leading to ineffective planning, A workforce model that may not achieve optimal structure in terms of insourcing/outsourcing, full/part time, and payroll/contract workers. 
 
8. Lack of business-critical systems 
62% of respondents reported a lack of critical systems, such as performance management, which can have an enormous impact on business performance. Organisations without a proper performance management system cannot develop a culture that supports the achievement of organisation-wide goals across workers, functions and teams. An inability to differentiate high performers from low performers wastes resources and results in missed business opportunities. 
 
9. Ineffective compensation strategy design and implementation 
Most importantly this leads to difficulties in attraction and retention of critical talent. It also results in inappropriate HR cost management. 
 
10. Failure to deliver on changing business needs and ineffective change management 
Whether the changes are to work methods or processes, or are major transformations like mergers and acquisitions or restructuring, companies must remain adaptable to survive. Because change is such an integral part of today’s business environment, failing to manage change effectively drastically reduces an organisation’s probability of achieving its goals. 
 
<a href="https://www.google.co.in/search?q=business+leaders+worries&amp;espv=2&amp;biw=1366&amp;bih=667&amp;source=lnms&amp;tbm=isch&amp;sa=X&amp;ved=0ahUKEwimqMe258fOAhUHv48KHWZ5AvkQ_AUIBygC#tbm=isch&amp;q=business+leader+meeting&amp;imgrc=8IW737lVIYPSjM%3A">(Image source)</a>

The Top 10 risks around Talent Management haunting most Business Leaders in India

<ul class="summary-list"><li>The US saw a bigger spike in <keyword id="6358907" type="UNKNOWN" weightage="60" keywordseo="unemployment">unemployment</keyword> early in the pandemic than many other rich countries that also faced early coronavirus outbreaks.</li><li><a href="https://oui.doleta.gov/unemploy/docs/stc_fact_sheet.pdf">Work-share or short-time compensation programs</a> allow employers to reduce a worker's hours while keeping them employed, and the worker can receive partial unemployment benefits rather than facing layoffs.</li><li>Germany is one country that has a successful work share program; it has been effective in keeping the country's unemployment rate low amid the pandemic. </li><li>President-elect Joe <keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword> plans to reform short-time compensation programs in the US, according to his <a href="https://joebiden.com/the-biden-plan-to-scale-up-employment-insurance-by-reforming-short-time-compensation-programs/#">campaign's website</a>.</li><li>The following looks at what work sharing and short-time compensation programs are, as well as a looking at job retention programs from various countries during the pandemic. </li></ul>The pandemic caused a massive drop in employment in the US, with a loss of 22 million jobs between February and April. While additional economic support under the <a href="https://www.businessinsider.com/stimulus-programs-cares-act-economy-covid-19-pelosi-mcconnell-trump-2020-11">CARES Act</a> has helped some Americans financially during this time of uncertainty, many of the programs supporting workers have expired, and others are set to end in the coming weeks.President-elect Joe Biden has <a href="https://joebiden.com/the-biden-plan-to-scale-up-employment-insurance-by-reforming-short-time-compensation-programs/#">proposed to expand one program</a> that has been successful in keeping unemployment relatively low in some other countries amid the pandemic. Biden plans to reform short-time compensation programs in the US. Germany and some other countries have used job retention programs to help prevent massive layoffs and retain talent amid the pandemic.Short-time compensation, or <a href="https://www.businessinsider.com/how-to-keep-getting-unemployment-checks-work-hours-reduced-furloughs-2020-6">work sharing</a>, is a state-run program that can be an "alternative to layoffs" per the US <a href="https://oui.doleta.gov/unemploy/docs/stc_fact_sheet.pdf">Department of Labor's website</a>. Instead of furloughing or laying workers off, businesses reduce the hours of some of their workers. Those workers are still employed, meaning they continue to earn part of their wages. To make up for the lost hours, they also are paid partial unemployment benefits by the government.According to <a href="https://joebiden.com/the-biden-plan-to-scale-up-employment-insurance-by-reforming-short-time-compensation-programs/#">Biden's campaign's website</a>, the reform would include having every state implement and "scale-up" these programs. So far, only <a href="https://oui.doleta.gov/unemploy/pdf/uilawcompar/2019/special.pdf#page=8">27 states</a> and DC have a short-time compensation program, although Illinois' program is <a href="https://oui.doleta.gov/unemploy/pdf/uilawcompar/2019/special.pdf#page=8">not operational</a>. According to <a href="https://www.bloomberg.com/news/articles/2020-06-07/these-state-programs-offer-a-path-to-rehire-u-s-workers">Bloomberg</a>, Virginia also passed legislation during the pandemic to set up its own program that will take effect next January.The <a href="https://www.dol.gov/newsroom/releases/eta/eta20200504">CARES Act</a> also helped these programs out financially. The federal government completely funded all short-time compensation temporarily for states with programs. A May <a href="https://www.dol.gov/newsroom/releases/eta/eta20200504">news release</a> from the Department of Labor notes that this temporary support was for both those with existing and new programs. Workers benefiting from this program also were eligible for the extra $600 a week supplemental unemployment benefits from the CARES Act, per <a href="https://www.cnbc.com/2020/06/02/work-sharing-programs-are-a-lucrative-but-little-used-unemployment-benefit.html">CNBC</a>.<h2>Job retention programs in the US and other countries</h2>The pandemic had caused disruptions to the workforce in nearly every country, but some of the hard-hit countries were better at avoiding large layoffs. The following chart highlights the unemployment rate over the past 12 months in nine countries. The US and Canada both had unemployment rates in the double digits in April and May. The US' rate was 10.7 percentage points higher than Germany's in April.Some countries benefited from their job retention and short-time programs to help keep unemployment rates low. The following chart includes the share of employees that may have benefited from approved company claims for their country's job retention programs, based on the OECD's <a href="https://www.oecd-ilibrary.org/employment/oecd-employment-outlook-2020/summary/english_76810020-en?parentId=http%3A%2F%2Finstance.metastore.ingenta.com%2Fcontent%2Fpublication%2F1686c758-en">annual employment outlook</a> report. The programs covered in this data include short-time work programs, but some countries also have wage subsidy programs. The <a href="https://www.oecd.org/coronavirus/policy-responses/job-retention-schemes-during-the-covid-19-lockdown-and-beyond-0853ba1d/">OECD</a> writes, "By May 2020, [job retention] schemes supported about 50 million jobs across the OECD, about ten times as many as during the global financial crisis of 2008-09. By reducing labour costs, JR schemes have prevented a surge in unemployment, while they have mitigated financial hardship and buttressed aggregate demand by supporting the incomes of workers on reduced working time." These schemes include both programs with reduced hours and programs supporting furloughed workers.<a href="https://www.cnn.com/2020/07/30/economy/german-economy-gdp-unemployment/index.html">CNN</a> reporting notes that even despite Germany's GDP declining by 10.1% in the second quarter, which was later revised to <a href="https://abcnews.go.com/Business/wireStory/germany-economys-2nd-quarter-decline-revised-10-72590169">9.7%</a>, the Kurzarbeit work-share program helped the unemployment rate barely change. Under this program, employees get 60% of their pay for the hours that they didn't work, according to the <a href="https://www.imf.org/en/News/Articles/2020/06/11/na061120-kurzarbeit-germanys-short-time-work-benefit">International Monetary Fund</a>.In the US, state programs did see an increase in the number of work share claims. However, these programs still made up a small percent of the unemployment benefits. For the <a href="https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/ui-claims/20201532.pdf">week ending July 18</a>, there were 413,385 unadjusted claims, compared to 12,810 last year and 1.3% of total unemployment benefits.Heidi Shierholz, senior economist and director of policy at the Economic Policy Institute, told Business Insider the US should have more education and outreach about the programs so workers and businesses can be more aware of their advantages. "Businesses in the US, this idea of 'Oh we're in a downturn, I'm going to try to hang on to my employees until things get better,' that's not very well socialized in this country, which is unfortunate because it can be a really excellent way for businesses, for employees, and for the overall <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> to help make it through a period of weak demand," Shierholz said. <h2>The benefits and concerns of a work share program</h2>Shierholz said that work sharing is beneficial to employees, businesses, and the overall economy."By allowing people to remain connected to their job, remain employed even through periods of downturn, you are reducing the share of the labor force that faces the dire consequences of a layoff," Shierholz said.Researchers at the <a href="https://www.clevelandfed.org/en/newsroom-and-events/publications/economic-commentary/2020-economic-commentaries/ec-202026-short-time-compensation.aspx">Federal Reserve Bank of Cleveland</a> wrote in a recent study that "moreover, STC is a less costly way of saving jobs than wage or hiring subsidies because STC targets the most vulnerable jobs."Companies also get to retain their talent, which helps reduce hiring costs and keep skilled workers, according to the Federal Reserve Bank of Cleveland and Shierholz.Per reporting from <a href="https://www.bloomberg.com/news/articles/2020-06-07/these-state-programs-offer-a-path-to-rehire-u-s-workers">Bloomberg</a>, one business concern amid the pandemic is that not only does this reduce the hours of people working but businesses still have to pay for medical and retirement benefits. A 2016 study by the <a href="https://fas.org/sgp/crs/misc/R40689.pdf">Congressional Research Service</a> found another concern could be the high administrative and processing costs involved because some states still filled requests by paper.

America's unemployment has been worse amid the pandemic than other countries, but Joe Biden has a plan to fix it

<ul><li>It is universally acknowledged that bridging the <keyword id="456269" type="PERSON" weightage="20" keywordseo="gender-gap">gender gap</keyword> in India is not just a dire need, but a herculean task. </li><li><keyword id="9770953" type="AGENCY" weightage="20" keywordseo="Atul-Raja">Atul Raja</keyword>, Executive Vice President - Global Marketing at <keyword id="179398" type="COMPANY" weightage="20" keywordseo="Wadhwani-Foundation">Wadhwani Foundation</keyword> writes why it is important to build an inclusive work culture. </li></ul>For long, organizations have ignored the value, importance and power play of <keyword id="499855" type="PERSON" weightage="20" keywordseo="Gender-diversity">gender diversity</keyword> despite many studies postulating that teams with a ‘balanced’ <keyword id="2756079" type="PERSON" weightage="20" keywordseo="gender-mix">gender mix</keyword> perform significantly better on critical parameters like revenue and growth. Gender Diversity in India In India, gender diversity bias is even more predominant. As per the ‘DivHERsity Benchmarking Report 2019’ which studied gender diversity in the Indian workplace across 300+ companies, only a quarter of India's workforce is female. This is corroborated by the ‘India Skills Report 2018’ that puts the economic participation of women in the workforce at 23% in 2018, a disconcerting fall from 32% in 2016. It is universally acknowledged that bridging the gender gap in India is not just a dire need, but a herculean task loaded with multiples challenges like work-family balance, choice of job profiles, work-place conditions and most importantly a mindset and attitudinal change. With India ranked 142 out of 149 countries in the economic opportunity and participation of women index [as per The <keyword id="2573327" type="PERSON" weightage="20" keywordseo="Global-Gender-Gap-Report">Global Gender Gap Report</keyword> 2018 of WEF], there needs to be concerted effort to increase India’s female labour force participation closer to the global average of 49%. Benefits of a Gender-balanced Workforce The nascent gender diversity across most companies in India has seen many roles such as oil and gas, manufacturing, construction and engineering with a male skew. On the flip side, there are also traditionally female-dominated jobs, such as elementary education and nursing. This is a glaring gap as global research, surveys and data-points clearly exhibit that companies which practice greater gender diversity have reported inherent benefits as they fully leverage and utilize the talent available: <ul><li>Improved financials and profitability: women in leadership positions, mixed-gender boards and pervasive presence across the rank and file have yielded better financial performance.</li><li>A better ‘employer brand’ perception: a progressive and positive reputation will attract the best talent.</li><li>Employee retention: inclusive culture is a booster for motivation and morale.</li><li>A loyal and broadened customer base: a diverse talent pool makes it easier to attract an increasingly diverse customer base. </li><li>A quality-focused shift: since diverse teams are more creative and better at problem-solving, a better gender-mix signifies the shift from quantity to quality.</li></ul>Creating Greater Gender Diversity There has to be a clear distinction between gender diversity and gender equality. Gender diversity doesn’t mean a 50:50 mix of males and females across the organization but a fair representation of both sexes and the critical fact that the hiring team should have an open mind for any openings without assumptions or prejudices. A shift towards a more gender-balanced organization requires structural and systemic changes: 1. A shift in the ‘human capital’ strategy: the diversity strategy to be strongly intertwined with the recruiting strategy e.g. removal of gender-coded words from job descriptions and postings. 2. Internal Communications thrust: an internal mindset build-up is essential to begin on the right footing and to shake-up any pre-conceived notions. 3. Leaders to be champions of diversity: creating an open, inclusive culture. 4. Women Leadership Programs: developing an internal pipeline as a ‘walk the talk’ showcase both internally and externally. 5. A balanced pay and benefits structure: robust, family-oriented perks that account for any ‘unintentional’ bias. Small steps at organizational and employer levels can prove to be a great national asset. As per a McKinsey Global Institute (MGI) report titled, “The Power of Parity: Advancing Women’s Equality in Asia Pacific”, addressing the gender parity issues could lead to 18% higher GDP for India, i.e. $770 billion by 2025. So, if we are able to bring more women into the workforce, the potential for impact is immense, transformational and with far reaching implications. - By Atul Raja, Executive Vice President - Global Marketing at Wadhwani Foundation

Gender Diversity: The secret weapon for an organization’s success

What UK political parties are promising in the 2019 general election

Sumit Chhazed, Co-Founder, CredR 
 
"The <a href="http://www.businessinsider.in/StartupIndiaStartups-and-investors-are-smiling-their-way-out-of-Vigyan-Bhawan/articleshow/50606389.cms">startup plan</a> is quite a promising one and we are happy with few initiatives proposed by the government such as tax exemption for 3 years, no inspection for compliance under labour law and starting start- up in 1 day via mobile app. Also the government acknowledges failures to be part of building great start - ups and promises 90 days exit plan, which is well received by the start - up community. Efforts to seed entrepreneurial culture and supporting it through incubation set ups in universities should really propel product innovation. 
 
Government is looking to accentuate the Make in India and Make for India efforts. Plans to create 1000cr fund over next 4 yrs with incentive for tax capital gains to investors would really boost start - up risk appetite in the whole ecosystem. This is indeed a wonderful move from the government and we hope to see these initiatives executed in the near timeframe." 
 
Samar Singla, CEO and founder, Jugnoo 
 
Immense potential for entrepreneurship in India can be forseen with this campaign. By making the taxation and compliance norms easier, the government has taken some very positive steps in this direction. 
 
Raghav Chandra, Co founder, Urbanclap, 
 
This initiative of PM Modi is the right step in making the environment friendlier for <a href="http://www.businessinsider.in/StartupIndia-Standup-India-Softbanks-Masayoshi-Son-ishaving-a-roaring-love-affair-in-India-and-hes-in-no-hurry-to-move-on/articleshow/50601754.cms">entrepreneurs</a> and thus encouraging them to start up. We will wait for the fine print to understand exactly what the next steps will be. However, I can only say that outcome will be in the positive direction and we are very excited! 
 
Krispian Lawrence, Co-Founder &amp; CEO, Ducere Technologies – Makers of the world’s first haptic footwear Lechal 
 
The government's initiative to fast track start-ups patent applications is a very beneficial move to encourage start-ups. In addition, 80% rebate on patent filing and prosecution deals will allow start-ups to file and create intellectual properties which in the long run will end up being additional sources of revenue. This will spur product innovations in the country and allow Indian product companies to compete globally. Other encouraging aspects of the plan include self certification on labour and environment for all Start-Ups to be up in three years. 
 
Start-ups face a lot of challenges when setting up a business and if the government can ease smaller issues; it will help us to focus on scaling up the business. 
 
Shailesh Jain Co-founder, Mirraw.com 
 
It is delightful to know that our Prime Minister has taken into account small and medium size Start-ups that are not funded by huge investments. Specially, the tax benefits policy and ease on patent fee will extensively support a bootstrapped company like us where single money counts. India is a breeding ground for innovation and this intiative will give <a href="http://www.businessinsider.in/Startup-IndiaOla-Cabs-Bhavish-Aggarwal-is-conscious-thatsecurity-is-a-concern-more-measures-need-to-be-taken/articleshow/50602554.cms">opportunitie</a>s to many young minds to explore unique ideas. 
 
Anupam Tulsyan co-founder and managing director, Peachmode.com 
 
"We are going to witness a revolution in Start-up culture, with our country's PM validating the governing rules. Elimination of regulatory burden, faster certification and easy exit policy will encourage many youngsters to join the wagon. Tax redemption for 3 years is an important move by our Government that will help the new entrants to scale their business without VC's money. These tax redemptions will allow a bootstrapped company like us to be self-reliant and make profitable in the long run We have high hopes with Startup Indiamovement and sincerely believe that it will lead to many job creation in future. " 
 
Shaifali Agarwal Holani, founder and CEO, EasyFix 
 
What an initiative and a great day for India. Most populated India has sharpest brains of all times and this initiative will give a platform to many enthusiastic but under confident talents to come out of their ordeal. Encouraging privatisation will speed the pace at which India is developing and we will become a developed country soon. 
 
For us, EasyFix is a labour development &amp; construction focussed company, PM Modi said "he is trying to foster innovation and incubation" and our startup is looking forward to collaborating with Modi Govt for <a href="http://www.businessinsider.in/Exclusive-Practo-Foundersays-Modi-govt-should-do-away-with-regulatory-hurdles-in-the-healthcare-sector/articleshow/50604175.cms">skill development</a> and labour development initiatives. We want to be able to contribute to the society &amp; transform the unorganised labour market by doing things right, and that is by better execution of skill development programs. 
 
Swati Gupta, CEO and Founder, Industrybuying.com 
 
Patent fee reduction of 80% will be huge for IP based startups who can not only protect their intellectual property , but patents once registered add to tangible valuation increase" 
 
"No inspections for 3 years will very much reduce the regulatory burden related to VAT set up in new states, warehouse procedures , new factory set ups and much more physical infrastructure related start ups. 
 
Puja Bansal, Founder &amp; Director, Myheera.com 
 
Listening to action plan today I m most exited about the tax exemptions which will release the maximum burden on a startup like us. Self certification compliance in which for three years you are not disturbed from the govt end and you are at ease of doing your best to perform and more focused on the idea and its implementation. Today a start up can register themselves in one day which truly will show more minds and ideas coming quickly and getting jumpstarted. The fund of 10,000 cr which has been created to boost the startups will bring so much confidence as this is coming from our own country. 
 
Incubation centers getting promoted along with pre incubation centers will surely again prevent many failures in startups. Now when we see the entire ecosystem is contributing to 'Make in India' the sentiments of manystartups will change with much more deliverables and may more opening and changing the world. India is full of talents and now when our govt has finally joined hands we will see it as a big game changer with entrepreneurs emerging from every corner of the country. Faster exits were again a breather for many startup who again feel morally down with their failures. It will not be late when india will become world’s largest start up hub. 
 
Manish Kumar, co-founder and CEO of GREX 
 
“The Prime Minister’s announcement of the Startup Policy had quite a few important and measurable benefits that the startups can gain from. Most importantly, the Prime Minister and the Finance Minister outlined a change in the principle approach of the government towards the economy – that the government wants to stay away from deciding and directing on what needs to be done. Instead, the Government looks at a policy of arm’s length enablement. This stand is a bold new change in the government policy and disruptive in its own right. 
 
Venture debt was miserably missing in the ecosystem. Startups have only been used to equity as a mode of capital. GREX is completely poised to launch venture debt in a few weeks’ time. This will help our partner Banks and NBFCs walk the road along with us more aggressively as credits become guaranteed. 
 
Another big thing that was anticipated but not announced is the addressal of concerns around notional valuation gains to investors over and above the fair market value. The incidence of such tax deductions today lie at startups’ end. The ecosystem will expect more details on this front. However, the Prime Minister’s assurance on this is welcome. Some other welcome steps in favor of companies and therefore their investors are retention of profits by the company for three years.” 
 
Kulpreet Kaur, Co-founder, Shop Pirate Coupons

	“The Indian government has kick-started ambitious Start-Up India mission that envisages technology business incubators and research parks. This was for the first time a government in India has launched an exclusive program for startups and the expectations were really high. The vision to set up 75 such startup support hubs in the National Institutes of Technology (NITs), the Indian Institutes of Information Technology (IIITs), the Indian Institutes of Science Education and Research (IISERs) and National Institutes of Pharmaceutical Education and Research (NIEPRs) will help India to develop local brands that can create global footprints. In the past India has been a market for technological innovation created overseas. The time has come now that the Indians create technological products at home that can be marketed globally. 
	We have the skills and need a platform. 
	Start-Up India is going to go a long way in filling up this void. I would say today is the day, that will take new and young entrepreneurs to a next level as the issue from incorporation to talent to infrastructure, all have been discussed. Its appreciable that the major concern of B2B business which is 10% TDS and 14.5 % ST, have been noticed and government saying they will rationalize the same. <o:p></o:p>

	Also as rightly said by Anisha Singh, it’s important that women entrepreneurs should be looked upon as entrepreneurs, not just women entrepreneurs. It’s our work that should get noticed not our gender. However the change is need of time and to give this equality government has to encourage women entrepreneur. It’s good to see that certain provisions are made where there are funds allocations for women entrepreneur. Ecosystem is getting changed and allowing more women to work, which is a highlight of Start-Up India Initiative. Apart from this startup sector becoming unregulated will be better for the sector. Instead of looking at Singapore, we will now have our ecosystem in India. Hoping the budget session will further revolutionize the startups in India. Now the only concern will be 'Sell it India" that is a challenge that needs to be addressed next.<o:p></o:p>

	Amit Ramani, founder and CEO, Awfis Space Solutions Pvt Ltd
Honourable PM Modi's action plan demonstrates a startup like thought process. It provides simple yet innovative policies that can catalyse a revolution to transform India as the most innovative country and major player in global GDP, a feat India enjoyed around 300 years back.

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