Shutting a startup in India – the challenges

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धमाके से एक स्टार्टअप को शुरू करना आसान है। उसे बंद कर के देखें। शायद इस समस्या को सुलझाने के लिए भी स्टार्टअप्स ही लगेंगे!

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Shutting a startup in India – the challenges


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Economic development is a continuous and ongoing  process which keeps changing with the changing global economy, technology and international institutional changes. Nothing is static. All countries that wish to keep economic development going, need to keep pace with these changes. Economic reforms are a key ingredient of economic development, and need to be pursued continuously. The old must make way for the new – legally, operationally and otherwise. India has laid a great stress on economic development in the last two decades. However, the pace of reforms in the industrial laws in India has been very slow, which has resulted in hampering  economic development to a great extent. Read our Bodhi Saars on Startups and Entrepreneurship. 

 As the working conditions have changed, the laws haven’t, resulting in complexities. The Insolvency and Bankruptcy Code, 2016 (IBC) India seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. But there’s still a long way to go as new-age companies (cloud companies) are treated just like real world companies (brick and mortar). It is said that it is easy to obtain a divorce in India than to shut down a company. There is a lot of delay for enterprises to shut down their businesses. This leads to a lot of delay for smaller industries to exit their current enterprises and start new ones. It is imperative to make immediate amendments to these old and outdated laws. There is also an urgent need to make separate laws for the large and small ventures respectively. Similarly, labour laws in India also need an immediate change. Budget 2017-18 has made some announcements for changes in the labour laws. Big action is awaited. Some more issues : (1) Lack of experience in entrepreneurs to identify a failing venture, (2) Abrupt end of revenues leading to huge friction with vendors and employees, (3) Copying Western models in a different environment like India, (4) Ill-planned Startup-India (not taking shutting down into account)  Check Bodhi Resources page for many relevant downloads.  



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Bodhi Booster: Shutting a startup in India – the challenges
Shutting a startup in India – the challenges
धमाके से एक स्टार्टअप को शुरू करना आसान है। उसे बंद कर के देखें। शायद इस समस्या को सुलझाने के लिए भी स्टार्टअप्स ही लगेंगे!
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