The Startup Manifesto 2024: Modi Ki Guarantee for Startups

With 'Modi Ki Guarantee' and the 'abki baar 400 paar' vision, the Bharatiya Janata Party (BJP) has unveiled its 2024 Manifesto to usher in a new era of reforms aimed at positioning India as the world’s third-largest economy. Titled the Sankalp Patra, the manifesto also pledges to bolster India’s startup ecosystem and expand several schemes for startups, including those in tier 2 & 3 cities. We took an extensive look into it to understand the Startup Manifesto 2024 under the 'Modi Ki Guarantee

BJP released its manifesto titled ‘Modi ki Guarantee 2024’ on Sunday, outlining a vision for India’s economic transformation promising to open new avenues for growth and address poverty.

In a letter to the nation in the manifesto,  Prime Minister Narendra Modi stated, “We have gone from a nation that was in the ‘Fragile Five’ to a nation that is one of the top 5 economies of the world. The most important facet of this progress is that the fruits of development reached everyone, especially those who needed it the most. The mantra of Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas has guided our actions… The nation’s growth has been fueled by the achievements of our youth who have not only dared to dream big but also worked to realise dreams in various domains such as space, sports and start-ups. In the last ten years, whether it is education, employment or entrepreneurship, crores of new opportunities have been created for our youth……”

What Manifesto Promises The Youth and Innovators?

The BJP manifesto celebrates the role of India’s youth in driving the nation’s growth across various domains, including space, sports, and startups. It highlights the establishment of premier educational and research institutions, along with initiatives like the PM Mudra Yojana and PM Kaushal Vikas Yojana, which have created millions of new opportunities for young citizens.

What Does Modi Guarantees the Startups?

The manifesto promises to expand the startup ecosystem to tier-2 and tier-3 cities, facilitating entrepreneurship and innovation across the country.

Under the banner of ‘Modi ki Guarantee for Technology and Innovations,’ the manifesto outlines plans to further bolster India’s startup ecosystem. Initiatives include expanding funding schemes, providing mentorship to startups, and encouraging their participation in government procurement processes. Furthermore, the manifesto underscores the promotion of sports startups and the establishment of a national geospatial data registry to fuel innovation.

BJP is set to bolster India's startup ecosystem, aiming to create high-value jobs and transform the nation into a global hub for top-tier services, including tourism. With a focus on expanding the startup ecosystem to tier-2 and tier-3 cities, the BJP plans to leverage successful interventions such as Atal Tinkering Labs, Hackathons, and the Startup India Seed Fund Scheme. 

Building upon these achievements, the party manifesto pledges to make India an attractive destination for startups, supported by robust investment, mentorship, and a culture that encourages entrepreneurial risk-taking. To ensure adequate funding for startups, the BJP vows to expand the existing Startup India Seed Fund Scheme and Startup Credit Guarantee Scheme. Additionally, efforts will be made to provide mentorship through tie-ups with globally recognized mentors and encourage startups' participation in government procurement processes, further solidifying India's position as a startup-friendly nation.

The Manifesto promises boosting sports startups and foster a technology ecosystem in sports. Additionally, they aim to achieve geospatial data excellence by establishing a national registry and exchange, facilitating innovation in industries and startups.

What are Modi's Sankalp for MSMEs?

To support small businesses and entrepreneurs, BJP has pledged to double the loan limit under the PM Mudra scheme to Rs 20 lakh. Launched in 2015, the scheme offers collateral-free loans of up to Rs 10 lakh to non-corporate, non-farm small and micro-entrepreneurs. The manifesto highlights that over 46 crore loans amounting to approximately Rs 27 lakh crore have been disbursed under this scheme to date. Additionally, the party plans to expand other existing schemes such as PM Svanidhi and PM Vishwakaram Yojana alongside PM Mudra, aiming to provide livelihood opportunities to all families, including those belonging to OBC, SC, and ST communities.

Simplifying Business Regulations: GST Portal Revamp and Economic Legislation Overhaul

 To enhance ease of doing business for small traders and MSMEs, the BJP has committed to simplifying the GST portal for increased accessibility, particularly for MSMEs and small traders. Furthermore, the party pledges to collaborate with state governments to streamline state legislation and embark on a comprehensive revamp of economic and commercial legislation to align with India's economic requirements. The manifesto references the Jan Vishwas (Amendment of Provisions) Act, 2023, which decriminalized 183 provisions of 42 central acts administered by 19 ministries and departments. It also emphasizes the party's efforts in simplifying taxation through the implementation of simpler rules, new legislation, and leveraging technology.

Empowering Gig Workers: Ensuring Fair Wages and Social Security Integration

The BJP promises to conduct periodic reviews of national floor wages and integrate social security schemes for unorganized workers with the post office and Digital India network. Furthermore, the party plans to include gig workers, migrant workers, as well as auto, taxi, and truck drivers on the e-Shram portal to enable them to access schemes meant for unorganized workers. The National Floor Level Minimum Wage, introduced in 1991, is proposed to be revised under the Code on Wages, 2019, ensuring a uniform minimum wage structure across the country. Despite recommendations to set the national floor wage higher, the government has yet to finalize the revision.

Modi-Effect: India’s Journey From Fragile Five to Top 5 Economies

Highlighting the achievements of the past decade, Prime Minister Narendra Modi stressed the inclusive nature of India’s growth trajectory. He emphasized the mantra of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas’ as the guiding principle behind the nation’s progress. The manifesto underlines the BJP’s commitment to ensuring that the benefits of development reach all sections of society, especially the underprivileged.

“We have gone from a nation that was in the ‘Fragile Five’ to a nation that is one of the top 5 economies of the world. The most important facet of this progress is that the fruits of development reached everyone, especially those who needed it the most. The mantra of Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas has guided our actions,” said PM Modi.

Driving Economic Growth: A Vision for Viksit Bharat 

Modi’s Sankal Patra also emphasizes a commitment to fiscal prudence and measures aimed at making India a global manufacturing hub. Key initiatives include doubling the Mudra loan limit, with a focus on creating high-value jobs and enhancing infrastructure.

With Lok Sabha elections just days away, the political parties are all out with their promises to woo the voters. Congress released its manifesto also called as Nyay Patra earlier this month promising to eliminate Angel Tax for the startups. The Manifesto outline its 'five pillars’ focusing on 'Youth Justice', 'Gender Justice', 'Farmers' Justice', 'Workers' Justice', and 'Equity Justice'.

Also Read: Hey Startups! Look What Rahul Gandhi Has For You?

Overall, the ‘Modi ki Guarantee 2024’ manifesto presents a bold vision for India’s economic ascent, with a focus on inclusive development, youth empowerment, and fostering innovation. By laying out a roadmap for next-generation reforms, the BJP aims to propel India towards becoming a global economic powerhouse, guided by the principles of sustainability and inclusivity. As the country prepares to embark on this transformative journey, the manifesto stands as a testament to the BJP’s commitment to fulfilling the aspirations of every Indian citizen.

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