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Practice set 1
created Sep 16th, 10:07 by Chandra Magar
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Start-ups are not just the innovative but transitory ideas of young college pass-outs who are keen to "do something" in a gap year before they take up "something serious". The growth of technology, changing work environments and changing customer behavior has created new entrepreneurial experiments to flourish. But the government has not been able to catch up with the changing scenario, leading to policy gaps when it comes to supporting and regulating the start-ups. While the KP Sharma Oli government had in the budget for the current fiscal year envisioned a policy to provide Rs2.5 million at I percent interest to encourage start-ups, the revised budget brought by the Sher Bahadur Deuba government has bypassed them, leaving new entrepreneurs in the lurch. Clearly, the start-up community has fallen victim to a policy gap that forms during a change of government. The draft Business Credit Flow Work Procedure 2021, which was envisioned to provide subsidized loans to new firms, has yet to take off. This has left young entrepreneurs disappointed, as the failure on the part of the government follows a pattern of big announcements failing to translate into action. Without institutional support, the start-ups risk being rendered "great ideas whose time has not yet come in Nepal". As a result, young entrepreneurs who show promise and commitment to innovate, experiment and grow within the country become frustrated due to the lack of an institutional support system, and move abroad looking for opportunities that suit their competence levels. We cannot continue complaining about brain drain if we cannot think of ways to make a conducive environment for start-ups to prosper.
