New Delhi, January 17 2016: Prime Minister, Narendra Modi, launched the Start-up India initiative , here last night. The launch was preceded by a day-long workshop on various aspects of entrepreneurship.
He said successful start-ups are usually created by those who are driven by an idea, or an urge to solve a problem that people face. He said making money is not the primary objective, but is often a by-product. He said Start-up innovators are often driven by a sense of compassion for others. If a Start-up can offer employment to even five people, it would be doing a great service to the nation. He mentioned some areas where youth innovators should focus, including crop wastage, and cyber security. "We have to combine IP(intellectual property) and YP(youth property)" , the PM said.
"“When I was listening to Ritesh Agarwal, I wondered, as a tea-seller why didn’t I think of a hotel chain,” he said. Agarwal is founder of the cheap hotel rooms startup, OYO Rooms.
The Prime Minister unveiled the highlights of the Start-up Action Plan. He said a dedicated Start-up fund worth Rs. 10,000 crore will be created for funding of Start-ups. Start-ups will be exempted from paying income tax on their profit for the first three years. He said the Government is working on a simple exit policy for Start-ups. He also said the Government is working towards fast-tracking of Start-up patent applications. He announced an eighty percent exemption in patent fee for Start-up businesses, and said a self-certification based compliance system for Start-ups would be introduced for 9 labour and environment laws. He said the Atal Innovation Mission will be launched to give a boost to innovation
He also announced a mobile app to be from April 2016, to l ensure that startup companies/partnerships are registered in one day.
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"When I say Startup India, I mean Stand Up India as well....
The first and foremost thought is that government shouldn’t come in the way
( of startups)". Primie Minister Narendra Modi.
Read reaction of startups here
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Travis Kalanick, founder, Uber, Masayoshi Son, founder and CEO, Softbank, Kunal Bahl, founder Snapdeal , Vijay Shekhar Sharma, founder, Paytm and heads of InMobi and Practo were on stage with the Prime Minister during the announcements. “This is policy on steroids", said Sharma.
Key elements of the new startup policy: