Prime Minister Narendra Modi, on Saturday, released the country‘s first â€˜Startup India‘ action plan that included tax exemption, Rs 10,000 crore fund and easy patent laws for startups.
Prime Minister Narendra Modi, on Saturday, released the country’s first ‘Startup India’ action plan. Addressing the gathering, comprising of eminent names from the industry, Modi said that those who come with an intention of succeeding grow and not those whose aim is just to earn. Money is just a by-product of any startup, he said.
Startup is not just about capital and funding, but involves the will to help those in need and find solutions to various problems, he said adding that the focus is not only on ‘Make in India’, but also ‘Make for India’.
Modi believes that lesser the government, the greater is the country’s progress and says that the main aim of the meet was to understand what the government should do. To start and manage a startup requires risk taking.
India might have million of problems, but also has billions of minds to tackle
these problems, Modi said while adding that encouragement should be given to youth to become job creators and not job seekers.
There is a need for a fullproof and safe system for startups in the country, he said.
Here are the highlights of the action plan relased by the Prime Minister in Delhi today:
• Self certification compliance for startups and there will not be any inspection for the first three years.
• Startup Hub will be single point source for information and mentoring.
• An online portal and mobile-oriented application will be released for startups.
• Patent registration to be made simpler and 80 percent rebate on filing patent is provided for.
• Easier government procurement policy.
• Government will disburse tranche of Rs 2500 crore in next four years of total Rs 10,000 crore fund
• Easier exit policy – Bankruptcy Bill, 2015 has been brought in to make exit possible within 90 days.
• Startups will be exempted from paying income tax for first three years.
• Startups will not be charged capital gains tax for venture investments.
• The government will create credit guarantee for startups.
• Atal Innovation Mission to be set-up to give an impetus to innovation and encourage talent.
• Action plan to bring in new policies to help women entrepreneurs.
• Plan 5 new bio clusters that will be set up to help biotech sector.
• Will bring in sector-specific incubators and existing incubation centers will be strengthened.
Watch video for the entire speech.