“No inspection for three years”, the prime minister told the event to repeated applause from Who’s Who of India’s start-up and Silicon Valley ecosystems.
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Finance Minister Arun Jaitley on Saturday said the new “Start-Up India” scheme of Prime Minister Narendra Modi to promote and nurse entrepreneurship will ensure minimum interference from the government with attractive tax incentives. “I had spoken about “Startup India” from the Red Fort and today we are seeing what this is all about”.
He also said start-ups will be helped through facilitation centres by lawyers to file patents without any charges. “A dedicated fund with Rs 10,000-crore corpus will be created for funding of start-ups”, he said also announcing that a three-year income tax holiday will also be given to startups. The Prime Minister also announced a slew of measures by the government to promote startups.
A unique Question and Answer (Q&A) session titled “Face-to-face with Policy-makers” is also being organized wherein Secretaries of Key Government Ministries and Departments will answer questions on how Government will be creating an enabling ecosystem for Start-ups. Startups will have access to a credit guarantee program, so that they can get quicker loans from banks.
Commerce and Industry Minister Nirmala Sitharaman also spoke on similar lines and said discussions were evocative on what start-ups can do for India, if alone the government can understand them.
“The DBT is committed to doing citizen-oriented research and to commercializing its research, especially through new startups that can identify market opportunities to serve the masses”. Startup registration App The government will introduce a mobile-abased app from April 1, 2016 to facilitate startup registration. Currently, that is a cumbersome process, because startups are governed by the same rules that exist for larger companies.
The Prime Minister said he wishes to turn the youth of India from job-seekers to job-creators.
India has been in the midst of a startup boom since 2014, and record amounts have been invested by venture capital and private equity firms as they seek the next Alibaba and Uber.
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PM Modi will launch the much awaited Startup India movement today.
