Start-up India Movement – The Prime Minister, Shri Narendra Modi, on Saturday launched the Start-up India initiative in New Delhi. The launch by the Prime Minister was preceded by a day-long workshop on various aspects of entrepreneurship.
Start-up India Movement
The Prime Minister visited a virtual exhibition and interacted with Start-up entrepreneurs. 10 outstanding Start-up innovators shared their thoughts and experiences before the Prime Minister delivered his address. He said that when he had launched the Start-up India Initiative on 15th August, the announcement had virtually gone unnoticed, but today it had registered with people.
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.
PM Shri Narendra Modi shared on Twitter:
The Prime Minister said he wishes to turn the youth of India from job-seekers to job-creators. Shri Narendra Modi added “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.
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.
Shri Narendra Modi said 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.
Shri Narendra Modi also 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.
Need to Create Appropriate Ambience to Promote Entrepreneurship for Achieving Intended Benefits, Says President of India.
The President of India, Shri Pranab Mukherjee addressed a group of leading Silicon Valley CEOs, entrepreneurs, technologists and venture capitalists at Rashtrapati Bhavan (January 15, 2016) on the eve of the launch of “Start-Up India” initiative.
Source: PIB, #StartupIndia