PM launches Start-up India movement, unveils action plan for encouraging Start-ups

The Prime Minister, Shri Narendra Modi launched the Start-up India initiative in New Delhi on 16 January 2016. The launch by the Prime Minister this evening was preceded by a day-long workshop on various aspects of entrepreneurship. 

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. 

The Prime Minister said he wishes to turn the youth of India from job-seekers to job-creators. He said 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. 

He 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. 

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.

Source: http://cablequest.org/index.php/news/national-news/item/8439-pm-launches-start-up-india-movement,-unveils-action-plan-for-encouraging-start-ups

Source: http://cablequest.org/index.php/news/national-news/item/8439-pm-launches-start-up-india-movement,-unveils-action-plan-for-encouraging-start-ups