The Prime Minister, Shri Narendra Modi, today launched the Start-up India initiative in New Delhi. 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.
Companies that were on top pre-1991 have been replaced by companies that were start ups, by those who didn't belong to business families: FM— PMO India (@PMOIndia) January 16, 2016
Success of start ups not only about enterprise. It is risk taking and adventure also: PM @narendramodi— PMO India (@PMOIndia) January 16, 2016
Solution to all problems has become an App. And I have benefited greatly from this...I also have the 'Narendra Modi App': PM @narendramodi— PMO India (@PMOIndia) January 16, 2016
This start up movement is not merely guided by money or name & fame. The purpose is beyond that: PM on start up entrepreneurs #StartupIndia— PMO India (@PMOIndia) January 16, 2016
Start up does not mean billion dollar company where thousands of people work. It is about employing even 5 people & developing India: PM— PMO India (@PMOIndia) January 16, 2016
When I say start up India, it is implicit that I say stand up India. India is blessed to be a nation of youngsters: PM @narendramodi— PMO India (@PMOIndia) January 16, 2016
Yes, we have a million problems but at the same time we have over a billion minds: PM @narendramodi— PMO India (@PMOIndia) January 16, 2016
India's future is in innovation and creativity: PM @narendramodi— PMO India (@PMOIndia) January 16, 2016
We are starting the Atal Innovation Mission to give an impetus to innovation and encourage the talent among our people: PM @narendramodi— PMO India (@PMOIndia) January 16, 2016