Prime Minister Narendra Modi has launched “Start-Up India” a scheme that will provide a Rs.10,000 crore fund, tax rebates, and other measures including minimum interference from the government, to promote entrepreneurship.
Modi lauded the intellectual capital India has today and invited ideas, as he praised the efforts of the existing entrepreneurs saying modestly “Sometimes I wish God had given me the capabilities successful entrepreneurs have”
Apart from the dedicated fund with a Rs.10,000 crore corpus that he intends to create for start-ups, he also announced a 3-year income tax holiday for future entrepreneurs, and assured the country that the government is working to make it easy for wannabe entrepreneurs to start a business or exit from it. He promised no inspection for three years on start-up businesses in respect of labour, environment law, compliance and post self certification. He also announced the establishment of the Atal Innovation Mission that will give impetus to research and development, will include 500 tinkering labs, 35 public/private sector incubators, 31 innovation centres, new research parks and bio-clusters for the achievement of innovation and encourage talent.
There will also be a Start-up India hub, a single point of contact for interactions with the government, and a panel of legal facilitators for start-ups to file patents, designs, trademarks, with all costs to be borne by the government. A mobile app is also to be launched on April 1, making it possible to register start-ups in just one day.
Finance Minister Arun Jaitley said the plan indicates a change of mindset in India.