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

NEW DELHI: The Prime Minister Narendra Modi has 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.

The Prime Minister, Narendra Modi addressing at the launch of Start-Up India, Stand-Up India programme, in New Delhi on January 16, 2016.

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.

The Prime Minister, Narendra Modi's interaction with startups, VCs and angel investors, in New Delhi on January 16, 2016.

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.