In the presence of some of the most ambitious young entrepreneurs, with dreams in their eyes, Prime Minister Narendra Modi on Saturday launched an ambitious ‘StartupIndia’ movement with a corpus fund of Rs.10,000 crore.
Spelling out the action plan, Modi listed out the various main features of the movement that aims to encourage and strengthen digital entrepreneurship.
Modi announced that there would be income tax exemption to start-ups for the first three years. He also promised faster patent registrations and quicker exits for companies. Norms would be relaxed for public procurement of start-ups, he informed.
The evening launch was attended by finance minister Arun Jaitley and other ministers, besides CEOs of top start-ups and over 150 budding entrepreneurs.
Highlights of the StartupIndia plan:
Rs.10,000 crore corpus fund for start-ups.
A credit guarantee fund for start-ups.
Tax exemption on capital gains. Tax exemption on investments above fair market value.
Self-certification based compliance.
No inspection for the first three years.
Self-certified environmental regulation.
Start-up India Hub – a single point of contact.
A system of hand holding.
A mobile App to start a start-up in one day. The App will have a small application form that can be easily filled for registration.
Patents to be made simpler. Patent fee to be reduced by 80 per cent.
Proposed bill in Parliament that would let start-ups to exit in 90 days.
Investment of own wealth will be exempted from capital gains tax.
Atal Innovation Mission to be started, to give impetus to innovation and encourage the talented people.
Core innovation programmes in five lakh schools.