PM Launches Start-up India Movement
- Gayathri Mathivanan
- January 20, 2016, 1:56 AM
The Prime Minister visited virtual exhibition and interacted with entrepreneurs. 10 outstanding Start-up innovators shared their thoughts and experiences previous to the Prime Minister delivered his address.
Prime Minister said successful start-ups are usually created by those who are driven by an idea, or an urge to solve a problem that public face. He said “I urge all entrepreneurs to create companies that solve India’s problems and create jobs”.
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.
Top take-aways from the PM's speech
- Tax exemption for start-ups for 3 years.
- Rs. 10,000 crore fund to support start-ups.
- Capital gains tax to be exempted for venture capital investments.
- 80% reduction in patent filling fee.
- Govt. to ensure 90-day window for start-ups to close businesses.
- Self-certification compliance for start-ups across India.
- No government inspection for 3 years for newly-formed start-ups.
- New scheme to provide IPR protection to start-ups and new firms.
- Government is all set to launch an app to create a platform for interaction with start-ups
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