“$7.3 billion invested over 639 deals in Indian startups in three quarters of 2015”
“India ranks 3rd among global startup ecosystems ”
– Industry Reports
Startup India, Stand Up India
Not much time has passed that Mr.Narendra Modi announced an initiative to boost startups with the “Startup India, Stand Up India” campaign. Keeping up with this spirit; an event was held on January 16th, 2016 inVigyan Bhawan auditorium showcasing the “Start-up action plan” to beef up the initiative. PM Modi introduced a 30-page action plan for smoothening the setup processes and removing hurdles that could hinder growth of start-ups.The event aimed at celebrating the entrepreneurship spirit of country’s youth and was attended by CEOs and founders of top start-ups of over 1500 from across the country.
Union Minister of Finance and Corporate Affairs Arun Jaitley inaugurated the event.The minister of State for Commerce and Industry, Nirmala Sitharaman, was the Guest of Honour.Prime Minister Narendra Modi addressed and unveiled a number of incentives at this event to boost start-up firms that included offering such a tax holiday and inspector raj-free regime for three years, capital gains tax exemption and Rs 10,000 crore corpus to fund them etc.
Startup Action Plan
Here are the glimpses of his speech while addressing statups, innovative ideas and young enterpreneurs:
[Video Source ]
He also announced the Startup Action Plan. This announcement holds immense importance for those startup entrepreneurs who wants to see themselves as an established leader in the future. Some pivotal of this given address are discussed below:
“Self-certification scheme in respect of nine labour and environment laws
“Formation of liberalised patent regime is being brought to help start-up businesses register patents, for which the fee will be slashed by 80 percent
“PM Modi announced an action plan to boost such ventures which are seen as key to employment generation and wealth creation
“Standardising the startup process: A startup firm will now be able to set up in one day just by filling up a short form through a mobile app and online portal which will be launched in April.
“To boost financing, a 20 percent tax on capital gains made on investments by entrepreneurs after selling own assets as well as government-recognised venture capitalists will also be exempt.
“The self-certification will apply to laws like payment of gratuity, contract labour, employees provident fund, water and air pollution acts.
“A start-up India hub will be created as a single point of contact for the entire startup ecosystem to enable knowledge exchange and access to funding.
“A legal support for fast-tracking patent examination at lower costs. It will promote awareness and adoption of Intellectual Property Rights (IPRs) by start-ups and help them protect and commercialise IPRs
“The government will set up a fund with an initial corpus of Rs 2,500 crore and a total corpus of Rs 10,000 crore over four years
“The credit guarantee fund for start-ups would help flow of venture debt from the banking system to start-ups by standing guarantee against risks.
“A National Credit Guarantee Trust Company is being envisaged with a budgetary allocation of Rs 500 crore per year for the next four years
Social Network too was buzzing with it. Here is a look into it:
What lies ahead cannot be foreseen, but this event undoubtedly gave a bunch of hope and positivity to the world of ‘would-be entrepreneurs’.