PM Modi Announces Start Up India Action Plan, Key Takeaways To Note

Prime Minister Narendra Modi announced today his ambitious ‘Startup India’ action plan. The campaign is meant to boost digital entrepreneurship and promote budding start ups in country. During the event, PM elaborated various salient features of the action plan. Here are the major takeaways:

PM Modi Announces Start Up India Action Plan

•    Three-year income tax exemption
•    Tax exemptions on capital gains
•    Rs 2,000 cr Credit Guarantee Funds to be set up
•    Govt to set up Rs 10,000 crore Fund of Fund
•    Public procurement norms to be relaxed
•    Self certification-based compliance regime
•    Single-point contact for the entire start-up ecosystem
•    Mobile App and Portal from April 1
•    Legal support, fast-tracking patent examination at low cost
•    Patent fees for start-ups to be slashed by 80 per cent
•    Faster exit with passage of Bankruptcy Bill 2015
•    Lower government involvement in business
•    No inspection for 3 years of start-ups
•    To bring in sector specific incubators
•    Special schemes for women entrepreneurs on cards

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The announcement led to positive responses from industry leaders. They appreciated the step and hoped that it will encourage more people to begin their ventures with confidence.

Shamit Khemka, Regional Director, Entrepreneurs Organisation, South Asia said:

“This is the first government to recognise the startup space in India in such a big and official manner. We thank and congratulate the government and the prime minister on this initiative. What Mr Modi rightly pointed was that entrepreneurs are scared of government interference, which will Change as there will be less interference and more support.”

PM Modi Announces Start Up India Action Plan

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