New Delhi: In a big boost to start-up entrepreneurs, Prime Minister Narendra Modi today announced major sops, including a three-year tax holiday and self-certification-based compliance system in respect of nine labour and environment laws.
Addressing a large gathering of entrepreneurs from both within the country and abroad, the Prime Minister —while launching the “Start-Up India Action Plan” here — assured the entrepreneurs of major support from his government, which he hoped would change the face of India in coming years.
As part of a host of incentives to promote new enterprises in the country, the Prime Minister also announced a three-year exemption from inspections, an online portal and mobile app, 80 per cent cut in the patent application fee, a single-point hub for hand-holding, protection of intellectual property rights, equal opportunities in government procurement with relaxation in norms for public procurement and a Rs 10,000-crore dedicated fund for start-ups.
He also announced faster exits for start-ups —these are for those who want to exit unprofitable ventures — and the bringing of a bankruptcy Bill to make that possible in 90 days. Modi announced tax exemptions from capital gains for start-ups and credit guarantee, launch of Atal Innovation Mission, which includes national awards for innovation and setting up of seven new research parks in the country.
He had put forward his vision for the “Start-up India Action Plan” while addressing the nation from the ramparts of the Red Fort on Independence Day last year. In an 45-minute address to the new entrepreneurs, which also enthralled them, Modi started off on a lighter note.
“Today is Saturday. Government offices are usually in holiday mode. After 6 pm, there is no question of it. If someone asks me, where is the difference? Here it is,” said Modi, with the gathering responding with a roar of laughter.
“Today’s gathering is not to tell us what to do. You have to tell us what the government should not do,” the PM said.
“My government is committed to boosting innovation in the country,” Modi said, while pointing out, “Today, Kuber has become Uber. Entrepreneurs are creative and also adventurous and risk-takers.”
“Minimum government, maximum governance is key to the success of Startup India. Start-ups are driven by the passion to find solutions and innovate,” he said.
“An entrepreneur is willing to lose his sleep to solve the problems of others. Start-up doesn’t mean that a person is dealing with a billion dollar job employing 2,000 people. If one can employ five people, he or she is contributing enough to the nation,” the Prime Minister said while adding “get out of the mentality of becoming job seekers”.
“Start-up is not just about mobiles and gadgets. Try to go beyond mere e-commerce. Try to help the man in the villages,” Modi said and pointed out that the challenge was to make healthcare affordable to the poor.
“The nation will progress when the last man in society will get the benefits of technology,” he said.
There is no shortage of “jugaad” in India. But they do it only for their own good. The challenge is to make healthcare affordable to the poor, he said.
“When I go abroad or delegations come here, they always express concern about cyber security. If India can provide a foolproof cyber security solution, no one in the world can raise a finger against India. Yes, there are millions of problems in India. But it also has a billion minds,” the Prime Minister said.