Start-Up India will end licnece raj, restrict state's role in entrepreneurship : Arun Jaitley

The event is aimed at celebrating the entrepreneurship spirit of the country's youth and is attendd by CEOs and founders of top start-ups.

Speaking on the occasion Jaitley said Start-Up India is Prime Minister Modi's own idea and more the sector becomes unregulated, it will be in the interest of the system.

""The regime being created for startups will truly break away from licence raj, " Jaitley said. .

"We will create environment that so that you become a powerful name to reckon with," he said.

The finance minister said he will announce start-up friendly tax measures in his forthcoming budget as he seeks to unshackle them from the existing regime.

He said the both the government and the banking system will make more resources available to new entrepreneurs.

On the decreasing role of the state in providing jobs, Jaitley said the more the start-up sector was unregulated the better it was for the sector.

"Our effort over last few years has been to restrict the role of the state in policy, "he added.

Reflecting on the slowing down of the world economy, Jaitley said India can take satisfaction, that even in a situation like this, its economy was growing much faster.

"The world economy has unquestionably slowed down, " he said mentioning the slowing Chinese economy and falling oil prices as some of the challenges.

The advantages for India were that it has a booming services sector and that foreign investment was still coming in, he  said.

Captains of industry and founders of start-ups are attending the event which will be be launched formally by Prime Minister Narendra Modi in the evening.

Modi, who is also set to announce his 'Start-Up Action Plan' , tweeted that the " movement celebrates the energy and enterprising spirit of our youth."