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PM Modi launches Start-up India movement, unveils action plan

India Blooms News Service | | Jan 17, 2016, at 03:39 am

#PM Narendra Modi # PM Modi launches Start-up India movement # PM unveils action plan

New Delhi, Jan 16 (IBNS): Prime Minister Narendra Modi on Saturday launched the Start-up India initiative in New Delhi.

The launch by the Prime Minister this evening, was preceded by a day-long workshop on various aspects of entrepreneurship.

Modi visited a virtual exhibition and interacted with Start-up entrepreneurs. 10 outstanding Start-up innovators shared their thoughts and experiences before the Prime Minister delivered his address.

He said that when he had launched the Start-up India Initiative on Aug 15, the announcement had virtually gone unnoticed, but today it had registered with people.

He said successful start-ups are usually created by those who are driven by an idea, or an urge to solve a problem that people face.

The PM said making money is not the primary objective, but is often a by-product. He said Start-up innovators are often driven by a sense of compassion for others.

Modi said he wishes to turn the youth of India from job-seekers to job-creators. He said if a Start-up can offer employment to even five people, it would be doing a great service to the nation.

He mentioned some areas where youth innovators should focus, including crop wastage, and cyber security.

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.

He said Start-ups will be exempted from paying income tax on their profit for the first three years. He said the Government is working on a simple exit policy for Start-ups. He also said the Government is working towards fast-tracking of Start-up patent applications.

He announced an eighty percent exemption in patent fee for Start-up businesses, and said a self-certification based compliance system for Start-ups would be introduced for 9 labour and environment laws. He said the Atal Innovation Mission will be launched to give a boost to innovation.

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