Startup India Action Plan annouced by Modi and Highlights of the event
Prime Minister Narendra Modi addressed a gathering at the concluding session of the government's mega Startup India meet which is being attended by CEOs of top start-ups and over 150 budding entrepreneurs.
Prime Minister Narendra Modi launches action plan for Startup India. Highlights of government provisions:
► Self-certification based compliance.
► No inspection for the first three years.
► Includes self-certified environmental regulation.
► Startup India Hub. A single point of contact.
► A system of hand-holding.
► A mobile app to start a startup in one day.The app will have a small application form that can be easily filled for your registration.
► Patents usually take months. We are bringing a scheme to make filing patents simpler.
► We are lacking in IP (intellectual property), but we have a lot of YP (youth property). We have to bring them on a single plane.
► Trying to facilitate free patent filing. Today we are reducing patent fee by 80 per cent.
► We are planning relaxed norms of public procurement for startups.
► There are ways to close doors to the new ideas. We want to open them.
► There is no exit plan for startups. We are making faster exits for startups because failures shouldn't stop you forever. One who runs away from water cannot learn to swim.
► We are bringing a bill in Parliament to let startups can exit 90 days.
► I urge the youth to send the message to those holding up work in Parliament on Twitter and Facebook.
► Rs. 10,000 crore corpus fund for startups.
► A credit guarantee fund for startups.
► Tax exemption on capital gains.
► When someone invests their own wealth, they will be exempted from capital gains tax. Three-year tax exemption for startups.
► We are trying to increase participation of women in startups.
► Tax exemption on investments above fair market value.
► We are starting the Atal Innovation Mission to give an impetus to innovation and encourage the talent among our people.
► Core innovation programmes in 5 lakh schools.
► A startup fest should be started.
Here are the highlights of the event:
- Today is a Saturday, the government is usually in a holiday mood, says Prime Minister Narendra Modi.
- When I was listening to Ritesh (of OYO Rooms) I wondered why a tea-seller didn't think of a hotel chain?
- I am sure, no matter what Narendra Modi can or cannot do, the youth of the country can.
- When I mentioned Startup India, Standup India on August 15, it did not register. But perhaps today we understand what is Startup India. Seeing is believing.
- Youths in IITs are looking at you today. People are part of the programme since the morning.
- Most people think government will do this so that will happen. I think differently, I think if government doesn't do it, then a lot will happen.
- So we are here to listen to you what we shouldn't do. Because we have done a lot in 70 years and see where we are.
- Many people have ideas. They think in the morning but ditch it by the evening. But some people get pulled into that idea.
- There is an energy from within and there are dreams that you have dedicated yourself to.
- When space missions started around the world there were sceptics. So when you start something only you can see the future, others think you are crazy.
- Startups are not formed only from entrepreneurial bents but also the spirit of adventure and risk-taking.
- Those who just want to make money can never succeed at startups. But those who want to change something, they are the ones who succeed.
- Solution to all problems has become an App. And I have benefited greatly from this. I also have the 'Narendra Modi App'.
- Share your stories with me on the 'Narendra Modi Mobile App'.
- The days of gloom have gone. Today we are in an age of hope and that can change tomorrow.
- Those who find startups, the biggest thing they have is compassion.
- When they see a problem, they cannot ignore it. They want to do something about it.
- What we are trying to do here is simplify services, improve lives.
- This startup movement is not merely guided by money or name and fame. The purpose is beyond that..
- The cheapest vaccines in the world are developed in India. This is saving so many lives.
- People in atomic energy here have found ways to preserve onions. But that way is so expensive. Can we make it inexpensive?
- Money is a by-product for those who set up startups, they want to improve lives.
- Startups don't always mean a billion-dollar company. If I can create jobs for five people, then that means I am helping someone. Youth can become job creators.
- In our country education is a priority. But the need of the hour is quality education.
- Today our healthcare is so dependent on technology. But how can we scale it up, make it cheaper?
- When everyone has equal opportunity then what problem can we not solve?
- Challenges are critical for humanity. India has millions of problems, but it also has a billion minds.