Startup India Action Plan annouced by Modi and Highlights of the event

16 Jan 2016    09:29 pm

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.