Narendra Modi announces Rs10,000 crore fund for start-ups

India, which has the third-largest number of start-ups globally, will also support the ventures by removing the criteria of experience and turnover for bagging government procurement contracts. Not only that, the entrepreneurs would be enjoy a tax exemption on capital gains during the first three years of business.

With 4,200 enterprises, India already ranks third in the world in terms of the number of start-ups, behind the USA and the UK.

The Prime Minister said he wanted the entrepreneur novitiates to articulate their views on what the government ought not to do to mess up the culture of entrepreneurship. “I urge all entrepreneurs to create companies that solve India’s problems and create jobs”, Modi told a packed auditorium at Vigyan Bhawan in New Delhi. “The registration will be in the same process”, he said.

Prime Minister Narendra Modi will present the action plan for entrepreneurs during the “Startup India Standup India” event.

A start-up India hub will be created as a single point of contact for the entire start-up ecosystem to enable knowledge exchange and access to funding.

Modi will release the Start-Up Action Plan, visit a virtual exhibition and interact with start-up entrepreneurs at the event.

We want to focus on hand holding for start-ups.

He promised an end to the “licence raj” – bureaucratic controls dating from British colonial rule mandating endless permits that have stalled multi-billion dollar projects and small investors alike. “Angel investors have played a vital role in giving a push to startups and if all that the government has announced today is implemented, it would provide them a further boost”, said Anuradha Acharya, CEO, Map My Genome.

But, he said, “We can take a limited satisfaction, that even in a crisis like situation in the world, we are growing much faster”.

The day-long workshop featured panel discussions on “Unleashing Entrepreneurship and Innovation: What do Indian Startups need to Grow and Prosper”, “Celebrating Women: Stories of Innovative Women Entrepreneurs”, “How digitization will change India’s future”, “Making Indian Healthcare Leapfrog” and “Financial inclusion is within reach”.

Earlier on Saturday, Japan´s Softbank said it would “seriously” accelerate investments in India, comparing the growth in India´s internet economy to China a decade ago.

Start-ups are not just because of entrepreneurial capabilities, but also for the aspect of risk-taking.

Encouraging investors, the prime minister said that start-ups should not only be thought of as those high-fi businesses which use lakhs of rupees, complex technologies and apps but also those which are very basic and can create jobs for a few people.

Finance minister Arun Jaitley and commerce minister Nirmala Sitharaman will also address the opening session of of Start Up India movement.