• Self-certification based compliance system in respect of nine labour and environment laws introduced for start-up
business.
• No inspection for three years of start-up businesses in respect of labour, environment law compliance post self-certification
• 80 percent reduction in patent fee for start-up businesses
• A dedicated fund with Rs 10,000 crore corpus will be created for funding of start-ups
• Start-ups to get three-year income tax holiday
• Capital gains tax to be exempted for venture capital investments
Start up movement should not be guided by money or fame, says PM Modi
Prime Minister Narendra Modi starts off on a lighter note. This has to quite refreshing to all the participants who are by now probably tired after a day-long session of brainstorming.
"Today it is Saturday. Government offices are usually on holiday mode. After 6 pm there is no question of it. If someone asks me where is the difference? Here it is," said Modi with the gathering responding with a roar of laughter.
"Today's gathering is not to tell us what to do. You have to tell us what the government should not do," the PM said. And the response is as expected -- reverberating and loud burst of laughter in that massive Vigyan Bhavan auditorium.
"I had spoken about start up from the ramparts of the Red Fort and today we are seeing what this is about," the prime minister said."We are here so that you can tell us what we should not do," he said.
"Ideas are many but some leave the idea halfway while the others become very involved with the idea," PM Modi said.
"My government is committed to boost innovation in the country," Modi said.
"Today Kuber has become Uber. Entrepreneurs are creative but also adventurous and risk-takers," the prime minister said explaining what's essential for start-ups to succeed. "There is an energy from within and there are dreams that you have dedicated yourself to."
"Minimum government, maximum governance is key to the success of Startup India. Start-ups are driven by the passion to find solutions and innovate," he said. "An entrepreneur is willing to lose his sleep to solve the problems of others."
"Solution to all problems has become an App. And I have benefited greatly from this...I also have the 'Narendra Modi App'," PM Modi said amid applause. "Share your stories with me on the 'Narendra Modi Mobile App'."
"This start up movement is not merely guided by money or name and fame. The purpose is beyond that," the prime minister said stressing that money is secondary.
"When we say Make in India we also say 'Make for India.' India is a great market," he said.
"Start-up doesn't mean that a person is dealing with a billion dollar job employing 2,000 people. If one can employ five people he or she is contributing enough to the nation," the prime minister said.
"Quality education is important and it is very crucial to take this quality education to poorest of the poor. Technology is impacting the health sector but the question for us is how to make it affordable," PM Modi said.
"When I go abroad or delegations come here they always express concern about cyber security. If India can provide with a foolproof cyber security solution no one in the world can raise finger against India. When I say Startup India, it is implicit that I say stand up India. India is blessed to be a nation of youngsters. Yes, there are millions of problems in India. But it also has a billion minds," the prime minister said.
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