“All of you have a vital role to play”, said Narendra Modi as he ended his speech at the Start-up event at Vigyan Bhavan in New Delhi which was attended by several entrepreneurs who have already made a mark in the industry and a few budding ones. Among so many campaigns that the Modi Government is introducing is the Start-up India, Stand up India.
This new Modi campaign will be offering a massive boost to the entrepreneurship ecosystem, PM Narendra Modi introduced his most impressive campaign, that is, the “Start-up India, Stand up India” which will give a thrust to the start-up industry in the country further coping up with the unemployment that is persistent.
In the opening speech to unwrap the Start-up India, Stand up India scheme, Arun Jaitley declared the introduction of new tax rules for the start-ups through executive orders. Further he announced that the 2016 budget will be inclusive of rules that will be an aid to the budding start ups. Financial support is the basic thing that a start-up requires to flourish and the Modi Government will be offering a wider and easier canvass to the start-ups to establish themselves by offering bank financing and loans. Moreover, this will also free the start-ups from the State and the Government would play the role of a facilitator only.
Features of the Start-up India, Stand Up India
This campaign will exempt these companies from tax and no government inspection for the first three years of newly found companies and give them a 90 day window to close businesses. A fund of 10,000 crore will be provided to support them plus they will be provided an 80% reduction in patent registration fee. additionally, the Government plans to introduce an app for better communication. Modi also declared self-certification compliance for start-ups across India along with IPR protection for new firms.
In Narendra Modi’s 69th Independence Day speech, he had declared his idea of making India number one in start ups. He said, “We are looking at systems for enabling start-ups. We must be number one in start-ups… Start-up India; Stand up India.”
Reports From the Event
The Times of India gives the details of Jaitley’s speech from the event:
The Narendra Modi government had been pursuing a policy where more freedom was being given to companies, which was evident from fewer businessmen visiting the finance ministry or the pile of files in Foreign Investment Promotion Board (FIPB) coming down.
Besides “Start-up India”, the finance minister said the government will launch “Stand-up India” scheme under which, bank branches will lend to entrepreneurs belonging to SC/STs and women.
Let us just hope that the Start-up India, Stand up India scheme successfully delivers the acche din for the entrepreneurs who have found great hope residing below the sheets of this scheme which sounds extremely ambitious and beneficial for the start up ecosystem as well as the country.