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This story is from January 16, 2016

PM Modi announces big push for startups; Rs 10,000 crore fund to be set up

Prime Minister Narendra Modi today launched the new 'Start-Up India' scheme to promote and nurse entrepreneurship in the country ensuring minimum interference from the government with attractive tax incentives.
PM Modi announces big push for startups; Rs 10,000 crore fund to be set up
Prime Minister Narendra Modi today launched the new 'Start-Up India' scheme to promote and nurse entrepreneurship in the country ensuring minimum interference from the government with attractive tax incentives.
Key Highlights
• PM Modi launches "Start-Up India" scheme to promote entrepreneurship in the country

• PM announces Rs 10,000-crore corpus, tax rebate and many other measures to boost startups

• Finance minister Arun Jaitley said Modi dispensation is ensuring minimum interference from the government
NEW DELHI: Prime Minister Narendra Modi today launched the new "Start-Up India" scheme to promote and nurse entrepreneurship in the country ensuring minimum interference from the government with attractive tax incentives.
"I had spoken about 'Startup India' from the Red Fort and today we are seeing what this is all about. We are here so that you can tell us what we should not do," the Prime Minister said at an event in New Delhi on Saturday.
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Lauding the intellectual capital that the country has today, PM Modi said, "When I was listening to Ritesh (Founder, Oyo Rooms) I wondered why a 'chai wala' did not think of starting a hotel chain."
"Ideas are many but some leave the idea halfway while others get very involved in the idea.
But today when those people have become successful, everyone have started thinking about ways to start their own startups. People who have achieved this success today, they are not just entrepreneurs but are adventurous as well. Success of entrepreneurs depends on their ability to take risk," he said. "That's how Uber became Kuber," he added to a round a applause.

PM Modi also praised the efforts of entrepreneurs in the country saying, "Sometimes I wish God had given me capabilities like you people have."
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The Prime Minister also announced a slew of measures by the government to promote startups. "A dedicated fund with Rs 10,000-crore corpus will be created for funding of start-ups," he said also announcing that a three-year income tax holiday will also be given to startups. He also said that the government is working to make it easy for budding entrepreneurs to start a business or exit from it.
"No inspection will be done for three years of startup businesses in respect of labour, environment law compliance post self-certification," the Prime Minister said. He also announced the establishment of Atal Innovation Mission "to give impetus to innovation and encourage the talent among people".
Earlier, finance minister Arun Jaitley also spoke at the inaugural session of the day-long event where he highlighted Modi government's efforts to promote startups in the country.
"We ostensibly broke away from the license raj in 1991, conceived with idea that the government will decide which businesses can run," said Jaitley. "Our effort in last few years has been to restrict role of the state in policy domain," he said, assuring Start-Up India scheme will follow that path.
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He also said that the event shows a change of mindset in the country.
"The state creates an ecosystem in which people can function. The only relation with the state entrepreneurs will have is to pay taxes at the end of the year, and continue to prosper themselves and make the country prosperous," he said.
The event at the Vigyan Bhavan official conference complex has been a top draw.
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