Startup India: PM Modi Announces Policies to Ease New Businesses
Get the latest updates from the Startup India event.
India’s Future is Co-terminus With That of Its Startups
- Tax exemption and no government interference for the first three years for all startups.
- Credit guarantee scheme will be introduced for startups in the next 4 years.
- Funds of around 500 crores will be given every year.
- 80% rebate on filing of applications for startups.
- Startup India mobile app will be launched on 1 April 2016.
Salient Features of the Start Up Action Plan
- Self-certification compliance.
- Startup IPR provision to register.
- One-step mentor guidance for startups.
- No interference during 3 years of startup’s growing phase.
- 80% rebate on filing of applications for startups.
- 90 day facility for startup exit.
- Startups ke profit ko teen saal ke liye income tax se mukti
di jaayegi (Start-ups will be exempted from paying income tax on their income for the first 3 years).
- We are starting the Atal Innovation Mission to give impetus to innovation and encourage the talent among people.
- No inspection for 3 years of start-up businesses with respect to labour, amd environment law compliance post self-certification.
- Credit guarantee scheme will be introduced for startups in the next 4 years. Funds of around 500 crores will be given every year.
‘I Wish I Had Capabilities Like You (Startup CEOs)’
- Aaj Saturday hai. Sarkar ka swabhav chhutti ka hota hai. Aur 6 bajne ke baad to sawal nahi uthta. Agar aapko koi puche fark kya hai, to fark yehi hai. (Usually the Government does not work on a Saturday and working beyond 6 am is out of question. If anyone asks you what’s different, then this is it.)
- When I was listening to Ritesh (Founder,Oyo Rooms), I wondered why a ‘chaiwala’ did not think of starting a hotel chain; doesn’t matter Narendra Modi chai wala does anything or not, but the country’s youth will raise their voice across the world.
- I had spoken about StartupIndia from the ramparts of the Red Fort and today we are witnessimg it.
- Students across IIT and the country are watching this event live on their TV screens.
‘Tell Us What We Should Not Be Doing’
- We’re here to discuss with you what we should not be doing, and what we have been doing for over 70 years. But look where we have reached. And for once we decided to do nothing, and we saw the youth take us places in 10 years.
- There are some people whose ideas die by the dusk, and there are some who are passionate to get their ideas work which magically changes our lives.
- Ideas are many – some leave them halfway, while others become involved with them.
‘People Would Have Discouraged All of You’
- Sometimes I wish God had given me capabilities like you people (Startup entrepreneurs).
- In the beginning when someone would have shared their plan to launch a startup, people around them would have discouraged them.
- Everything has a start, the ones doing it know what they are doing, while rest of them laugh at their stupidity.
- There is an energy from within and there are dreams that you have dedicated yourselves to.
- But today when those people have become successful, everyone have started thinking about ways to start their own startups.
‘Success Happens For Those Who Can Take Risks’
- People who have achieved this success today are not just entrepreneurs, but adventurous as well.
- Success of startups is not only about enterprise. It is risk taking and adventure also.
- Uber kuber (Lord of Wealth) ban gaya.
‘Every Solution Has Become an App’
- Solution to all problems has become an App. And I have benefited greatly from this... I also have the ‘Narendra Modi App’.
- I request the country to share their success stories with me through the app.
Modi Talks of Vaccines
- Your startup does not exist for banking, funds and capital, but to solve people’s issues and problems on a daily basis.
- Reasonable vaccines which reaches maximum countries today are developed by Indian scientists.
- This StartupIndia movement is not just guided by money, or fame. The purpose is beyond that.
- Kisike liye jo dard hota hai, jo humhein dua dene ki takat de na de, humhein unke dard door karne ki takat deti hai, tab start-up hota hai.
‘When we talk of Make In India, we also talk of Make for India.’
- In India, there is jugaad for everything that no other country and its people can manage. But most of them put those innovation to their own sakes.
- When we talk of Make In India, we also talk of Make for India.
- A Startup does not need to have a billionaire or workforce of 2000 people.
- Startups will enable the youth to move from being a job seeker to a job creator.
- Agar million problems hai toh, billion minds bhi toh hai India ke pass. (Yes, we have a million problems, but at the same time we have over a billion minds)
- India’s handicraft needs to reach the world via startups, which need not be e-commerce companies.
Startup Entrepreneurs Speak
Samay Kohli, CEO & Co-Founder at Grey Orange Pte Ltd
- We looked for job opportunities when we started, but most of them were available in South Korea and Europe, so we ended up starting Grey Orange
- We manufacture in India.
- We supply robots to customers in Western countries.
Suchi Mukherjee, CEO of Limeroad
- I came back to India 3 years ago to start a business, and my mother said ‘sarbonaash’ (disaster).
- This is the India we have been waiting for, and it has enaled lot of middle-class people to dream and fulfill them as well.
Naveen Tewari, CEO of InMobi
- We are the third largest advertising platform behind Facebook and Google.
- All the work is done by engineers sitting in India.
- Our tech touches 1.5 billion today and we hope to see InMobi being reckoned among the top tech brands in the world.
- This country’s problems are going to be solved by entrepreneurs from India, and not outside.
Anuradha Acharya, Founder, Mapmygenome
- When human genome was developed, India was nowhere among the ranks.
- When you look at the cardiac difference between Caucasians and Indians, there is a 3x chance that the conditions are treatable. (Also read: From Janampatri To Genomepatri, Is Unlocking Your Genome Worth It?)
Adam Neumann, WeWorks
- India’s democracy embodies regeneration.
- This is the most spiritual country in the world.
- The goal is not to raise capital or fund; we want to build a community which can help the world flourish.
- You do not have to be from India, to love India.
Ritesh Agarwal, OYO Rooms
- There is massive work going in India.
- We must design and develop in here.
- We are set for a future where people self-employed will overtake employed people.
Shashank ND, CEO and Founder, Practo
- I was told not to launch a start-up in 2008 because no one had done it - in the US or China. But we made it happen, we believed in something the world hadn’t seen before.
- We’ve proven ourselves to capable of building what others couldn’t.
- The youth of India is hungry and passionate to deliver for the country. This initiative will give them confidence and we’re with you in this measure
Neeraj Kakkar, founder, Paperboat (Hector Beverages)
- I feel gratitude towards my family to put their trust and faith in me to create products which are not only India best but also the world.
- The onus is on me to make India the world’s best country.
‘25-30 Years On, India Will Become No 1’
SoftBank CEO Masayoshi Son in his address (in the event which is being held at the Vigyan Bhavan in New Delhi) said, “25-30 years from now, I have a feeling India may surpass to become No. 1 in the world.”
‘Event Shows India’s Changing Social Profile’
Union Finance Minister Arun Jaitley in his address at the Startup India event, said:
- Today marks an important change in Indian mindsets.
- Limitations of a conventional economy is staring at us, so we are looking for newer options.
- Event shows India’s changing social profile.
- Companies that were on top pre-1991 have been replaced by companies that were start-ups.
- We lived in an era where surnames did matter. Now, they don’t.
- This event starts a process which will be accelerated further under your guidance.
Govt to Announce Friendly Tax Regime for Start-ups in Budget
The government will announce a friendly tax regime that will encourage setting up of start-ups in the country in the Union Budget next month, Finance Minister Arun Jaitley said on Saturday.
Recognising the need to encourage startups, a fund was suggested in the Budget last year, he said at the Start Up India conference here.
He assured the startups that both the banking system and the government will make the resources available to them.
India’s Payment System Changed the Way Uber Works in India: CEO
India’s payment system has been a big factor that made Uber Technologies change the way it handled transactions in the country, Travis Kalanick, founder, Uber said at the Startup India conference today.
The ride-hailing company had run into trouble with India’s regulatory requirements, which needed two-step credit card authentication for making payments as against direct payment to Uber via credit card details stored in the app.
SoftBank Looks to Raise India Investment to $10 bn
Betting on India emerging bigger than China, Japan’s SoftBank on Saturday said it has invested USD 2 billion in Indian firms in the last one year and will look to scale up the investment to USD 10 billion in the coming year.
SoftBank Chairman and Chief Executive Masayoshi Son said Internet and solar are the sectors that excites him, but wants the government to develop a robust mobile phone infrastructure and resolve slow Internet issues.
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