Prime Minister Narendra Modi launched a new initiative to start a culture of liberal entrepreneurship, “Startup India”, on January 16 in New Delhi.
This is a step to boost up the entrepreneurial ecosystem of India. The initiatives that will be taking under this will include Rs 10,000 crore of government funding over the period of four years, the earning of these ventures will tax-free of profits, no labour inspections, and subsidized patent clearance.
PM Modi introduced the action plan of the government during the event which was attended by many businessmen, new and old. “We have millions of problems. There is no denying that. But we also have a billion minds. And these billion minds will easily find the solutions to the millions of problems,” Modi said as reported in The Indian Express.
Under this programme, the newbies will be able to register their company in a day through a mobile app which will be launched by the Indian government. These companies can also apply for schemes that fall under the Startup India Action Plan.
As the easy entry and exit for the startups will become easier, it will also have a startup hub which will be treated as a single point of contact for startups, governments- both central and state, investors, foreign and Indian VCs and angel investors.
The programs doesn’t only focus on the budding entrepreneurs but also school students as there will an innovation programme that will be targeted at school students to spring 10 lakh innovations from around five lakh schools all around India.
As reported in NDTV, a Grand Challenge program called NIDHI (National Initiative for Developing and Harnessing Innovations) shall be instituted through Innovation and Entrepreneurship Development Centres (IEDCs) to back and award Rs 10 lakhs to 20 student innovations. Uchhattar Avishkar Yojana, a joint MHRD-DST scheme has earmarked Rs. 250 crore annually, to substitute high quality research amongst IIT students.
The other highlights to lookout for are new policies to help women entrepreneurs, a credit guarantee scheme, sector-specific incubators, and the establishment of bio-clusters for the biotech sector. PM NarendraModi announced on Independence Day of 2015 to bring in a programme for startups in India.