Startup India is a remarkable initiative taken by the Indian Prime Minister, Narendra Modi that aims to extend support to all the startups of their country. A $1.5 billion fund has been allocated for these striving startups. All businesses falling under this will be exempted from tax for the first three years during which they will focus their energies on making profit. To take a step further to facilitate the startups, Modi has promised them simplified procedures and freedom and relaxation from the inspectors.
The Indian economy has a bunch of success stories – some that still need to be discovered. Startup India seeks to bring these stories to light by encouraging them to take India forward by boosting up the economy through the creation of more jobs. The key objective is to ensure the commitment from the government in order to create a conducive environment and ecosystem for the growth of startups.
“Startup does not mean billion dollar revenues and thousands of workers. Even if a startup gives employment to five, that will take India forward,” the prime minister said in a speech. Modi unveiled the 19-point action plan at the launch of the ‘Start-up India’ program. It was a high-profile event that lasted the entire day and was attended by hundreds of investors and young entrepreneurs in the Indian capital city, Delhi.
To speed up the process, he said that the government would introduce an app that would allow all would-be entrepreneurs to set up their business venture in a day by getting the necessary approval. Modi urged all entrepreneurs to set up their companies to solve India’s problems by creating employment. This is the first time around that the Indian government has proposed such a plan that is sincerely directed to promote entrepreneurship in their country.