The much anticipated Start-Up India event was held yesterday at New Delhi where a slew of measures were announced to boost the start-up environment in India .
After a full day of discussions at the Start-Up India event attended by hundreds of entrepreneurs , PM Modi unveiled the mega action plan in the evening when he addressed the young audience.
Modi said , "We have millions of problems . There is no denying that . But we also have a billion minds ,and these billion minds will easily find solutions to the millions of problems " .
The action plan had a lot in store for the entrepreneurs . Some of the major announcements were:-
1 . A 10,000 crore fund for innovation-driven enterprises .
2. Three year break from paying income tax on profits .
3. Rs 500 crore per year credit guarantee mechanism.
4. Exemption from capital gain tax for start-ups
5. Easier exits for failed projects
6. Cheaper and faster patent applications
7. Self certification
8. No inspection in first 3 years .
Modi in his hour long address pointed to the fat that despite crippling government regulations and red tape , India is home to the third largest number of Technology Start-Ups , which atract billions of dollars of funding every year .
He said , " A lot can happen if the government did not meddle . We are here so that you can tell us what we should not do".
He also said that the government will make it easier for founders to exit their companies , responding to concerns that though it is difficult to start a company in India , it is almost impossible to shut one down .
Earlier in the day , Jaitley said , this year's budget will unveil taxation policies friendly to entrepreneurs , to help them build businesses for both local markets as well as global .
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