PM Modi announces Rs 10,000 crore fund, tax holidays for start-ups
New Delhi: Prime minister Narendra Modi on Saturday announced a slew for incentives for start-ups including Rs 10,000 crore corpus fund, tax holidays and an 80% reduction in patent registration fee.
Unveiling his action plan for the 'Start-Up India' campaign, Modi told a gathering of CEOs from across the country at Vigyan Bhawan that his government had come up with these steps to make it easier for new entrepreneurs to do business.
The highlights of his action plan are:
# A Rs 10, 000 crore corpus fund to be created
# Income Tax exemption for 3 years
# Exemption from capital gains tax for those who invest their own wealth
# Tax exemption on investments above fair market value
# 80% reduction in patent registration fees
# Self certification -- no inspections for labour, environment law compliance for 3 years.
# Start-up India Hub as a single point of contact
# Relaxed norms of public procurement
Modi told the gathering that he believed there should be least state intervention in start-ups and that he was there to hear what is government should not do.
He said the start-up movement was not for mere money and fame but to find ways to make a difference to the common man and to take the country forward.
Modi said the guiding spirit was compassion and many of the entrepreneurs were on a mission to make life easier and better for the common man.
"Money is a by-product for those who set up start-ups, they want to improve lives," he told a highly enthusiastic audience.
The prime minister also advised young entrepreneurs not to shy away from taking risks while fulfilling their dreams.
"The success of entrepreneurs depends on their ability to take risks. With a risk-taking capacity and the purpose of adventure, we can give something good to the world," he said.
Encouraging young entrepreneurs to share their success stories on his app, the PM said, Tell me your story, and I will tell your story to the world."
The Prime Minister's announcements were met with loud applause not only at the venue at Vigyan Bhawan , but also on social media.
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