Modi announces capital gains, income tax sops for start-ups

Prime Minister Narendra Modi at the Start-Up India conference in New Delhi on Saturday. Photo: Shanker Chakravarty  

Kick-starting its ambitious Start-Up Mission, the government on Saturday promised to prioritise such measures for greater employment generation and said it was committed to ensuring start-ups a friendlier regulatory regime, easier capital availability as well as quicker exit norms through a bankruptcy law. The Start Up India mission envisages technology business incubators and research parks.

The Human Resource Development Ministry and the Department of Science and Technology >have agreed to partner in an initiative to set up over 75 such startup support hubs in the National Institutes of Technology (NITs), the Indian Institutes of Information Technology (IIITs), the Indian Institutes of Science Education and Research (IISERs) and NIPERs or National Institutes of Pharmaceutical Education and Research.

In top gear

  • * With 4,200 startups, India ranks 3rd globally.
  • * Of $18 billion pumped into Indian startups between 2010-15, $9 billion came in 2015 alone.
  • * 9 Indian startups have been valued at more than a billion dollars.
  • * Increase in number of incubators: 80 in 2014, 110 in 2015; 50% outside Delhi, Bengaluru, Mumbai.

After many startups made their case, Prime Minister Narendra Modi unveiled the action plan for Startup India. :

PM Modi releasing the action plan for Start-Up India initiative. Photo: ANI

Live updates:

7:34 pm: PM winds up speech

7:32 pm: Capital gains tax to be exempted for venture capital investments: Modi.

7:30 pm: Innovation programme to start 5 lakh schools to target 10 lakh children

7:28 pm: Innovation hub under Atal Innovation Mission will be created: Modi

7:26 pm: Tax exemption for start-ups for three years: Modi

7:25 pm: Credit guarantee fund for start-ups, tax incentives: Modi

7:23 pm: 10,000 crore corpus fund to support start-ups: Modi

7:22 pm: Govt. to ensure 90-day window for start-ups to close businesses. Faster exit of start-ups will be facilitated. : Modi

7:21 pm: New scheme to provide IPR protection to start-ups and new firms: Modi

7:20 pm: 80% reduction in patent registration fee: Modi

7:19 pm: Government is all set to launch an app to create a platform for interaction with start-ups: Modi

7:18 pm: The Prime Minister unveils a plan to starting a start-up in one day via a mobile App.

7:16 pm: No government inspection for three years for newly-formed start-ups: Modi

7:15 pm: Self-certification compliance for start-ups across India: PM

7:13 pm: Yes, we have a million problems but at the same time we have over a billion minds: PM

7:12 pm: When I say start up India, it is implicit that I say stand up India. India is blessed to be a nation of youngsters: PM

7:10 pm: Technology is impacting the health sector but the question for us is how to make it affordable: PM

7:09 pm: Quality education is important and it is crucial to take this quality education to poorest of the poor: PM

7:07 pm: Start-up does not mean billion dollar company where thousands of people work. It is about employing even 5 people & developing India: PM

7:05 pm: When we say 'Make in India' we also say 'Make for India.' India is a great market: PM

7:00 pm: This start-up movement is not merely guided by money or name & fame. The purpose is beyond that: PM on start up entrepreneurs.

6:59 pm: Start-Ups are driven by passion to find solution and innovate: PM

6:57 pm: Solution to all problems has become an App. And I have benefited greatly from this...I also have the 'Narendra Modi App', says Modi.

6:56 pm: Success of start-ups not only about enterprise. It is risk taking and adventure also: PM.

6:55 pm: We are here so that you can tell us what we should not do: PM

6:53 pm: There is an energy from within and there are dreams that you have dedicated yourself to. Ideas are many but some leave the idea halfway while others get very involved in the idea: PM

6:52 pm: My government focusses on eliminating red tape: PM

6:50 pm The World is finally realising what 'Start-Up India' is all about. Minimum government ad maximum governance is what this initiative is all about.

6.45 pm: We are working on a Saturday. That is a big change, says PM Modi

Watch: PM Modi @ Start-Up India campaign

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Printable version | Dec 3, 2021 7:11:56 PM |

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