Start up India: This is the beginning of big bang start up boom in India, says Softbank CEO

Around 40 Silicon Valley heavyweights are expected to take part in the inaugural ceremony of Start Up India launch. Photo: @DIPPGOI/Twitter

Finance Minister Arun Jaitley on Saturday kick-started Prime Minister Narendra Modi's ambitious Start-Up India mission at Vigyan Bhavan in New Delhi.

The Start Up India mission to be unveiled on Saturday 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.

12:50 pm: Passion and intention needed for business. Don't run just after the money, advises Adam Neumann

12:47 pm: In India, we will build a local brand with a global playbook: Adam Neumann

12:30 pm: This young generation in India will not only change India, but the world: Mr Neumann

12:13 pm: If your business is the right business, then raising money will not be a problem: Adam Neumann of WeWork

11:30 am: "In India launching a startup is like Abhimanyu entering in to Chakravyuha"-- Economic Affairs Secretary Shaktikanta Das

11:10 am: Wireless connectivity in India is still slow, still expensive: Son

11:05 am: Passion more important than making money: Mr Son

11:04 am: "You know I was richer than Bill Gates, then our share price went down, I recovered by passion, passion"--Softbank founder Masayoshi Son

11:02 am: This is the beginning of big bang start up boom in India, says Mr Son

11:00 am: "It is not the technology that we will back, we will invest in companies that use technology to disrupt businesses,"Softbank founder Masayoshi Son

10:52 am: India can be bigger in momentum than China in next 10 years; 21st century belongs to India: Softbank CEO.

10:50 am: What excites Mr Son about India: Smart people, young people, IT, Sunshine and ability to speak in English

10:40 am: Last year alone Softbank invested USD 2 billion in India... If we rescale, it will only go up: Son

10:35 am : I look at the eyes and ideas of an entrepreneurs-which field and passion, before investing, says Masayoshi Son, founder and CEO of Softbank.

10:26 am: More entrepreneur-friendly measures in the coming union Budget: Jaitley

10:22 am: Ideal situation for startup is to have complete freedom from the govt: Jaitley

10:21 am: Budget to have friendly taxation regime for start up: Jaitley

10:20 am:

FM >@arunjaitley promises friendly tax regime with government as a facilitator at Start Up India Launch >@the_hindu

— Puja Mehra (@pujamehra) >January 16, 2016

10:19 am:Stand Up India scheme will be separately launched. It will help women and SC/ST entrepreneurs.

10:14 am: We are struggling to keep a decent growth rate. We have certain advantages. At the same time, we have challenges. Agricultural production is rain-fed, private sector is slow, government has limited potential to create jobs.

10:12 am : We want to restrict the role of the State. Start Up India will give freedom from the State. The DIPP will be a facilitator, says the Finance Minister.

10:11 am: Traffic of industry visiting North Block has ended since PM Modi came to power, says Mr. Jaitley

10:10 am: 'We did well to break off from the Licence Raj in 1991, but that break was only partial... Our efforts to further restrict the role of the govt'

10:09 am: I see a large no of potential entrepreneurs at Start Up India launch l am not familiar with. Not usual suspects, Finance Minister Arun Jaitley

10:02 am: Government's fund-of-funds to help start ups: Ms. Sitharaman

10:00 am: Entrepreneurship isn't jugaad, says Commerce Minister Nirmala Sitharaman

09:59 am: One million people enter labour force in India every month, question is how to provide them jobs: Mr. Ruhl

09:58 am: World Bank excited to work with govt on start up programme, says Onno Ruhl, World Bank Country Director

9:54 am: Mr. Modi tweets: "#StartupIndia movement begins today. This movement celebrates the energy & enterprising spirit of our youth."

Will join the programme to commence the >#StartupIndia movement this evening. Looking forward to interacting with start-up entrepreneurs.

— Narendra Modi (@narendramodi) >January 16, 2016

09:50 am: Employment generation government's top priority: DIPP Secretary Amitabh Kant

09:46 am: First session begins. 21st Century calling: Why is Innovation Important for India? Union Ministers Arun Jaitley, Nirmala Sitharaman, Onno Ruhl, Country Director, World Bank, and Amitabh Kant, Secretary, DIPP will participate in the discussion.

09:45 am: If you did a start-up in 2000 in India, you were called messed up, says Make My Trip Founder Deep Kalra

09:25 am: The eyes of the startup community is now set on the likely unveiling of rules in January that would, they hope, make it easy for young ventures to do business in India. >What's a startup? Awaiting an answer

09:22 am: Google will be offering $15,000 of equity funding for early stage startups at a session called ‘Launchpad Accelerator’ where startups can make live presentations about their business ideas.

09:20 am: Finance Minister Arun Jaitley would inaugurate a day-long workshop on startups to which CEOs and founders of 2,000 Indian startups have been invited.

09:16 am: Softbank founder and CEO Masayoshi Son and Uber founder Travis Kalanick are among 40 Silicon Valley heavyweights expected to attend the ‘Start Up India’ launch.

09:15 am: The Prime Minister had announced the ‘Start Up India, Stand Up India’ initiative in his Independence Day address last year and is expected to announce the specifics of an action plan to back start-ups today.

09:13 am: Currently, the government-backed India Aspiration Fund, announced in the Union Budget with a first tranche of Rs.2,000 crore, acts as a fund that allocates money to different domestic venture funds which provides seed funds to innovators and entrepreneurs.

09:07 am: The Start Up India policy would attempt to address two key concerns the government wants to fix in India’s start-up ecosystem. >Read more

09:02 am: The government is also seeking to define a new category of business — ‘Innovative Start-ups’ — to distinguish them from micro, small, medium and large enterprises that are built on conventional business models. There would be a special support structure for such innovative start-ups, including funding from the government.

09:00 am: Prime Minister Narendra Modi on Saturday will release the blueprint of ‘Start Up India’ programme which may include a Startups and Entrepreneurship Law to make it easier for setting up new ventures and closing unviable ones, besides clearing regulatory issues that hamper access to finance.