PM Modi Announces Rs 10,000 Crore Fund, Tax Exemption For Startups: Highlights

Prime Minister Narendra Modi addressed a gathering at the concluding session of the government's mega Startup India meet which is being attended by CEOs of top start-ups and over 150 budding entrepreneurs.

Here are the highlights of the event:

• Today is a Saturday, the government is usually in a holiday mood, says Prime Minister Narendra Modi.
• When I was listening to Ritesh (of OYO Rooms) I wondered why a tea-seller didn't think of a hotel chain?
• I am sure, no matter what Narendra Modi can or cannot do, the youth of the country can.
• When I mentioned Startup India, Standup India on August 15, it did not register. But perhaps today we understand what is Startup India. Seeing is believing.
• Youths in IITs are looking at you today. People are part of the programme since the morning.
• Most people think government will do this so that will happen. I think differently, I think if government doesn't do it, then a lot will happen.
• So we are here to listen to you what we shouldn't do. Because we have done a lot in 70 years and see where we are.
• Many people have ideas. They think in the morning but ditch it by the evening. But some people get pulled into that idea.
• There is an energy from within and there are dreams that you have dedicated yourself to.
• When space missions started around the world there were sceptics. So when you start something only you can see the future, others think you are crazy.
• Startups are not formed only from entrepreneurial bents but also the spirit of adventure and risk-taking.
• Those who just want to make money can never succeed at startups. But those who want to change something, they are the ones who succeed.
• Solution to all problems has become an App. And I have benefited greatly from this. I also have the 'Narendra Modi App'.
• Share your stories with me on the 'Narendra Modi Mobile App'.
• The days of gloom have gone. Today we are in an age of hope and that can change tomorrow.
• Those who find startups, the biggest thing they have is compassion.
• When they see a problem, they cannot ignore it. They want to do something about it.
• What we are trying to do here is simplify services, improve lives.
• This startup movement is not merely guided by money or name and fame. The purpose is beyond that..
• The cheapest vaccines in the world are developed in India. This is saving so many lives.
• People in atomic energy here have found ways to preserve onions. But that way is so expensive. Can we make it inexpensive?
• Money is a by-product for those who set up startups, they want to improve lives.
• Startups don't always mean a billion-dollar company. If I can create jobs for five people, then that means I am helping someone. Youth can become job creators.
• In our country education is a priority. But the need of the hour is quality education.
• Today our healthcare is so dependent on technology. But how can we scale it up, make it cheaper?
• When everyone has equal opportunity then what problem can we not solve?
• Challenges are critical for humanity. India has millions of problems, but it also has a billion minds.

Prime Minister Narendra Modi launches action plan for Startup India. Highlights of government provisions:

• Self-certification based compliance.
• No inspection for the first three years.
• Includes self-certified environmental regulation.
• Startup India Hub. A single point of contact.
• A system of hand-holding.
• A mobile app to start a startup in one day.The app will have a small application form that can be easily filled for your registration.
• Patents usually take months. We are bringing a scheme to make filing patents simpler.
• We are lacking in IP (intellectual property), but we have a lot of YP (youth property). We have to bring them on a single plane.
• Trying to facilitate free patent filing. Today we are reducing patent fee by 80 per cent.
• We are planning relaxed norms of public procurement for startups.
• There are ways to close doors to the new ideas. We want to open them.
• There is no exit plan for startups. We are making faster exits for startups because failures shouldn't stop you forever. One who runs away from water cannot learn to swim.
• We are bringing a bill in Parliament to let startups can exit 90 days.
• I urge the youth to send the message to those holding up work in Parliament on Twitter and Facebook.
• Rs. 10,000 crore corpus fund for startups.
• A credit guarantee fund for startups.
• Tax exemption on capital gains.
• When someone invests their own wealth, they will be exempted from capital gains tax. Three-year tax exemption for startups.
• We are trying to increase participation of women in startups.
• Tax exemption on investments above fair market value.
• We are starting the Atal Innovation Mission to give an impetus to innovation and encourage the talent among our people.
• Core innovation programmes in 5 lakh schools.
• A startup fest should be started.