Start-Up India' a Final Break From Conventional Licence Raj: Arun Jaitley

Finance Minister Arun Jaitley on Saturday inaugurated the launch event of the government’s 'Start-up India' initiative. The event is aimed at celebrating the entrepreneurship spirit of the country's youth and is attended by CEOs and founders of top start-ups. Here are the highlights of what Mr Jaitley said.

-Today is indeed a landmark day
-Start-Up India will change conventions
-Government has limited potential to create jobs
-India sensibly broke away from the Licence Raj In 1991
-World economy has slowed down
-Even in a crisis-like global situation, India is growing faster
-Want to restrict the role of states in entrepreneurship
-The more the start-up sector becomes unregulated, it will be better for this segment
-IT sector thrived because the government did not govern it
-It was PM Modi's idea that start-ups should be encouraged
-Weak private investment, weak monsoon and weak global economy are challenges to Indian economy
-Express a hope that somewhere potential entrepreneurs are hearing us
-We will create environment that so that you become a powerful name to reckon with
-Start-Up India PM Modi’s own idea
-Expect the new India taking a cue from those Indians who elsewhere in the world especially Silicon Valley
-This will be the final break from license raj
-The more the sector becomes unregulated, it will be in the interest of the system
-Deeply encouraged by the response that we got in the last few days
-Start-up India will mean freedom from state
-Nobody can predict the economic challenges down the few months would be
-We conceived MUDRA scheme to encourage entrepreneurship
-We did well to break off from it in 1991, but it was only partial