Prime Minister Narendra Modi on Wednesday said the government is taking several steps to promote young entrepreneurs in the country, adding that startups are no longer confined to big cities. Smaller towns and villages too are emerging as vibrant startup centres, the PM Modi said while interacting with young entrepreneurs from across the country, including cities such as Dehradun, Guwahati and Raipur.
Five Things That PM Modi Said On Start-UP Culture in India
Capital and courage required for start-ups: Prime Minister said that along with Make in India, Design in India too is important for startups. "Adequate capital, courage and connecting with people are required for excelling in the startup sector," he said.
From Tech To Agriculture: PM Modi added that there was a time when startups meant only digital and technology innovation but now things are changing and we are seeing startups in various other fields, including agriculture. "We have started an Agriculture Grand Challenge. We invite more youngsters to ideate on how to transform our agriculture sector," he added.
Start-Up India Action Plan: PM Modi also said that government has launched the Startup India Action Plan to promote budding entrepreneurs in the country. The plan is aimed to give incentives such as tax holiday, inspector raj-free regime and capital gains tax exemption, Modi said. Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities.
From Minnows to Sharks: PM Modi said that today's big companies were start-ups at some point. "Our startups are growth engines. I urge the people of India to keep innovating," he added. He also said that the youth in India is now creating jobs and the government is committed to harnessing the demographic dividend. Commenting on the issue of fund availability for startups, Modi said the government has created a Rs 10,000 crore Fund of Funds.
Public Procurement Norms: He also said startups can sell their products to the government and it has eased public procurement norms for them. India has distinguished itself in the global startup ecosystem, the Prime Minister added. (With PTI inputs)