Prime Minister’s much anticipated startup package was unveiled today with infusion of government funding, tax exemptions and freeing the sector from regulatory hassles.
The progaramme also witnessed interaction between titans in the startup sector including the Softbank President Matayoshi Son and several others and large number of Indian startup entrepreneurs. Arranging a unique platform for startup promotion programmes indicated the importance that the government is extending to the sector.
Prime Minister has declared Rs 10000 crore fund for the promotion of the sector.
Besides the fund allocation, PM has also settled the capital gains tax imposed on startup investment by exempting it from the tax.
Another notable step was giving a sunrise provision of three year income tax holiday for startups. On the regulatory approach to the sector, Prime Minister has exempted startups from siz labour laws and three environmental laws for first three years.
Similarly, startups will be encouraged with the provision of legal support and free IPR filing for patents. The policy also allows startups to register as a company with simple procedure.
At the occasion, Modi urged Indian youth to become job creators than job seekers.