Startup India: Key announcements in the 

action plan unveiled by PM Modi

Prime Minister Narendra Modi with Finance Minister Arun Jaitley during the launch of “Startup India” action plan at Vigyan Bhawan in New Delhi on Saturday.

Prime Minister Narendra Modi launched the ambitious ‘Startup India’ Movement to boost digital entrepreneurship at the grassroots level. He spelt out the various salient features of the action plan that was unveiled today.

In a major announcement, he said there will be income tax exemption to startups for the first three years. He also promised faster patent registrations and quicker exits for companies.

Norms will be relaxed for public procurement of startups, he added.

Shamit Khemka, Regional Director, Entrepreneurs Organisation, South Asia reacted to the unveiling of the startup policy.

“This is the first government to recognise the startup space in India in such a big and official manner. We thank and congratulate the government and the prime minister on this initiative. What Mr Modi rightly pointed was that entrepreneurs are scared of government interference, which will Change as there will be less interference and more support,” he said