Our Correspondent / New Delhi /
Prime Minister Narendra Modi today unveiled the ambitious Start-up India action plan to boost ventures which are seen as key to employment generation and wealth creation.
Under the new plan the government has decided to provide tax exemption for the first three years income gain through startup.
He also announced a self-certification scheme in respect of nine labour and environment laws and said there will be no inspection during the first three years of launch of the venture.
Addressing the first conference of start-up entrepreneurs the Prime Minister announced to create Rs. 10,000 crore corpus fund for development and growth of innovation driven enterprises.
He said five new Bio clusters will be set up to help Biotech Sector.
He said Start-ups will be exempted from paying income tax on their profit for the first three years. He said the Government is working on a simple exit policy for Start-ups. He also said the Government is working towards fast-tracking of Start-up patent applications.
He announced an eighty percent exemption in patent fee for Start-up businesses, and said a self-certification based compliance system for Start-ups would be introduced for 9 labour and environment laws. He said the Atal Innovation Mission will be launched to give a boost to innovation.
Under the plan, 50 incubators and 150 technology transfer offices will also be created to promote start ups in the country.
Mr Modi also informed, government is starting the Atal Innovation Mission to give an impetus to innovation and encourage the talent among young people by instituting national awards.
The provision of core innovation programmes in 5 lakh schools will also be the part of plan.
Mr Modi also announced a liberalised patent regime is being brought to help start-up businesses for which the fee will be slashed by 80 per cent.
He further said an unencumbered easy exit option will be provided under the bankruptcy Act so that start-ups can exit within 90 days.
Under the action plan, 7 new research parks in the country will be set up for undertaking research activities in the country.
Speaking during the event Finance Minister Arun Jaitley said the Start-up marks the changing socio- economic profile of India.
He said companies that were on top have been replaced by companies that were start ups by those who did not belong to business families.
Mr Jaitley added that the government is trying to create an environment which promotes survival of fittest in unregulated markets.
The Minister said, start-ups on the strength of ideas and technology have given new solutions to the world.