Key features of Prime Minister Narendra Modi’s Action Plan for Startup India Initiative

Indian Prime Minister Narendra Modi has announced yet another ambitious plan for start-ups, aimed at rapid development of the country. The prime minister has brought forth a slew of incentives and benefitting packages to promote and support start-ups in India. Calling on the people of this country to become job creators rather than being job seekers, the prime minister has provided the rapidly growing start up sector in India with another shot in the arm. After implementing much needed and delayed plans like the Swach Bharat Abhiyan and the Digital India initiative, the government has now focussed on helping, supporting and promoting start-ups in the country.

Start-ups are mushrooming in India at the moment, and government’s support can help them bloom in the perfect way. Every viable sector is seeing new attempts by individuals seeking to build up a new business. With the new advent in technology and the increased power of the internet, start-ups aren’t as tough to handle as they had been a decade ago. Almost all the required documentation and clearance procedures can be done online now, which has certainly made things a lot smoother for entrepreneurs. Now the entrepreneurs, instead of running from office to office to get clearance, can sit back and concentrate entirely on their projects as the government is now on their side helping them.

On January the 16th 2016 Narendra Modi met a large number of budding entrepreneurs and lectured them on the skills necessary for their ventures. The entrepreneurs too readily interacted with the prime minister and offered their advice and ideas on making the atmosphere of the country more supportive towards start-ups. The prime minister lectured about the ideal entrepreneur who is driven by ideas and an urge to solve problems. A strong emphasis was also placed on innovation by PM Modi. The prime minister hails from Gujarat, the state which has its brilliant businessmen and entrepreneurs located all around the country. He assured entrepreneurs that the government will support start-ups as they have the capability to create quite a lot of jobs in the country. The creation of a sizeable amount of jobs in the country will certainly be beneficial to its youth and to country’s economy. Increase in number of start-ups will bring jobs for many, hence will help reduce the unemployment problem.

The list of incentives for the start-up initiative are substantial. Apart from a 10000 crore fund reserved for start-ups the government has also freed them from paying any taxes on their profits for the first three years of starting the business. The government is also trying to improve the response time on patent applications and make them available in a shorter time duration. These steps announced by the government are sure to promote the spirit of entrepreneurship in the country, and inspire people to work harder for their dreams. A budding entrepreneur looking to create a start-up face certain set of problems like getting the seed money or getting the appropriate business documentation done. With the government announcing steps to take care of these particular problems, the road for entrepreneurs has certainly become a whole lot smoother and slicker. The 10000 crore fund will provide promising entrepreneurs with the amount necessary to kick start their start-up, also called seed money. In the next few years India is surely going to see a slew of innovative and vibrant start-ups, which while boosting the country’s economy will also help a lot in job creation.

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