Govt. to set aside Rs. 10, 000 crores for funding start-ups: PM

New Delhi: Prime Minister Narendra Modi on Saturday announced a series of measures to encourage start-ups, adding that an amount of Rs. 10,000 crores would be set aside for funding start-ups.

Speaking at the launch of Start-up India programme at Vigyan Bhawan here, the Prime Minister said that the government will launch ‘Atal Innovation Mission’ to give impetus to innovation and encourage the talent among people.

“Start-ups will be exempted from paying income tax on their income for the first three- years. No inspection for three-years of start-up businesses in respect of labour, environment law compliance post self-certification.

Credit guarantee scheme will be introduced for start-ups in next 4 years, funds of around Rs. 500 crores will be given every year,” he said in his address.

“A fund of Rs 10,000-crore will be created for funding of start-ups,” he added.

Asserting that ‘innovation’ and ‘creativity’ were keys to nation’s development, he called for a need for change in mindset of youths from that of a ‘job-seeker’ to that of a ‘job-creator’.

“Start up does not mean a billion dollar company where thousands work. It is about employing even five people and developing India. The kind of innovative India we are witnessing today is one of a kind,” he said.

“We need to bring in a psychological change in mindset of youths from that of a job-seeker to that of a job-creator,” he added.

He said that those planning to venture into a start-up are usually discouraged by the people, and urged that such a mindset needed to change.

“In the beginning when someone would have shared their plan to start a start up, people around them would have discouraged them,” he said.

He said that in an endeavour to succeed quality shouldn’t be compromised.

“We are moving forward to give opportunities to new ideas in India but quality shouldn’t be compromised,” the Prime Minister said.

“When we say ‘Make in India’ we also say ‘Make for India.’ India is a great market,” he added.

The Prime Minister also lauded the entrepreneurs for fostering innovation and start-ups and said that the chances of a start-up succeeding depend of the risk taking ability of the entrepreneur.

Organised by Department of Industrial Policy and Promotion (DIPP), along with other key Indian start-up ecosystem players, the Start-up India, Stand-up India initiative aims to celebrate the country’s entrepreneurial spirit, and create a strong ecosystem for fostering innovation and start-ups in India.

ANI