The government plans to offer incentives, including amending the Bankruptcy Law and changing rules on intellectual property rights
The Indian government plans to unveil its action plan to promote entrepreneurship in the country on January 16, Prime Minister Narendra Modi said, according to a report by Press Trust of India.
Modi had announced the ‘Start-up India, Stand-up India’ campaign in his Independence Day address on August 15. The programme will be designed to suit Indian conditions and is expected to focus on ensuring benefits for the youth from the lowest strata of society, Modi said.
“My dear young friends, in my August 15 address from the Red Fort, I had made preliminary mention about ‘Start-up India, Stand-up India’. After that, this spread to all the departments of the government,” the Prime Minister said in his latest radio address.
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The programme is aimed at promoting bank financing for startup ventures and offering incentives to boost entrepreneurship and job creation.
Under the initiative, the Indian government has been planning to offer tax breaks for startups.
Among the other incentives being drawn up are amending the Bankruptcy Law to ease entry and exit norms and rejuvenating ties between academia and research.
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Changes to rules on intellectual property rights to encourage innovation are also being considered.
“Can India be a ‘Startup Capital’? Can the youth in the states have the opportunities in the form of startups, with innovations, whether it be manufacturing, service sector or agriculture?
“In everything, there should be freshness — new ways, new thinking. The world cannot move ahead without innovation,” the prime minister said in his monthly ‘Mann ki Baat’ radio programme.
“On January 16, the government of India will unveil the full Action Plan of Start-up India, Stand-up India… A structure will be presented before you. This programme will be connected to the country’s IITs, IIMs, central universities and NITs. Wherever there are youth, they will be linked through ‘live connectivity,” he added.
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