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PM Modi Announces Three Year Tax Holiday, Rs. 10,000 Crore Fund For Startups

Narendra Modi, Startup India

Unveiling a long list of doles for startups, Mr Modi said the government has decided to step back and minimise interference of the government. “We are here today to find out from you what the government should not do,” PM Modi, who has often repeated the slogan ‘minimum government, maximum governance,’ said, “If the government pulls back, a lot can happen.”

Mr Modi has often reiterated that the government is committed to improving the ease of doing business in India. Under the Modi government, India jumped 12 places on the World Bank’s Ease of Doing Business Rankings that ranks nations, from 142 last year to position 130.

The government’s other decisions, which he announced, include: A fast track mechanism for filing patents for startups, 80 per cent rebate for filing patents by startups and relaxed norms for when government, which is one of the largest buyer of goods and services in the country, procures from startups. “There will be no compromise on quality but the idea is to give the new enterprises opportunities,” he said.

Lauding entrepreneurs, Mr Modi said, “Those who begin startups, money is a byproduct for them. They want to make difference to people’s lives…If it gives jobs to 5 people, a startup is taking my country forward.”

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