“I hope that this startup action plan will give the strength and inspiration to the talented young generation of India to do something new for India and for humanity.” Prime Minister Narendra Modi
Prime Minister Modi unveiled the most awaited ambitious plan called Startup India Movement in the country at the plenary hall at the capital's Vigyan Bhavan on the 16 of January 2016. There were more than one lakh applications to join the 1285 seat conference that saw the top names from India and abroad attend the meet. The Governments main aim to start this program was to boost the digital India initiative and give a strategic push to students from colleges to try out entrepreneurship. It also brought into focus the need to find new products by entrepreneurs that will improve the economy and create growth in areas not previously ventured by others. The riders in the scheme ensure that existing entrepreneurs will not get much benefit from the project and instead new thought and new blood would be given the encouragement
Last year on Independence Day, PM Modi had announced the ‘startup India, standup India’ initiative in his address. Addressing the first conference of start-up entrepreneurs in Vigyan Bhawan, Delhi, Modi announced an action plan to boost such ventures which are seen as key to employment generation and wealth creation.
Here are some key points from Prime Minister’s Speech
Funding Support to startup:- The government will set up a fund with an initial amount of Rs 2,500 crore and a total corpus of Rs 10,000 crore over four years. It would be managed by the private professionals and LIC will be a co-investor in the fund.
Credit Guarantee Fund:- A National Credit Guarantee Trust Company is being visualized with a budgetary allocation of Rs 500 crore per year for the next four years.
New research Programme:- Government will set up 7 new research parks with an investment of 100 cr. Six research park will set up in IIT’s and 1 in IISc. These parks will enable students with a research focus to set up base.
Innovation and centres:- PM said, that 31 centres of innovation, 13 startup centres and 18 technology business incubators will be established in national institution.
Startup process:- It will be a easier process where entrepreneur can fillup a form through a mobile app and online portal. A Mobile app will be launched on April 1 through start ups can be registered in a day.
Relaxed norms of public procurement:– To provide an equal platform to startups vis-a-vis the experienced startups companies in public procurement, startups(in the manufacturing sector) shall be exempted from the criteria of prior ‘experience/turnover’ without any relaxation in quality standards or technical paramaters.”
Launch of Atal Innovation Mission: Atal Innovation Mission started to give an impetus to innovation and encourage the talent among the people.
Nidhi Agarwal, CEO & Founder, KAARYAH.com said, “Startup India has been a very motivating event that has brought to the fore the power of India’s startup ecosystem. It has also highlighted the ability of Indians to innovate and solve the unique problems that we face in our country. It is heartening to see the government’s resolve to empower and grow the ecosystem. The need of the hour is to put in motion the schemes laid down by the PM. I am confident that today’s event will give more courage to the thousands who have been sitting on the fence to start up and make a difference.”
According to NASSCOM the recommended definition for a startup would be an entity that is headquartered in India, and has been incorporated less than five years ago. However looking at the fine print it is heavily skewed towards those coming through the incubator cell route from colleges or professional associations.
Prime Minister. “Make in India” initiative has received an incredible response the existing Entrepreneurs and capable young prospective entrepreneurs who have innovative and impressive ideas to run a business. However a lot depends on the execution of the project which was promised at the time the BJP came to power.