When almost a year back, Prime Minister Mr. Narendra Modi introduced his government’s ambitious plan, Startup India, Standup India, it was mocked behind locked doors akin to innovative entrepreneurship ideas. However living to his words, within a year the most dynamic political leader of India unveiled his government’s most ambitious plan Start up India, Stand up India to support, energize, and strengthen the start-ups across India on 16th January in Delhi. He commenced his speech in his signature style and hooked the audience with his amazing wit, humor, and vision. He pressed the elimination of redundant policies and hence the tagline of Startup India was named as, “We Unobstacle”.
He introduced the ten innovative policies for providing an encouraging environment to start ups. These policies comprised easy self-registration through a mobile app hence removing all the registration clutter, introducing a startup hub as a single point of contact for extended help and resolution of queries, self-certification for ease of payments, provident fund management, labor contract, compliance with legal norms etc. Mr. Modi received thunderous applaud when he introduced the policy of tax rebate and no inspection for first three years of startups. Other excellent policies included easing out patent norms, reducing patent fees by 80% for protecting the IPR of start-ups, and raising 10,000 crore funds in next 4 years for providing financial assistance to the Indian startups. Prime Minister Mr. Modi also introduced the easy exit policies for supporting the innovative ideas with short lifetime through the introduction of Insolvency and Bankruptcy Bill 2015 which will help speedy startups exits within 90 days from filing the application.
He shared his enriching experience of meeting the world leaders and provided the scope of innovative startups ideas in the field of cyber security, affordable health solutions, cold storage, waste reduction etc. He shared his vision of introducing India as world cyber security hub and enticed the technical talent pool of the country for introducing innovative ideas in this field. Prime Minister boldly stated that India is a country with million problems that cannot be ignored but to combat those million problems, we also have billion young and brilliant minds.
To further boost the startup India initiative, PM introduced three key policies; Atal Innovation Mission for establishing sector specific incubators, 500 ‘Tinkering Labs’ for encouraging startups, providing pre-incubation training, and a seed fund for high-growth startups. The Second policy, Innovation focused programs for students will focus on providing an innovative core program for sourcing 10 lakh innovations from 5 lakhs schools out of which the best 100 would be shortlisted and showcased at an Annual Festival of Innovations. A Grand Challenge program called NIDHI (National Initiative for Developing and Harnessing Innovations) will also be established through IEDCS (Innovation and Entrepreneurship Development Centre) for providing support to 20 student innovation and lastly third policy, The annual incubator grand challenge will help the government in identification and selection of ten incubators, evaluated on pre-defined KPIs comprising high potential by providing them financial assistance of Rs.10 crore to ramp up their infrastructure at world stage.
From the very outset of the Startup India, Standup India movement, the movement itself set out to become a paramount in the field of setting up India as a home to innovation and revolutionary growth. And of course, watch PM Modi’s incredible speech on the plan if you haven’t already!