“Start-Up India” to be launched today

January 16, 2016 Hot from the Oven Valli Sarvani No comments

According to an official statement, “Start-Up India”, the government’s initiative is set to be launched by Prime Minister Narendra Modi on Saturday along with a “Start-Up Action Plan”. The Prime Minister’s Office stated in a release that the launch event is aimed at celebrating the entrepreneurship spirit of country’s youth. The event will be attended by CEOs and founders of top start-ups from all over the country and even abroad.

The main aim of the programme is to improve financing for start-ups and give incentives to improve entrepreneurship. As per the statement, Modi will release the Start-Up Action Plan, visit a virtual exhibition and interact with start-up entrepreneurs at the event.

There will be a session called “Face-to-face with policy-makers”. It will consist of meeting between secretaries of ministries and departments where they respond to queries on how an ecosystem for start-ups could be created.

The PMO said that the initiative aims to improve the commitment of government in creating an ecosystem which will encourage growth of startups. There will be several interactive sessions with global corporate leaders and venture capitalists like SoftBank founder Masayoshi Son and WeWork founder Adam Nuemann in the event.

Furthermore, in order to inspire students and encourage youth groups, the event will be telecast live in IITs, IIMs, NITs, IIITs and central universities.

FICCI recently organized a discussion regarding the new startup policy at an industry chamber. The participants of the discussion stated that this is a great time for India to start its policy to encourage startups, according to FICCI.

George Sibley, the Minister-Counselor at the US Embassy said that at present, the regulatory framework in India did not facilitate much for entrepreneurship. FICCI stated that the proposed policy would provide access to capital and a complementary IPR (intellectual property rights) regime. This would allow entrepreneurs to grow and prosper stated FICCI citing the American diplomat.

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