PM Narendra Modi launches Start-up India movement to boost entrepreneurship, jobs

Prime Minister Narendra Modi on  launched the 'Start-Up India' movement by unveiling the action plan aimed at boosting entrepreneurship at the grassroots level.

Here are the 10 biggest points from the announcement:
-Tax exemptions for three years and concessions on capital gains tax.

-Compliance regime based on self-certification and no regulatory inspection for three years.

-A fund of Rs. 10,000 crore to back startups. Initially the corpus will be Rs. 2,500 crore. Also, a credit guarantee fund for startups.
-A Startup India hub - a single point of contact for interactions with the government.

-Atal Innovation Mission (AIM) for promotion of research and development including 500 tinkering labs, 35 public-private sector incubators, 31 innovation centres at national institutes, 7 new research parks, 5 new bio-clusters.

-90 days for a startup to close down its business.

-80 per cent reduction in patent filing fee and fast-track mechanism for startup patent applications. Also, a panel of legal facilitators for startups to file IP (patents, designs, trademarks) with costs borne by government.

-Relaxed norms of public-procurement for startups. No requirement of turnover or experience, but no relaxation in quality.

-5 lakh schools and 10 lakh students to be involved in core innovation programmes. National and international startup festivals to provide visibility.

-A mobile app to be launched on April 1 making it possible to register startups in one day.