Government of India launched the ambitious ‘Startup India’ Movement to boost digital entrepreneurship at the grassroots level. There are various salient features of the action plan that was unveiled today.
In a major announcement, there will be income tax exemption to startups for the first three years, also promised faster patent registrations and quicker exits for companies. Norms will be relaxed for public procurement.
“This is the first government to recognize the startup space in India in such a big and official manner. We thank and congratulate the government and the prime minister on this initiative.

It is a very good initiative, keeping our growing population in mind we need to be job provider rather than job seeker. A start up needs restrictions free ground to grow where govt interference is very less and they should get the required capital. India does not have the dearth of talent but we need to bring certain change in our thinking. We Indian lacks in risk taking ability, always look for safe heaven as we have seen our most talented people prefers to move to foreign countries to work for big MNCs rather than starting their own in their country.

Our Modi government is working hard to make India investor friendly and I am quite hopeful these small initiatives will bear the fruits.

Indeed one of the most awaiting announcement and what a start to New Year. A very good news for the 5000+ startups currently operating in India. All the action plans mentioned under the scheme is welcomed by the startup fraternity. Here are the Key Takeaways:

1. 10,000Cr fund to support business.
2. Free patent filing in some cases and 80% reduction
3.Single Point of registration
4.Tax exemption for three years
5. Faster exits
And many more are to be banked upon.

Will this help in India becoming Silicon Valley ? What are your thoughts ? What more should have been done ?