The #StartupIndia Initiative – All You Need To Know

Staying true to his vision of ‘Minimum Government, Maximum Governance’, Narendra Modi today unveiled his action plan for budding entrepreneurs and startup founders across the nation. The ‘Startup India, Standup India’ initiative seeks to make entrepreneurs build a company from the mindset of ‘job creation’ and not merely minting money, by facilitating for them several reforms that will change and nurture the startup ecosystem for the better. The salients points of this initiative are as follows.

Prime Minister Narendra Modi, in his evocative speech, held that the Youth Property (YP) of the country was much more important than Intellectual Property (IP), and announced protection of IP rights for startups to make them globally competitive. “Uber has now become Kuber.” he said, referring to the Hindu God of Wealth.

Several biggies from the startup world attended the event at Vigyan Bhavan, including Bhavish Agarwal from Olacabs, Kunal Bahl from Snapdeal, Travis Kalanick from Uber, Shanti Mohan from Lets Venture and a lot more. The social media was abuzz with the #StartupIndia trending for several hours. Here are some of the major sights of the day.

The Startup India promises to be the much needed shot in the arm for the economy to thrive and grow rapidly as well as to create jobs and employment on a huge scale. Measures such as self certification for statutory compliance, a corpus fund of Rs. 10,000 and plans for holding a Startup Festival to connect investors and entrepreneurs will help effectively bridge the gap between labour force growth and employment growth, which is the need of the hour. Special policies for incubators would ensure that startups are able to hire in bulk and set up operations in no time, thus making it easier for them to scale up.

Do you think that this initiative would be the biggest revolution in the country since a long time, or is it yet another one of those things that the government says leaving much to be desired? Let us know how you think the Startup India will affect you as a consumer or as an entrepreneur in the comments section below!

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