India To Become A Nation Of Job Creators And Not Job Seekers - Says Nirmala Sitharaman

India is buzzing with entrepreneurial activity like never before and is at the forefront of an entrepreneurial revolution. India has been pegged at 3rd place behind USA and UK in terms of the number of Startups. Close to 4,400 technology startups exist in India and the number is expected to reach 12,000+ by 2020, driven by a young and diverse entrepreneurial ecosystem, Commerce and Industry Minister Nirmala Sitharaman said on Saturday.

“India is the world’s youngest startup nation with 72% founders less than 35 years and remarkably innovative ventures are making a mark in India. These numbers are indicative of the positive entrepreneurial temperament of India. This is not only today’s reality but is indeed, a fantastic opportunity ”

She also added that

“Through the Start-up India initiative, we want to ensure that the momentum is accelerated. We are determined to make it a startup revolution and to ensure that every aspiring entrepreneur is able to achieve his/her potential. I would like to take this opportunity to compliment our government, partners and all stakeholders for making appreciable progress in implementation of the Action Plan for Startup India and also encourage them to stay determined to the goal of making India a Startup destination ”

The government has operationalised the Start-up India Hub on April 1, 2016 to resolve queries and to provide hand-holding support to start-ups.

The hub has catered to more than 13,500 queries received from start-ups through telephone, email and Twitter, she added.

The Finance Act, 2016 has made provision for start-ups to get income tax exemption for 3 years in a block of 5 years, if they are incorporated between April 1, 2016 and March 31, 2019.

Tax exemption on investments above fair market value have also been introduced for investments made in startups. To avail these benefits one must get a certificate of eligibility from the inter-ministerial board of Department of Industrial Policy and Promotion (DIPP).

A 'fund of funds' of Rs.10,000 crores for start-ups has been established which is managed by Small Industries Development Bank of India (SIDBI). The fund will invest in SEBI registered alternative investment funds (AIFs) which, in turn, will invest in startups.

“We wish to see entrepreneurs from the remotest part of India to come forth and showcase the potential of their ideas, women populace to take stage and drive change, India to become a nation of job creators and not job seekers. And all of you hold the potential to make this dream a truth” she concluded.