Prime Minister Narendra Modi on Saturday unveils the action plan of his another pet project: Start-Up India.
PM Modi had announced this initiative during his Independence Day speech to encourage innovation and young entrepreneurs.
Finance Minister Arun Jaitley and Commerce Minister Nirmala Sitharaman, address the opening session of Launch of Start Up India. Along with them, 40 leading CEOs, such as SoftBank’s Masayoshi Son, WeWork’s Adam Nuemann and Uber’s Travis Kalanick will also be in attendance at Vigyan Bhavan.
LIVE UPDATES:
Start Up Action Plan:
– Self certification, No Govt inspections for three years
– Exit from Startups within 90 days
– No Income tax for first three years.
– 80 % reduction in patent fees
– Rs 10,000Cr fund for Startups
We should be setting up a single point contact called ‘Startup India’ Hub’: PM Narendra Modi
We will set up a compliance regime based on self-certification & there would be no inspection for the first three years: PM Narendra Modi
When I say Startup India, it is implicit that I say Standup India. India is blessed to be a nation of youngsters: PM
Quality education is important & it is very crucial to take this quality education to poorest of the poor: PM Modi
Our youth should become job creator and not job seeker: PM Narendra Modi
Start up does not mean billion dollar company where thousands of people work. It is about employing even 5 people & developing India: PM Modi
When we say Make in India we also say ‘Make for India.’ India is a great market: PM Narendra Modi at Startup India
Start-Ups are driven by passion to find solution and innovate: PM Modi
This Startup India movement is not merely guided by money or name & fame. The purpose is beyond that: PM Modi
Success of start ups not only about enterprise. It is risk taking and adventure also: PM Modi at Startup India
Solution to all problems has become an App. And I have benefited greatly from this…I also have the ‘Narendra Modi App’: PM Modi
Success of start ups not only about enterprise. It is risk taking and adventure also: PM Modi
There is an energy from within and there are dreams that you have dedicated yourself to: PM Modi
I had spoken about Startup India from the Red Fort and today we are seeing what this is about: PM Modi
When I was listening to Ritesh (Founder,Oyo Rooms) I wondered why a ‘chai wala’ didn’t think of starting a hotel chain-PM Modi
The world today has changed. Startup India has marked an important changed in India’s mindset: Jaitley
How many among the top 20 companies that existed before 1991 exist in the top 20 even today, asks Finance Minister Arun Jaitley.
This entire campaign is inteded to create a supportive – Jaitley
It will be the final break from the license raj – Jaitley
Stand up india will be seperately lanuched- Jaitley
We are going to roll over MUDRA programme year by year – Jaitley
MUDRA is scheme is actually intended to target 25% popluation of India living in less developed areas – Jaitley
Atleast in the urban we are seeing the increasing demand – Jaitley
Private investment in slow…we have two week seasons of Monsoon
The government now as limited scope of creating jobs in our own gov system – Jaitley
World economy has slowed down – Jaitley
Nobody can seriouly predict as what the emerging challegnes will be – Jaitley
There is no other option or alternative for an over populated country like India than Start up India – Jaitley
Traffic of industry of visiting north block has ended…there no files in FIPB – Arun Jaitley
It is going to be eventual freedom from the state, startup friendly tax measures will be announced in the forthcoming Budget: Jaitley
Prime Minister Narendra Modi said on Saturday that he will interact with start-up entrepreneurs after the launch of the government’s “Start-Up India” initiative.
“Will join the programme to commence the Start-up India movement this evening. Looking forward to interacting with start-up entrepreneurs,” Modi tweeted.
In another tweet, he said: “Start-Up India movement begins today (Saturday). This movement celebrates the energy and enterprising spirit of our youth.”
The government’s “Start-Up India” initiative along with a “Start-Up Action Plan” will be launched here by Prime Minister Modi.
The launch event is aimed at celebrating the entrepreneurship spirit of the country’s youth and will be attended by the CEOs and founders of top start-ups from across the country and abroad.
The programme is also aimed at promoting financing for start-ups and give incentives to boost entrepreneurship.
Modi will release the Start-Up Action Plan, visit a virtual exhibition and interact with start-up entrepreneurs at the event.
As Silicon Valley heavyweights queue up to be a part of the “Start-Up India celebration” on January 16, India’s aspiring entrepreneurs will be watching out for what the Prime Minister Narendra Modi-led government will have for them in this grand mela.
With 4,200 enterprises, India already ranks third in the world in terms of the number of start-ups, behind the US and the UK. Investors, venture capitalists and angel investors worldwide see the country as the next destination for budding start-ups.
Google will host a live contest called ‘Startup India Standup India’ for start-ups, which are still in their early stage. The winner will receive $100,000 worth of Cloud Credit by the company. India ranks third in the world with 4,200 start-ups after US and UK, a number that is expected to rise further in the next couple of years.
Key expectations from the action plan will be on the ease of doing business in India. One of the biggest challenges faced by entrepreneurs in India is the time and effort taken to start a venture. Even worse are the requirements to close an enterprise down. Folding up is synonymous with start-ups, and given that failure becomes an inspiration and learning for the next venture, the action plan is likely to streamline compliances and procedures on both fronts.
Similarly, funding is another key aspect for any start-ups, and lack of funding channels hampers significant potential growth of new economy. Seed funding, another important aspect of funding, is not yet developed in India. Ideas that need the right funding and investment to prove the concepts and their worth is the challenge.
Simplified tax reforms (hint: GST Bill) and developing technical skills beyond just technological know-how will be another key for India’s rise as a start-up nation.
INDIA’s well-known start ups
Flipkart – Valued at $15 billion
Sitting at the top and much ahead of the rest is Flipkart, the e-commerce giant founded by Sachin and Binny Bansal in 2007. The company, that boasts of 30 million products across more than 70 categories on its desktop, mobile and app platforms, is valued at $15 billion. It also claims to be the first billion dollar company in the Indian e-commerce market, that has shown significant growth across the years. Flipkart says it makes 8 million shipments in a month.
Snapdeal – Valued at $5 billion
Giving Flipkart good competition is Snapdeal, another e-commerce giant whose popularity is soaring by the day. Ranked second in the club with a valuation of $5 billion, Snapdeal was founded by Kunal Bahl and Rohit Bansal in 2010. The company claims to put on display more than 10 million products across multiple categories and ships to at least 5,000 towns and cities in India. The company was also in the news last year for its latest round of funding, in which it raised $500 million from investors such as Alibaba Group and Foxconn.
Ola – Valued at $5 billion
Along with e-commerce, ride-sharing apps have been a major success over the past couple of years in India. Ola, a mobile app for personal transportation, was founded in 2010 by Bhavish Aggarwal and Ankit Bhati and is now valued at $5 billion. Although dogged by controversies involving drivers who have been reported of errant behaviour, Ola has done really well supplying cars in all segments from economical to luxury. In the latest round of funding in November, 2015, Ola announced that it raised $500 million from investors.
Paytm – Valued at $2 billion
Another company that has found a place in the billion dollar club with valuation of $2 billion is Paytm, a mobile commerce platform that initially started by offering mobile and DTH recharges. The company claims to have 100 million registered users on its website and 60 million orders per month. It was in 2014 that Paytm started offering products on its sites for users to purchase like other e-commerce platforms. Users can now pay their electricity and gas bills as well through Paytm.
Quikr – Valued at $1.5 billion
Anyone who has traded in second-hand goods online would have heard of Quikr, which is valued at $1.5 billion. It is a classified advertising platform that was founded by Pranay Chulet in 2008. The company, that has its headquarters in the IT city of Bengaluru, reported 12 million listings in 2013. Earlier this week, Quikr acquired Commonfloor, a real estate portal.
Shopclues – Valued at $1.1 billion
An online market place founded by Sanjay Sethi and Sandeep Aggarwal, Shopclues has been in the news for its entry into the billion dollar club and a new round of undisclosed funding. The website claims to cater to 42 million visitors every year with 12,000 registered merchants. The emergence of Shopclues also points to the vibrancy of the e-commerce market that has seen the entry of global giants like Amazon which wants to tap into India’s massive consumer base.
InMobi – Valued at $1 billion
Founded in Bengaluru in 2007, InMobi defines itself as a company that enables customers ‘to discover amazing products through mobile advertising.’ It claims to have enabled over 100 billion discovery sessions and was named one of the 50 Most Disruptive companies in the world by MIT Technology Review. While Naveen Tewari is the company’s founder and CEO. Abhay Singhal is a co-CEO and chief revenue officer.
Zomato – Valued at about $1 billion
Popular restaurant search app Zomato, underwent new rounds of funding in September last year to be valued close to $1 billion, according to reports. The startup that was founded in 2008 by Deepinder Goyal and Pankaj Chaddah and is used widely in countries like India, US and Australia. It also allows for online ordering and cashless payments. The company has been regularly acquiring smaller startups in its attempts to expand its customer base.
(With agencies input)