The Prime Minister’s address from Pragathi Maidan was not just inspired the audience there but also the gathering in the T-Hub and many others watching. Modi has an amazing perception and grasp on startups. The audience from all over India was fully mesmerized by the speech. Modi was talking as if he had been into startups himself as mentor and investor. Modi talked about how to connect startups to society and Indian economy. He inspired the startups and challenged them to think beyond just software. He talked about how the startups present opportunity to youth of India and how startups can bring about massive change in Indian society.
India is a country of brilliant minds. It also has billions of problems. The only way government could help is by not doing many things but by allowing the startups to flourish. Modi then unveiled the action plan for startups, an impressive group of policy promulgations to simplify the functioning of startups which include tax exemptions from capital gains, eliminating Angle-Tax for investment above Fair Market Value, Self Certification through startup hub app, three years of inspection free running, simple form for starting a company, exemption of income tax, support for filing patent rights and last but not the least simplifying exiting process. Apart from this there were several enablers to help accelerate startups like a 250 crores fund per year what would work with other funding avenues. Modi lightly talked about significant role of incubators in enabling new startups and announced broad support to incubators in strengthening existing and setting many new incubators. Modi also recognized the importance of research that can bring in unique products and the need for close industry-academia connect. Under Atal Innovative Mission, government plans to setup seven research innovation parks based on lines of IIT Madras Innovation Park. This speech and the follow up events energized the ecosystem and accelerated the startups movement.