Start up India: Webcast [video] | Hacker News Reader

Start up India: Webcast [video]

webcast.gov.in

74 pointsstoddler19 comments

Narendra Modi's announcements and #StartupIndia policy pointers:

1. Compliance regime based on self-certification. Labour laws – no inspection for 3 years

2. Startup India hub – single-point contact (‘friend, mentor, guide’)

3. Mobile app to be launched on April 1: registration of startup company in one day | Also portal for clearances, approvals and registrations

4. Fast-track mechanism for startup patent applications

5. Panel of legal facilitators for startups to file IP (patents, designs, trademarks) – costs borne by gov

6. 80% rebate on filing of patent applications by startups, as compared to other companies

7. Relaxed norms of public-procurement for startups. No requirement of turnover or experience, but no relaxation of quality

8. Faster exits for startups (Insolvency and Bankruptcy Bill), eg: wind up within 90 days

9. Fund of funds – initial corpus – INR 2,500 crore, later on 10,000 crore

10. Credit guarantee fund for startups

11. Tax exemption on capital gains

12. Tax exemption to startups for 3 years to promote growth

13. Atal Innovation Mission:sector-specific incubators, 500 tinkering labs, pre-incubation training,seed fund for high-growth; PPP model being considered for 35 new incubators; 31 innovation centres at national institutes, 7 new research parks like IIT-M. 5 new bio-clusters

14. Innovation Core Programs for school students in 5 lakh schools

15. Annual Incubator Grand Challenge to create world class incubators in India

16. National and International Startup Festivals to provide visibility

Via YourStory (http://yourstory.com/2016/01/start-up-india-live-coverage/)

Why should people's tax money go to opening businesses. Fuck that! And You're giving them easy exit and shit, so they can totally screw up the money. I know that 99% of startups fail, and thats horrible, and that should not happen.

Why should people's tax money pay for IP rights and shit. This is totally brutal for Indian people. Their tax money should be used for roads, security and other critical shit. After thats done, they can open startups themselves. And Government should keep thier hands out of business.

why no inspections for 3 years?

All govt needs to do is clean up the broken infrastructure, get rid of archaic laws, help people out by reducing mountain loads of paper work required, put in place a flat tax structure, and have some laws to ensure consistency and integrity to the way it operates.

I do not claim to know all the details here. Note that India has lot of unique problems (e.g. low purchasing power x poverty x scale). My guess is that the fund will go to start-ups which will help solve big problems of India and not the ones likes of Airbnb or next E-Comm platform. The prime minister mentioned and urged entrepreneurs to also focus on agriculture, healthcare for masses, etc.

India does not have any unique problems you mentioned. China has almost all of those. Africa has low purchasing power and poverty. Europe has language and cultural issues. Unemployment is high in almost all of the world since "Personal Computers".

I thought the same. Tax exemption on particular kind of startups would be great - agriculture, education, etc... Tax exemption on all startups could be disaster.

>and other critical shit

I understood that reference.

Yup. That was the inside joke.

India has a huge population and there is a shortage of jobs. Rather than job seekers, India needs more job creators. This initiative will give people incentive to take up entrepreneurship.

There are lot of people who are simply overworked. We don't need more jobs, just good labor laws.

Unemployment is usually kept high by having some workers overworked. This keep labor costs low. Also increases the costs of things so that employment becomes necessary. Oldest trick in the BOOK.

There is no way that everyone in a country will be working. Governments can't ensure that everyone has a job. Government's job is to build the Infrastucture and providing basic services.

i completely agree with you. I know how much teachers are overworked for every public activity. elections to census etc..this initiative going to help huge for tatas/birlas/ambanis. India still need critical infrastructure, education, health, helping majority (60-70%) of the people to bring out of poverty by providing them to succeed in agriculture. why not india become the hub for food rather than killing the seed by giving away rights to foreign companies like monsanto! So unfortunate!

Ahem to Innovation centers and research parks. A lot of them can easily become institutions who get govt. money for doing nothing basically.

My university was next to one research park and as far as I could tell nothing ever came out of the ruddy place. Point is - for research park & innovation centers to function you need people dedicated to research. In current state India does not have that many researchers to spread across this many institutions.

Sounds like a manifesto to stop trend of incorporating in Singapore. Almost all of India's unicorns are Singapore incorporated. I'd say the capital gains scheme proposed by India is more sustainable than what Singapore offers to overseas companies. Basically, if you exit and become and angel investor, you pay no capital gains tax. I sincerely hope this will boost number of investors in coming decade as the ecosystem matures with exits.

This sounds simple, but the repercussions in 10-15 year window are very profound.

For someone who doesn't know much about the Indian Startup scene, is there tech coming out of India worth keeping an eye on?

There are many. I can list few:

http://www.greyorange.com/ limeroad.com https://www.oyorooms.com/ paytm.com flipkart.com snapdeal.com

You need Cash/Caste to succeed as an Entrepreneur in India;

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