Startup incentives to encourage young entrepreneurs: Industry

New Delhi:  India Inc today said the incentive announced under the action plan for start-ups will encourage a large number of young entrepreneurs to come up with more and more innovative ventures.

Ficci President Harshvardhan Neotia said that it is indeed a landmark moment and a major shift as startups are looking at an unshackled regime where government would merely be a facilitator of the entrepreneurship.

"We are sure that the ecosystem that has been envisioned and the incentive being provided as part of this strategy for startup India will encourage a large number of young
entrepreneurs in the country to come forward with innovative startups," he added.

Sharing similar views, Assocham said that self certification, a three-year freedom from inspection for environment related laws, tax holiday on profits should attract a lot of educated youth to become job creators rather than job seekers.

"Stress on innovation and providing patent protection to the innovators would help India improve its record in patent registrations," it said in a statement.

However, it said that the functioning of the credit guarantee schemes should be monitored since the young entrepreneurs may not know how the schemes could help them,
unless the lending banks promote them through hand-holding.