November 23, 2024 03:35 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'Third World War has begun:' Ex-Ukraine military commander-in-chief Valery Zaluzhny | UK-India Free Trade Agreement negotiations to resume in early 2024 | UK can arrest Benjamin Netanyahu if he visits country based on ICC warrant | Centre to send over 10,000 additional soldiers to violence-hit Manipur amid fresh violence | Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma
Start-Up India will end licnece raj, restrict state's role in entrepreneurship : Arun Jaitley

Start-Up India will end licnece raj, restrict state's role in entrepreneurship : Arun Jaitley

| | 16 Jan 2016, 12:05 pm
New Delhi, Jan 16 (IBNS) Finance Minister Arun Jaitley on Saturday inaugurated the launch of the government’s 'Start-up India' initiative, saying it will change the conventions of licence raj and restrict the role of the state in entrepreneurship.

The event is aimed at celebrating the entrepreneurship spirit of the country's youth and is attendd by CEOs and founders of top start-ups.

Speaking on the occasion Jaitley said Start-Up India is Prime Minister Modi's own idea and more the sector becomes unregulated, it will be in the interest of the system.

""The regime being created for startups will truly break away from licence raj, " Jaitley said. .

"We will create environment that so that you become a powerful name to reckon with," he said.

The finance minister said he will announce start-up friendly tax measures in his forthcoming budget as he seeks to unshackle them from the existing regime.

He said the both the government and the banking system will make more resources available to new entrepreneurs.

On the decreasing role of the state in providing jobs, Jaitley said the more the start-up sector was unregulated the better it was for the sector.

"Our effort over last few years has been to restrict the role of the state in policy, "he added.

Reflecting on the slowing down of the world economy, Jaitley said India can take satisfaction, that even in a situation like this, its economy was growing much faster.

"The world economy has unquestionably slowed down, " he said mentioning the slowing Chinese economy and falling oil prices as some of the challenges.

The advantages for India were that it has a booming services sector and that foreign investment was still coming in, he  said.

Captains of industry and founders of start-ups are attending the event which will be be launched formally by Prime Minister Narendra Modi in the evening.

Modi, who is also set to announce his 'Start-Up Action Plan' , tweeted that the " movement celebrates the energy and enterprising spirit of our youth."

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.