Government to unveil Start-Up India on January 16; inter-ministerial panel to oversee proposals

India plans to establish a high-level, inter-ministerial panel that will act as the fulcrum of the Modi government's plan to create an ecosystem to nurture innovation. Modi is planning a big-bang announcement detailing exactly how the Start-Up India, Stand-Up India initiative will unfold on January 16.

These benefits will be in the form of a sharp reduction in the plethora of compliances now needed to set up businesses, swifter approvals, easier finance and tax breaks. The thrust behind the plan stems from the belief that it will generate vast employment numbers that will raise incomes and act as an engine of growth.

This panel will comprise the secretaries of the departments of information technology, biotechnology and others.It will be anchored by the Department of Industrial Policy and Promotion (DIPP).
"Innovation will be the key in any idea," the official added.

The group will vet proposals carefully, ensuring that the successful ones embody the philosophy of a startup and are therefore eligible for the benefits.

Modi had signposted the coming announcement in his Mann Ki Baat radio address on Sunday. "On January 16, the government of India will unveil the full action plan ," the Prime Minister had said. "A structure will be presented before you. This programme will be connected to the country's IITs, IIMs, central universities and NITs. Wherever there are youth, they will be linked through live connectivity."
Policymakers are of the view that these businesses can prove to be game changers in terms of job creation.