New Delhi, Jan 16 (IANS) Finance Minister Arun Jaitley on Saturday said the new “Start-Up India” scheme of Prime Minister Narendra Modi to promote and nurse entrepreneurship will ensure minimum interference from the government with attractive tax incentives.
“Start-Up India will change conventions. Government will merely be a facilitator for start-ups,” the finance minister told the inaugural session of the day-long event here which will will see the prime minister formally unveil the scheme later in the evening.
“We ostensibly broke away from the license raj in 1991, conceived with idea that government will decide which businesses can run,” said Jaitley. “Our effort in last few years has been to restrict role of the state in policy domain,” he said, assuring Start-Up India scheme will follow that path.
Earlier in the day, the prime minister said he looked forward to the formal launch.
“Start-UpIndia movement begins today. This movement celebrates the energy and enterprising spirit of our youth,” he tweeted. “Will join the programme to commence the Start-Up India movement this evening. Looking forward to interacting with start-up entrepreneurs.”
The event at the Vigyan Bhavan official conference complex has been a top draw.
“There is seating capacity of 1,350 (at Vigyan Bhavan). Over 200,000 people have sought passes. Please sympathise with us. There is live relay,” Industries Secretary Amitabh Kant had tweeted ahead of the event.
Global crises now occur twice a day: Jaitley
New Delhi, Jan 16 (IANS) From a situation earlier when the global economy would face a crisis once a decade, now such crises almost “twice a day” have become normal occurrences, Finance Minister Arun Jaitley said on Saturday.
“Earlier, while a crisis would occur once in a decade, now they can take place twice a day. There can be a crisis brought on by Chinese currency devaluation in one part of the world and by falling oil prices in another,” he said here at the “Start-Up India” event to be launched by Prime Minister Narendra Modi later in the day.
“Looking down the tunnel, nobody can envisage what the world economic situation will be in a year,” the minister said.
Saying the country could take “limited satisfaction” from having become the fastest growing big economy, Jaitley said it was faced with many challenges like in agriculture, two successive weak monsoons and low investment by a private sector which had overborrowed putting banks’ finances under great strain.
“In these circumstances, the government had to explore new areas for encouraging entrepreneurship.
“So, we brought in the MUDRA scheme intended to target the bottom 25 percent of the population, so they can get loans from financial institutions and banks, both private and public sector.”
Informing the audience that so far 1.73 crore borrowers have taken loans under the MUDRA scheme, he said under the Stand Up India initiative, to be launched separately, every bank branch would adopt one woman entrepreneur, as well as one from the scheduled caste and scheduled tribe categories.