Startups to have a Better Regulatory Environment Says PM Modi

Narendra Modi in the recently concluded Silicon Valley trip has said that the central government is planning to set up incubation centers in every State to help startups file for patent free of cost.

• According to sources from the industry, Secretary for Department of Industrial Policy and Promotion, Amitabh Kant talked about various proposals to make the business environment easy for entrepreneurs to start their company.

• The proposal to have a better regulatory environment for startups includes relaxation of taxes; relaxation of venture capital rules and rules to help any startup close down their operation.

• Another important aspect that the government proposed is to make the patent process online to make it more fitting and easy. The basic idea was to create a large patent library beginning from India and fund a list of 500 lawyers to make patent filing free for startups.

Source: The Hindu