Deals
Modi Offers $1.5 Billion Fund, Tax Breaks for India Startups
- Officials vow to ease thicket of rules hampering new companies
- SoftBank, Uber heads attend Modi entrepreneurship conference
This article is for subscribers only.
India said it will set up a 100-billion-rupee ($1.5 billion) fund to encourage startup businesses and pledged to ease regulations for entrepreneurs, as Prime Minister Narendra Modi strives to create the jobs needed in a developing nation of 1.3 billion people.
Startups will get tax breaks such as income-tax exemptions for the first three years, quicker patent applications, a credit guarantee program and easier routes to wind up if they fail, Modi said at a government conference for entrepreneurs in New Delhi. The fund will be established over four years.