PM Modi announces mega #Startup India policy amidst wild cheering from the industry

Finally, the star of the startup show – Prime Minister Narendra Modi - is on the stage amid thousands of VCs, investors, CEOs, and government officials at the 'Startup India, Standup India' launch in the national capital, unveiling his government's much-awaited ambitious action plan for Indian startups.

As all eyes remain glued to the TV sets around the world watching our Prime Minister unfold his dream project layer-by-layer, Business Insider gets you the fastest coverage of the key announcements made by Mr Narendra Modi which will pave the way for enabling a startup ecosystem in India:

1) No Income Tax for 3 years
Start-ups will be exempted from paying income tax on their income for the first 3 years.

2) No Capital Gains Tax
Capital gain tax exemptions will be provided to startups.

3)Faster patent registration
PM announced simplyfing IPR (Intellectual Property Regime) for start-ups and 80% reduction in patent fees. There will be a panel of legal facilitators for startups to file IP (patents, designs, trademarks), and all the costs will be borne by the government.

4) Easier government procurement policy

5) Clear Exit policy
Startups will be able to exit within 90 days as per the provisions already tabled in the Parliament via the new bankruptcy bill.

6) New Rs 10,000 cr dedicated fund
It will start with 2,500 crore and a dedicated fund of Rs 10,000 crore will be created for funding of start-ups.

7) Credit guarantee scheme
Credit guarantee scheme will be introduced for start-ups in the next 4 years, funds of around 500 crores will be given every year

8) No inspection of startups for 3 years
No inspection for 3 years of start-up businesses in respect of labour, environment law compliance post self-certification. Thereafter, they will get exemption on the basis of their experience and turnover.

9) Compliance regime based on self-certification and One-page registration form
One page registration form can be available on smartphone via an app. Mobile app will be launched on April 1. Registration of startup company can be done in one day!

10) New innovation centres will come up
Atal Innovation mission will give encouragement to state-of-the-art innovation centres. 31 innovation centres at national institutes, 7 new research parks like IIT-M and 5 new bio-clusters will come up.

11) New women entrepreneur-centric policies
New women entrepreneur centric policies will be announced to promote more and more women in setting up businesses.