Union Minister of State for Commerce & Industry, Som Parkash has reiterated Prime Minister Narendra Modi's statement that start-ups have become India's third fastest-growing programme and said the beginners in the start-up today will be the owners of big industries tomorrow.
Speaking toon Thursday, the union minister said that India is moving ahead at a fast pace and the youth are starting their work after registering themselves.
"More than 97,000 have been registered with us so far from almost every district of the country. We have started state-wise awards and we have begun rating them. The young people who are beginning their start-ups today will be leaders of the future and the owners of big industries," Som Parkash said.
The union minister said that the concessions are being given to the youth who want to register for the start-up.
"There is the young generation of India who has the knowledge, who wants to start the work, which is competitive, they do not know the formalities, so the startup has been started so that they can do good work in the network area of the country. A number of concessions have also been given to them," he said.
"Work is being done in different fields in the startup. To apply in this, we have reduced the fee to half of it and there is no income tax rebate for 3 years thrice in 10 years. Rs 10,000 crore fund has been created for the loan so that the loan can be availed and they can start their work," the minister told ANI.
( With inputs from ANI )
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