India’s Prime Minister Narendra Modi gestures as he addresses a gathering during a conference of start-up businesses in New Delhi, India, January 16, 2016. Indian Prime Minister Modi launched a number of initiatives on Saturday to support the country's start-ups, including a 100 billion rupee ($1.5 billion) fund and a string of tax breaks for both the companies and their investors. REUTERS/Adnan Abidi
NEW DELHI: Indian entrepreneurs will receive generous tax breaks and face dramatically reduced red tape when starting and closing a business, Prime Minister Narendra Modi said, as he launched a pet initiative to bolster India’s fast-growing startup scene.
Speaking at a gathering of 2,000 entrepreneurs from India, Silicon Valley and elsewhere, Modi outlined a slew of measures under Start Up India including exempting startups from income tax for their first three years.
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