New Delhi, January 16 : Prime Minister Narendra Modi during unveiling and launch of the Start Up India campaign also said that all the start up enterprises and businesses will be exempted paying any income tax for the first three years. Also Read - 4-Day Tika Utsav Begins Today, Special Drive to Vaccinate Maximum Eligible People | All You Need to Know

“Start-ups will be exempted from paying income tax on their income for the first 3 years.We are moving forward to give opportunities to new ideas in India but quality shouldn’t be compromised,” Modi  said while addressing the large audience gathered at the Vigyan Bhawan. Also Read - CISF Issues Clarification Over Cooch Behar Firing, Says Mob of 150 Attacked Troops, Action In Self Defence

Modi also added  that Funds of Rs 10,000-crore will also be created for funding of start-ups. Also Read - 'Glad They Are Taking My Clubhouse Chat Seriously', Prashant Kishor Reacts to Audio Clip Released by BJP

Modi also emphasized saying that no inspection for 3 years of start-up businesses in respect of labour, environment law compliance post self-certification. Credit guarantee scheme will be introduced for start-ups in next 4 years,funds of around 500 crores will be given every year. (ALSO READ : Narendra Modi kickstarts Start-up India, appeals young entrepreneurs to take initiatives).

He also said that after starting the Atal Innovation Mission to give impetus to innovation and encourage the talent among people.

“Start up does not mean a billion dollar company where thousands work. It is about employing even 5 people & developing India,” Modi remarked.

Modi also spoke about introducing a credit guarantee scheme which will be introduced for start-ups in the next 4 years. Funds of around 500 crores will  also be given every year.

Speaking about how the entire concept of start up India can flourish in the upcoming days, Modi also said that India is the real place for such an initiative to unearth many more avenues. He also emphasized on the extensive importance of  youth to such an developmental initiative.

As many as 1,500 startup founders from across the country convened the event aimed at celebrating the spirit of India’s youth in the concept.