PM Modi launches $1.5 bln fund in push to support start-ups | Reuters

New Delhi Prime Minister Narendra Modi launched a string of initiatives on Saturday to support the country's start-ups, including a 100 billion rupee ($1.48 billion) fund and a string of tax and compliance breaks.

Modi said start-ups would not face compliance inspections for three years, and would also benefit from cheaper and faster patent applications, as well as a three year income tax exemption.

The announcement, at a government-organized on start-ups in New Delhi, comes months after Modi made a whirlwind tour of Silicon Valley, meeting the chief executives of Facebook Inc, Google Inc and Apple Inc.

($1 = 67.7646 Indian rupees)

(Reporting by Himank Sharma, editing by Suvashree Dey Choudhury)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Jan 16, 2016 20:45 PM

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