To promote a culture of entrepreneurship, the government announced incentives including an Rs 10,000-crore corpus for innovation-driven enterprises, a three-year break from paying income tax on profits, an Rs 500-crore per year credit guarantee mechanism, and exemption from capital gains tax for start-ups.
EQ Mag spoke with Mr. Hitesh Doshi, Chairman of Waaree Energies Ltd. on this announcement.
This is great start and support to the entrepreneurs in India. Compared to develop countries, especially USA, we are far behind on innovation driven entrepreneurship. The government’s initiative to come up with such fund, will definitely support many aspiring entrepreneurs in the country to come up with the new ideas and we will see much higher growth of the start-ups.
On the renewable energy front, we need lots of innovation and new ideas to improve the output from Solar Panels bringing in wide-ranging different technologies to Raw Material, Production & Technology. Apart from generation innovations are required in Energy Storage, Transmission and Energy Saving. We need to attract more entrepreneurs and their ideas to make India as a hub of the innovations in solar PV technologies and Storage Systems.