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Jan. 16, 2016 / 6:07 PM

Narendra Modi announces 'Start Up India' initiative

Indian Prime Minister Narendra Modi announced an ambitious government initiative Saturday aimed at spurring innovation and economic development. Pool Photo by Chip Somodevilla/UPI

Indian Prime Minister Narendra Modi announced an ambitious government initiative Saturday aimed at spurring innovation and economic development. Pool Photo by Chip Somodevilla/UPI | License Photo

NEW DELHI, Jan. 16 (UPI) -- Indian Prime Minister Narendra Modi announced an initiative aimed at spurring innovation, economic development and job creation.

At an event at Vigyan Bhawan in New Delhi on Saturday, Modi unveiled the "Start Up India" program, which would offer incentives for people to start businesses.

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The incentives include tax breaks and discounted patent filing fees. Through the Atal Innovation Mission -- a program launched last year to fund economic growth -- the government will also construct 500 tinkering labs, 35 public and private sector incubators, 31 innovation centers at national institutes and seven new research parks.

The Hindu reported the Human Resource Development Ministry and the Department of Science and Technology partnered to create 75 start up support hubs at national institutes.

NDTV also reported that the government plans to roll out a new app to allow start-ups to register with the government more quickly and efficiently. The government will also create the Start Up India hub, a one-stop-shop for government relations.

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