The Commerce and Industry Ministry has proposed a host of measures such as tax incentives to promote budding entrepreneurs as part of the 'Startup India Vision 2024'. 

The vision document aims at facilitating setting up of 50,000 new start-ups in the country by 2024, and creating 20 lakh direct and indirect employment opportunities. The Department for Promotion of Industry and Internal Trade (DPIIT) under the ministry, which has prepared the document, has also suggested setting up of 500 new incubators and accelerators by 2024; 100 innovation zones in urban local bodies; deployment of entire corpus of Rs 10,000 crore Fund of Funds; and expanding CSR funding to incubators. 

The other measures include setting up of Rs 1,000 crore 'India startup fund' to support high technology start-ups; providing Rs 1,000 crore of seed funding; and operationalization of seven research parks by 2024. 

As part of regulatory easing, the vision document proposes to reduce compliance burden, setting up of regulatory sandbox for testing of financial products; tax incentives for investments in startups; reduction of Goods and Services Tax (GST) rates; tax exemption for ESOPs; and exemption of angel tax on all investments by Alternate Investment Funds. Further it suggested that banks should set up a single window system to give loans to startups. 

The Startup India Vision 2024, a kind of upgrade of the “Startup India” program, is expected to set off a new round of entrepreneurial boom in India.