Prime Minister Narendra Modi has said that the Government will create 10,000 crore rupees corpus fund for development and growth of innovation driven enterprises. <br/><br/>Addressing the first conference of start-up entrepreneurs in New Delhi yesterday, he said that the Centre has decided to provide tax exemption for income gained by startup during first three years. <br/><br/>Mr Modi also announced that a self-certification scheme in this regard. He also said there will be no inspection during the first three years of launch of the venture.<br/><br/>The Prime Minister said five new Bio clusters will be set up to help Biotech Sector. Under the plan, 50 incubators and 150 technology transfer offices will also be created to promote start ups in the country.<br/><br/>Mr Modi also announced a liberalised patent regime is being brought to help start-up businesses for which the fee will be slashed by 80 per cent.<br/><br/>He further said an unencumbered easy exit option will be provided under the bankruptcy Act so that start-ups can exit within 90 days. <br/><br/>Under the action plan, 7 new research parks in the country will be set up for undertaking research activities in the country.<br/><br/>The Prime Minister also said that the Centre is starting the Atal Innovation Mission to give an impetus to innovation and encourage the talent among young people by instituting national awards. <br/><br/>The provision of core innovation programmes in 5 lakh schools will also be the part of plan.<br/><br/>Speaking during the event Finance Minister Arun Jaitley said the Start-up marks the changing socio- economic profile of India. He said companies that were on top have been replaced by companies that were start ups by those who did not belong to business families.