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Prime Minister Modi to launch Start-Up India on saturday
New Delhi:The government’s “Start-Up India” initiative along with a “Start-Up Action Plan” will be launched here by Prime Minister Narendra Modi on Saturday, an official statement said.
“The launch event is aimed at celebrating the entrepreneurship spirit of country’s youth and will be attended by CEOs and founders of top start-ups from across the country and abroad,” the Prime Minister’s Office (PMO) said in a release here.
The programme is aimed at promoting financing for start-ups and give incentives to boost entrepreneurship.
Modi will release the Start-Up Action Plan, visit a virtual exhibition and interact with start-up entrepreneurs at the event, the statement said.
In a session called “Face-to-face with policy-makers”, secretaries of ministries and departments concerned will respond to queries on how an enabling ecosystem for start-ups could be created, it added.
“The objective is to reinforce commitment of the government towards creating an ecosystem that is conducive for growth of start-ups,” the PMO said.
The event will also feature interactive sessions with global corporate leaders and venture capitalists like SoftBank founder Masayoshi Son and WeWork founder Adam Nuemann.
The event will be telecast live in IITs, IIMs, NITs, IIITs and central universities and to youth groups in over 350 districts of India.
Meanwhile at an industry chamber FICCI organised discussion on Friday about the new startup policy, participants said the time was ripe for India to unveil its policy to encourage startups, FICCI said in a statement here.
Minister-Counselor at the US Embassy here George Sibley said at the event that the present regulatory framework in India did not offer much scope for entrepreneurship.
“However, it was expected that the proposed policy would provide access to capital and a complementary IPR (intellectual property rights) regime, which would allow entrepreneurs to grow and prosper,” FICCI said citing the American diplomat.
The State Scores Extra High on Gaming-Friendly Industry Index
Meghalaya scored 92.85 out of 100 possible points in a Gaming Industry Index and proved to be India’s most gaming-friendly state following its recent profound legislation changes over the field allowing land-based and online gaming, including games of chance, under a licensing regime.
The index by the UK India Business Council (UKIBC) uses a scale of 0 to 100 to measure the level of legalisation on gambling and betting achieved by a state based on the scores over a set of seven different games – lottery, horse racing, betting on sports, poker, rummy, casino and fantasy sports
Starting from February last year, Meghalaya became the third state in India’s northeast to legalise gambling and betting after Sikkim and Nagaland. After consultations with the UKIBC, the state proceeded with the adoption of the Meghalaya Regulation of Gaming Act, 2021 and the nullification of the Meghalaya Prevention of Gambling Act, 1970. Subsequently in December, the Meghalaya Regulation of Gaming Rules, 2021 were notified and came into force.
All for the Tourists
The move to legalise and license various forms of offline and online betting and gambling in Meghalaya is aimed at boosting tourism and creating jobs, and altogether raising taxation revenues for the northeastern state. At the same time, the opportunities to bet and gamble legally will be reserved only for tourists and visitors.
“We came out with a Gaming Act and subsequently framed the Regulation of Gaming Rules, 2021. The government will accordingly issue licenses to operate games of skill and chance, both online and offline,” said James P. K. Sangma, Meghalaya State Law and Taxation Minister speaking in the capital city of Shillong. “But the legalized gambling and gaming will only be for tourists and not residents of Meghalaya,” he continued.
To be allowed to play, tourists and people visiting the state for work or business purposes will have to prove their non-resident status by presenting appropriate documents, in a process similar to a bank KYC (Know Your Customer) procedure.
Meghalaya Reaches Out to a Vast Market
With 140 millions of people in India estimated to bet regularly on sports, and a total of 370 million desi bettors around prominent sporting events, as per data from one of the latest reports by Esse N Videri, Meghalaya is set to reach out and take a piece of a vast market.
Estimates on the financial value of India’s sports betting market, combined across all types of offline channels and online sports and cricket predictions and betting platforms, speak about amounts between $130 and $150 billion (roughly between ₹9.7 and ₹11.5 lakh crore).
Andhra Pradesh, Telangana and Delhi are shown to deliver the highest number of bettors and Meghalaya can count on substantial tourists flow from their betting circles. The sports betting communities of Karnataka, Maharashtra, Uttar Pradesh and Haryana are also not to be underestimated.
Among the sports, cricket is most popular, registering 68 percent of the total bet count analyzed by Esse N Videri. Football takes second position with 11 percent of the bets, followed by betting on FIFA at 7 percent and on eCricket at 5 percent. The last position in the Top 5 of popular sports for betting in India is taken by tennis with 3 percent of the bet count.
Local Citizens will Still have Their Teer Betting
Meghalaya residents will still be permitted to participate in teer betting over arrow-shooting results. Teer is a traditional method of gambling, somewhat similar to a lottery draw, and held under the rules of the Meghalaya Regulation of the Game of Arrow Shooting and the Sale of Teer Tickets Act, 2018.
Teer includes bettors wagering on the number of arrows that reach the target which is placed about 50 meters away from a team of 20 archers positioned in a semicircle.
The archers shoot volleys of arrows at the target for ten minutes, and players place their bets choosing a number between 0 and 99 trying to guess the last two digits of the number of arrows that successfully pierce the target.
If, for example, the number of hits is 256, anyone who has bet on 56 wins an amount eight times bigger than their wager.
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