SoftBank Corp. Chief Executive Masayoshi Son
SoftBank's India investment to exceed $10 billion. In Picture: SoftBank Corp. Chief Executive Masayoshi SonReuters

Japan's SoftBank plans to ramp up its investments to $10 billion in Indian start-ups, its CEO Masayoshi Son said at the Start-up India event on Saturday.

"Have already invested USD 2 billion in Indian firms; will scale up investment to USD 10 billion," said Masayoshi Son.

At the event, Prime Minister Narendra Modi is expected to announce a Start-up India action plan to support early-stage companies in the country.

"India can be bigger in momentum than China in next 10 years; 21st century belongs to India," Press Trust of India quoted the SoftBank CEO as saying.

"Every market is different, I truly think this is really the beginning of Big Bang for India," Son added.

Nearly 48 CEOs from Silicon Valley have attended the event hoping that the Modi government will announce tax exemptions on capital gains and employee stock options to boost startups' growth in the country.

"If 1% of Indians became entrepreneurs half of our problems will be solved. Why should investors come to India via Singapore or Mauritius? India should simplify its tax policies to attract investments," The Economic Times quoted Kanwal Rekhi, founder of TiE - Global Entrepreneurship Organisation, as saying.

India is home to 18,000 startups, employing 3 lakh people at present, former Infosys director TV Mohandas Pai had said last month. Pai expects the number of startups to increase to 1 lakh, creating 35 lakh jobs in the next 10 years.

Modi, on his "Mann Ki Baat" radio programme on 27 December last year, had announced the government would launch the action plan for "Start-up India, Stand-up India" on 16 January, 2016.

"The action plan shall highlight initiatives and schemes being undertaken by the government to address various aspects relating to developing a conducive start-up ecosystem in the country," Department of Industrial Policy and Promotion (DIPP) secretary Amitabh Kant had said.

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