Prime Minister Narendra Modi on Saturday launched the much-hyped Start Up India initiative, with income tax breaks and a startup fund of Rs 10,000 crore among a slew of measures announced to remove red tape and boost entrepreneurship in India.

"You will be able to register a startup in a day on a mobile app. It will have a small application form. The registration will be in the same process," he said.

Addressing a gathering of around 1,000 entrepreneurs at Vigyan Bhawan in the capital, Mod offered startups a tax exemption on profits for the first three years and a self-certification scheme in respect of nine labour and environment laws besides a three-year exemption from inspections.

Among other incentives include new intellectual property protection for start-ups with 80% lower patent fee and a credit guarantee scheme for them.

"We are here today to find out from you what the government should not do," said the prime minister. "If the government pulls back, a lot can happen."

Uber CEO Travis Kalanick also addressed the programme. He will speak to students of the Indian Institute of Technology in Mumbai next week.