Option 1 -> 2014 was when the 'Make in India' campaign was launched, not Startup India.
Option 2 -> 2015 saw various economic initiatives but Startup India was not launched this year.
Option 3 -> The Startup India initiative was officially launched on January 16, 2016, by Prime Minister Narendra Modi.
Option 4 -> 2017 was a year of implementation of the initiative, not its launch year.
Hence, Option 3: 2016 -> The Startup India initiative was launched on January 16, 2016, as an action plan aimed at building a strong ecosystem for nurturing innovation and startups in India, providing tax benefits, easier compliance, and funding support to entrepreneurs -> correct