Startup India : A Modi government Initiative

Startup India: An Initiative of Govt. of India

“I see startups, technology and innovation as exciting and effective instruments for India’s transformation.”– Shri Narendra Modi, Prime Minister of India

Now-a-days everyone is talking about startups and we are hearing a lot about it. To support startups and to boost entrepreneurship from grassroots level our Hon’ble Prime Minister Mr. Narendra Modi has introduced his ambitious movement naming ‘Startup India’ on 16^th January 2016.To fulfill objective of this movement an action plan is also generated by government of India.In today’s environment India is having a numerous young entrepreneurs and startups than ever before.

Startup India is a flagship initiative of government of India, focusing on to create a bold eco-system for nurturing innovation and startups in country that will deliver higher economic growth and generate large scale employment opportunities.

A lot of announcement blurred out for startups in this movement.

v Exemption from tax for three years for startups.

v Faster patent registration to promote and secure IPRs (Intellectual Property Rights).

v  Self-certification compliance.

v No inspection for three years in respect of labour, environment law compliance.

v Exemption in capital gain tax up to 20%.

v Self-certification in nine various acts including Gratuity, Labour, EPF, Pollution.

v Creation of credit guarantee fund for startups.

v Creation of ‘Fund of Funds’ for startups with initial corpus of rs. 2500 crores and later to Rs. 10,000 crores.

v  Rebate in patents up to 80%.

v Relaxed public norms for public procurement of startups to provide an equal platform to startups.

v Launch of a mobile app from 1^st April 2016 to provide a single hassle free platform to interact with government and statutory bodies to exchange information.

v App will include clearance, approval, and tracking, filing the compliances, collaboration and registration portal.

v New seven Research Park shall be developed.

v Encourage startups in Bio-Technology sector.

v Entrepreneur friendly tax pattern.

v In 18 months patent pendency to be brought down to US level and in about a year trademark pendency to be brought to zero.

v Faster exit for startups to make it easier for startups to wind up operations, in case when it could not perform well.

v Make India as a hub for startups.

v Organize mentorship program on timely basis with experts.

With announcement of government a startup can be get registered within a day and this will definitely encourage young entrepreneurs to convert their idea in action or watch their ideas come to life. It also will create employment in India and incorporate existing tier 1, tier 2 and tier 3 cities including semi-urban and rural areas.

 Compiled by

TARUN SHARMA