Start-up India is a lead activity of the Government of India, planned to make up a solid biological system that is helpful for the development of new companies, to drive maintainable monetary development and produce huge scale business openings. The Government through this activity intends to enable new businesses to develop through advancement and structure.
A few projects have been attempted since the dispatch of the activity on 16th of January, 2016 by Honourable Prime Minister, to add to his vision of changing India into a nation of employment makers and not occupation searchers. These projects have catalyzed the start-up culture, with new companies getting perceived through the start-up India activity and many business visionaries profiting the advantages of beginning their own business in India.
So as to meet the targets of the activity, the Government of India reported the Action Plan that tends to all parts of the Start-up biological system on 16th January 2016. With this Action Plan, the Government would like to quicken the spreading of Start-up development.
The Action Plan is based on the following basic factors:
Simplification and Handholding
Funding Support and Incentives
Industry-Academia Partnership and Incubation
Simplification and Handholding:-
- Faster Exit for Start-ups
- Relaxed Norms of Public Procurement for Start-ups
- Legal Support and Fast-tracking Patent Examination at Lower Costs
- Rolling out of Mobile App and Portal
- Start-up India Hub
- Compliance Regime based on Self-certification
Funding Support and Incentives:-
- Tax Exemption on Investments above Fair Market Value
- Tax Exemption to Start-ups for 3 years
- Credit Guarantee Fund for Start-ups
- Providing Funding Support through a Fund of Funds with a Corpus of INR 10,000 core
- Tax Exemption on Capital Gains
Industry-Academia Partnership and Incubation:-
- Launching of Innovation Focused Programs for Students
- Promoting Start-ups in the Biotechnology Sector Setting up of 7 New Research Parks Modelled on
- The Research Park Setup at IIT Madras
- Building Innovation Centres at National Institutes
- Harnessing Private Sector Expertise for Incubator Setup
- Launch of Atal Innovation Mission (AIM) with Self-Employment and Talent Utilization (SETU) Program
- Organizing Start-up Fests for Showcasing Innovation and Providing a Collaboration Platform
- Annual Incubator Grand Challenge
- From digital/ technology sector to a wide array of sectors including agriculture, manufacturing, social sector, healthcare, education, etc.; and
- From existing tier 1 city to tier 2 and tier 3 cities including semi-urban and rural areas.