Prime Minister of India, Mr. Narendra Modi has introduced Startup India, Standup India initiative, to encourage entrepreneurs in India.
PM Modi has introduced an action plan with 19 points for start-up enterprises in India.
What is Startup India, Stand up India?
In Vigyan Bhawan auditorium, PM Modi introduced the action plan of Start-up India. Here are few things that you should know
To reduce regulatory liabilities, start-ups are allowed to self-certify compliance with labour and environment laws. No inspection will be done for 3 years for labour laws. For environment law, “white” category starts-up would be allowed to self-certify.
Make things easier for start-up process
Start-up agencies have to fill out a short form via mobile app and submit an application through an online portal, which is likely to go live in April.
Indian government will make it easier to protect patents and their hard work.
Start-up India hub
A single-point of contact and hand-holding for start-up agencies
Rs 10,000 crore fund
Indian government will set up a fund to provide funding support for development and growth of innovation driven enterprises, with an initial corpus of Rs 2,500 crore and a total corpus of Rs 10,000 crore over a period of 4 years.
No Capital Gains Tax
Currently, investments by venture capital funds are exempt from the Capital Gains Tax. The same policy is being implemented on primary-level investments in start-ups.
No Income Tax for three Years
Start-ups are not liable for any income tax for first three year, to motivate more and more start-ups.
Atal Innovation Mission
To boost innovation and encourage talented youngsters. Launch of Grand Innovation Challenge Awards for finding low cost solution to India’s pressing and intractable problems
Setting up 35 new incubators
Central government will provide 40% funding, while 40% funding will be done by state government and 20% funding will be done with partnership from private sector.
7 New Research Parks
Six Research park will be located in IITs and 1 park will be help in Indian institute of Science with the investment of Rs 100 Cr.
Entrepreneurship in Biotechnology
Five new bio clusters, 50 new bio incubators, 150 technology transfer offices and 20 bioconnect offices will be established.
Innovation for Students
National Initiative for Developing and Harnessing Innovations to support and award Rs 10 lakhs to 20 student innovations from Innovation and Entrepreneurship Development Centres.
PM Modi discussed “Startup India” in his regular even “Mann ki Baat”