The Startup India, Stand up India campaign is an initiative introduced on 15th August 2015, by Mr.Narendra Modi to encourage entrepreneurship and startups in India, by providing them with necessary exemptions and incentives. Mr.Modi announced a 19-Point Action Plan, on 16th January 2016, to boost the Start up India, Stand up India campaign and provide a platform to encourage the growth of startups in India.
The following are the details of the Action Plan that has been devised to strengthen the startup base in India:
- Self Certification – This aims to reduce the burden of excessive regulations. Self-certification is applicable to laws related to Provident Fund Management, Gratuity, etc and aids in smooth functioning of the enterprises.
- Start-up India Hub – The All-India Start up India Hub will be like a contact-point for entrepreneurs, to exchange knowledge and access financial aid.
- Register through App – A mobile application will be developed, through which startup founders can easily register their company.
- Patent Protection – Through Patent Protection, promotion and adaptation of the Intellectual Property Rights by the startups will be promoted.
- 10, 000 crore Fund – The government will develop a fund of 10,000 crore, for supporting startup foundations. The development and management of the fund will be taken care of by higher government officials.
- National Credit Guarantee Trust Company – The National Credit Guarantee Trust Company (NCGTC) will be developed to provide easy funds to the startups.
- No Capital Gains Tax – Exemptions from Capital Gains Tax, for primary level startups will be implemented
- No Income Tax for Three years – Startups need not pay Income Tax for three years, to aid in their long term growth
- Tax Exemptions for Investment of Higher Value – Exemptions from paying tax, in case of large investments
- Atal Innovation Mission – The Atal Innovation Mission focuses in boosting innovation and encourages talent of young entrepreneurs.
- Building Entrepreneurs – Innovation-related study plans in over 5 lakh schools, to encourage entrepreneurship from early stages of education
- Setting up Incubators – Setting up more than 35 new incubators, to help startup companies develop by providing necessary services, like management training, etc.
- Research Parks –Research parks to be set up in premier educational institutes, to promote research and entrepreneurship among students
- Dedicated Programmes in School – Introduction of innovation-led programmes in more than 5 lakh schools
- Entrepreneurship in Biotechnology – Government to establish new biotech clusters, with bio-offices and bio-incubators
- Legal Support – Panel of experts to provide legal supports to all aspects of a startup enterprise
- Rebate – A rebate of more than 80% to be given to entrepreneurs in filing patent application
- Easy Rules – Simplified trading and procurement rules for startups
- Faster Exit – If a startup fails, the government will either find solutions for the same or facilitate an easy exit for them.
(Source of Information- Indiatoday.com)
The campaign is farsightedness of our government, to promote entrepreneurship and provide a platform for greater number of startups, which are key contributors to employment generation and wealth creation in India. Let’s hope that this initiative will provide an additional push to the wave of successful startups in India.
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