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  • modiji Startup India Action Plan : A Treat for Young Entrepreneurs

    Startup India Action Plan : A Treat for Young Entrepreneurs


    All those young guns who want to make a mark in the world of business and represent India at the global platform with their multi-billion firms can now boost their startups or make a fresh start. Prime Minister Narendra Modi who initiated ‘Startup India, Standup India’ initiative in his Independence Day address last year unveiled the action plan for the startups in the country. Along with the clause of no inspection during first three years of the launch of the venture, the PM has announced self certification scheme in respect of nine labour and environment laws. This action plan is said to boost the fresh ventures and generate employment and wealth for the youngsters.

     If you are planning to set up a new ventures, it could be anything from a small boutique to a restaurant, an e-commerce portal or a manufacturing unit etc. This action plan is said to bring reduce the hard work and hassles that go into starting a new company. Technology will be used fully to list the details and the information given by the entrepreneurs. You don’t have to fill (paper) forms and run after babus to get your work done. Everything can be done online and on mobile apps, which will be launched by April 2016.

     Check out all the points, given by the Prime Minister in the Startup India action plan:

    Compliance Regime based on Self Certification : This will reduce the regulatory burden on startups. Self-certification will apply to everything from payment of gratuity to contract labour, employees provident fund to water, air and pollution acts.
    Startup India Hub : There will be a single point of contact for the entire setup ecosystem, so that the exchange of knowledge and access to funding is smooth and transparent.
    Simplifying the Startup Process : Every information, forms will be online. A new venture will be able to set up by just filling a form on mobile app and online portal. The mobile will enable people to registered the startups in a day, this app will be launched on April 1. There will also be a portal for clearances, approvals and registrations.

    Patent Protection : Yours is yours. Yes, the government is working on legal support for fast-tracking of patent examination in less amount. This step is expected to create awareness about Intellectual Property Rights (IPRs) by startups and help them protect and commercialise IPRs.
    Funds of Funds with a Corpus of Rs 10,000 Crore : In another four years, the government will set up a fund with a total corpus of Rs 10,000 crore and an initial corpus of Rs 2,500 crore. LIC is said to be the co-investor in the fund and this fund will be managed by the private professionals. The credit guarantee fund for start-ups would help flow of venture debt from the banking system to start-ups by standing guarantee against risks.
    Credit Guarantee Fund : In next four years a National Credit Guarantee Trust Company will be established with a budget of Rs 500 crore.

    Exemption from Capital Gains Tax : Right now, the investments by venture capital funds are exempt from this law. Now, it will be extended to investments made by incubators in startups.
    Tax Exemption for Startups : Startups will be exempted from income tax for first three years.
    Tax Exemption on Investments Above Fair Market Value
    Startup Fests : Innovation core programs for students will be held in 5 lakh schools. There will also be a annual grand challenge to create world class incubators.
    Launch of Atal Innovation Mission : This mission is started yo give an impetus to innovation and encourage new talent.
    35 New Incubators in Institutions : PPP model being considered for 35 new incubators, 31 innovation centres at national institutes.
    Setting Up of 7 New Research Parks : New research parks will be set up – six in IITs, one in IISc with an initial investment of Rs 100 crore each.
    Promote Entrepreneurship in Biotechnology : Five new bio clusters, 50 new bio incubators, 150 technology transfer offices and 20 bio connect offices will be established.
    Innovation Focused Programmes for Students : Innovation Core Programs for Students in 5 Lakh Schools.
    Panel of Facilitators to Provide Legal Support and Assist in Filing of Patent Application
    80 per cent Rebate on Filing Patent Applications by Startups
    Relaxed Norms of Public Procurement for Startups
    Faster Exits for Startups


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