Prime Minister Narendra Modi has unveiled the Start-up India, Stand-up India action plan in New Delhi to boost startup ventures in the country
- Start-up profits to be tax-free for 3 years and also no labour inspections for 3 years of launch of the venture.
- Compliance regime based on self-certification for labour and environmental laws.
- Easy exit policy for start-ups with 90 days.
- Tax exemption to be provided on capital gains if money is invested in another start up.
- Government to create Rs. 10,000 crore corpus fund for development and growth of innovation driven enterprises. It will be Rs. 2500 crore a year for four years.
- Liberalized Fast-track mechanism for start-up patent applications under intellectual property rights protection with 80% cost rebate.
- Encouraging startups to participate in public procurement by easing norms of minimum turnover/experience. Mobile apps, portal for register start-ups in a day from 1st April 2016.
- Establishing Credit guarantee fund and special scheme for women entrepreneurs.
- Sector specific incubators 500 tinkering labs, per-incubation and seed funds under the Atal Innovation mission
- Public-private partnership (PPP) model for 35 new incubators, 7 new research parks, 31 innovation centres at national institutes and 5 new Bio clusters will be set up to help Biotech Sector.
- Government to start Atal Innovation Mission to give an impetus to innovation and encouraging talent among young people by instituting national awards.
- Government to promote the provision of core innovation programes in 5 lakh schools across the country.
SOME OF THE PRESENT PROBLEMS OF THE STARTUPS IN INDIA —
WHAT ARE START UPS ?
Startup company or startup or start-up is an entrepreneurial venture or a new business in the form of a company a partnership or temporary organization with an aim to seek profit in long term.
HOW DOES START UP DEVELOPS ?
These companies, generally newly created, are innovative in a process of development, validation and research for target market . The term became internationally widespread during the dotcom bubble when a great number of dot com companies were founded. Because of this history, startups are often assumed to be solely technology-based companies, but this is not necessarily true: the essence of startups is generally related to the concepts of ambition, innovation, scalability, and growth.