Startup India campaign is an action plan based on promoting bank financing for the startups in India. On August 15th, 2015, Indian Prime Minister Sh. Narendra Modi announced the campaign. Its main focus is to restrict the role of states in policy domain and get rid of license policy. On January 16th, 2016, PM Modi revealed the action plan for startups in the country. He announced a self-certification scheme in respect of 9th labor and environment laws. At the time of the first conference of start-up entrepreneurs, Prime Minister Modi announced an action plan to boost such businesses which can be seen as key to employment and wealth creation.
Here are the main takeaways from the Modi’s startup campaign
- Self Certification Compliance
- No Inspection for first 3 years
- No Income Tax on profit for first 3 years.
- Mobile App for Startup Registration in one day.
- Startup India hub as a single point contact.
- 500 tinkering labs
- 35 public-private incubators.
- 31 innovation centers at a national institute.
- Dedicate fund of INR 100000000000 to promote startups.
- Credit guarantee scheme for loans.
- 5 new bio-clusters and 7 new research parks.
- Patent regime and IPR to be simplified.
- 80% rebate on patent filing fee.
- Bankruptcy Bill-2015, 90 days to exit the business.
- Exception from capital gains tax on personal property sold to invest in a startup.
The whole startup India campaign is planned to give opportunities to the youth of our country. This initiative is to encourage the young entrepreneurs to get involved in the entrepreneurship for the better future of them as well as the country. After the launch of Startup India campaign, it has become easy for the entrepreneurs to run the business of their choice with no capital gains tax for their new business. There are some special schemes for woman entrepreneurs in this campaign. Another thing which has made the entrepreneurs happy are the incubation centers. The government in its Startup India policy has declared that it will bring sector-specific incubators for the small startups. This will enable startups to incubate more accurately with sector specific knowledge.Tinkering labs will also help the entrepreneurs to change their company names and business also.
All we can say that Startup India campaign has some very good schemes that can the emerging entrepreneurs to establish a good business for themselves and for the humanity also.Government’s effort is sounding good to every entrepreneur as they are accepting this scheme with a big smile on their faces but the time will tell how much this policy is going to help them.
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