Startup India – Standup India 2024: Complete Details, India being called as the worlds one of the fastest-growing economies is going through a perfect time for transforming the ideas of potential entrepreneurs into successful business ventures. Having an abundant market to reach India has the fastest emerging startup ecosystem in the world. To boost the idea of the setting new startups and creating immense employment opportunities followed by development the Indian Government has all set to announce its startup action plan.
This article has all the important information about the new policies and initiatives of the government to support the investors and aspiring entrepreneurs of the country.
In the presence of the founders of life changing startups like Vijay Shekhar Sharma (Paytm), Nikesh arora (CEO-Soft Bank), flipkart’s Sachin Bansal, snapdeals’s Kunal Bahl and many other eminent personalities of the business fraternity, Prime minister Narendra Modi accompanied by his ministers Arun Jaitely and Nirmala sitaraman unveiled the following plants in the event.
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Startup India – Standup India
1. Startup India hub :
Government will soon set an all India startup hub to support the startups in the country. Founders of the new startups can access all the information related to financial aid, legal regulatory framework from this hub. It also acts as platform for sharing entrepreneurial spirit.
2. Self-certification system towards a simplified hassle free regulatory regime:
This would allow the startups to declare themselves to be adhering to all legal and regulatory frameworks put forth on them by various acts of the country. Example: labour laws, pollution management etc.,
3. Single point of registration :
An online portal followed by Mobile application will be launched to enable the startups to register and start getting the benefits of this plan. This would probably be available from April 2017. This would serve as a single point of contact for clearances, approvals and registrations. Entrepreneurs who wish to start their ventures under this scheme can get all the needed assistance in this platform.
4. Special benefits for the first 3 years:
Startups founded under this scheme will be free from the inspection for the first 3 years. And they would be exempted from income tax for 3 years. Capital gains invested in SEBI registered startups will be exempted from the tax which will make it available to procure needed funds by way of venture capital and public funding.
5. Fast track mechanism for granting Patents:
With a mind-blowing subsidy of up to 80% of the cost for obtaining an intellectual property rights bearing by the government this scheme will boost the creation and protection of patent rights by various aspiring entrepreneurs.
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6. Easy way to exit:
Not every startup that sets up its operations will succeed. In case of any severe losses to sustain, one can go for winding up his business in order to mitigate the huge possible losses that may occur. This scheme facilitates for very easy way to exit.
7. Annual Incubators – Huge financial aid:
Government will soon announce the performance indicators to pick 10 startups every year under this scheme to assist them with a huge amount of 10 Crores each to develop their infrastructure and meet capital requirements.
8. Government’s corpus:
Starting with an initial contribution of Rs 2500 crores Government of India will form a corpus fund of Rs 10,000 crores over the years to invest in the ventures registered with SEBI. This will be managed by a board of panel having members appointed from top companies, successful startups and great academicians.
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