'Startup India, Standup India' has been all over the news in print, electronic and social media since Saturday when India's esteemed Prime Minister, Narendra Modi, finally took the stage in Delhi to announce his government's action plan for the initiative he announced in his Independence Day address last year. For those who are still trying to comprehend what the buzz is all about, we at IndianWeb2.com have decided to come at your rescue by listing out the ten most important announcements made by PM Modi during the action plan launch.
1) Setting up of a Startup India hub -
In order to make the going easier for the new members of the business fraternity, the government plans to have a single point of contact for interactions with the government. This will help them in cutting down on their time and effort to get different document clearness from different departments and help them concentrate more on their product/ service.
2) Faster Exit/Shut-down
The action plan also includes 90 days for a startup to close down its business so as to provide them with the convenience of faster exits.3) Tax Exemption For First 3 Years -
In what could be called as a real good news for the startup industry, the Narendra Modi government has decided to provide three years of tax exemptions and concessions on capital gains tax for the new members. This move will help the startups maintain a high growth trajectory and also retaining some capital for further usage.4)Rs. 10,000 Crore Startup Fund, Again!
In an effort to encore more and more entrepreneurs to take the startup plunge, the action plan announcement also saw the PM announcing a fund of Rs 10,000 crore to back startups. Initially, the corpus will be Rs 2,500 crore. In addition to this, there is also a credit guarantee fund for the startups.5) Mobile App For Startup Registration -
Making it a much easier process to register a startup than it is now, the Modi government has promised to launch a mobile app on April 1 which make registering a startup a one day process.6) Relaxed norms of public-procurement -
According to the action plan, the Central and the State Government and the PSUs will exempt the manufacturing sector startups from its "prior experience/ turnover" criteria as long as they have their own manufacturing facility in the country. Further, they should have the requisite capabilities and should be able to fulfil all the requirements of the project.7)No Mandatory Inspections For First 3 Years -
To reduce the regulatory burden on startups, the government will introduce a compliance regime based on self-certification. Under this, there will be no regulatory inspection for the three initial years.8)Atal Innovation Mission
The action plan also mentions Atal Innovation Mission (AIM) whose main aim is to promote research and development which includes 500 tinkering labs, 35 public-private sector incubators, 31 innovation centres at national institutes, 7 new research parks and 5 new bio-clusters.9)Including Schools in Startup Program
In order to sow the entrepreneur seed from school itself, the action plan also mentions the government's plan to involve 5 lakh schools and 10 lakh school students in core innovation programmes. Further, to provide visibility to the young, talented brains, national and international startup festivals will also be organised.
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