Startup India campaign is an action plan based for promoting bank financing for the startups in India. On August 15th 2015, and such a campaign was announced by the Indian Prime Minister Sh. Narendra Modi. Its main focus is to restrict role of states in policy domain and get rid of license policy. On January 16th 2016, an action plan for the small startups were revealed by PM Modi. He announced a self certification scheme in respect of 9th labour and environment laws. At the time of the first conference of start-up entrepreneurs, an action plan to actually boost such startups and businesses which could enhance inflow of wealth and a key to employment was announced by Prime Minister Modi.
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 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 business.
- Exception from capital gains tax on personal property sold to invest in 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 business of their choice with no capital gains tax for theirs new business. There are various schemes for women entrepreneurs as well in this campaign. The entrepreneurs are also happy about another thing i.e., incubation centers. Government in its Startup India policy has declared that it will bring sector-specific incubators for the small startups. This would basically enhance the startups with accurate and specialized knowledge specifically for the startups only. Tinkering labs will also help the entrepreneurs to change their company names and business also.
An advantage to the Startup India Campaign is that it has inclusions of really good schemes that can actually boost the growing entrepreneurs to establish a stable business for themselves as well as for others as well. The efforts of the Government are commendable and should be appreciated as the small entrepreneurs seem to be happy about the implementation of such a scheme. But only time will tell how much this policy is going to help them.
This article has been contributed by Himanshu Jain, CEO at LegalRaasta, an online portal for
GST Software, GST Return Filing
Launch Your Mobile App in 6 weeks. Learn More "Convert your Idea in to business".