Hide this You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Today's Most Read

Don't Miss: Here's Modi Government's Startup India Action Plan

Don't Miss: Here's Modi Government's Startup India Action Plan
Image credit: Startup India, Facebook
  • ---Shares
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

An Action Plan for Startup India to build a strong eco-system to nurture innovation and Startups in the country was launched on 16th January 2016. Minister of State (Independent Charge) in the Ministry of Commerce & Industry Nirmala Sitharaman informed Lok Sabha about the salient features of the scheme. Here’s a low down:

Simplification and Hand-holding

  • Simple Compliance Regime for startups based on Self-certification
  • Launch of Mobile app and Portal for compliance and information exchange
  • Startup India Hub to handhold startups during various phases of their development
  • Legal support  and fast-tracking patent examination at reduced costs
  • Relaxed norms of public procurement for startups
  • Faster exit for startups

Funding support and Incentives

  • Providing funding support through a Fund of Funds with a corpus of Rupees 10,000 crore
  • Credit guarantee fund for startups
  • Tax exemption on capital gains invested in Fund of Funds
  • Tax exemption to startups for 3 years

Industry-Academia Partnership and Incubation

  • Organizing Startup Fests to showcase innovations and providing  collaboration platforms
  • Launch of Atal Innovation Mission (AIM) with Self –Employment and Talent Utilization (SETU) Program of NITI Aayog
  • Harnessing private sector expertise for setting up incubators
  • Setting up of 7 new research parks modeled on the Research Park at IIT Madras
  • Launching of innovation focused programs for students.
  • Annual Incubator Grand Challenge to promote good practices among incubators.

Credit Guarantee Fund

The initiative provides for creating a credit guarantee fund for startups through National Guarantee Trust Company (NCGTC)/SIDBI with a Corpus of Rs.500 crore per year for the next four years.

With this  Action Plan the Government hopes to accelerate spreading of the startup movement:

From digital/technology sector to a wide array of sectors including agriculture, manufacturing, social sector, healthcare, education, etc; and

From existing tier 1 cities to tier 2 and tier 3 cities including semi-urban and rural areas.

The Action Plan envisages setting up of 7 New Research Parks modeled on the Research Park at IIT Madras at IITs in Guwahati, Hyderabad, Kanpur, Kharagpur, Bangalore, Gandhinagar and Delhi and setting-up/scaling-up of 18 Technology Business Incubators (TBI) at NITs/IITs/IIMs etc. as per the funding model of DST.

 
Edition: June 2017

Get the Magazine

Get the monthly dose of Entrepreneur delivered to you.
Subscribe Now
OK

This website uses cookies to allow us to see how our website and related online services are being used. By continuing to use this website, you consent to our cookie collection. More information about how we collect cookies is found here.