PM Narendra Modi addressed the ‘Startup India’ scheme and spelt out the key features of government’s action plan to encourage entrepreneurship in the country. Here are the key announcements made by PM Modi:
A dedicated fund of Rs 10,000 crore will be created for funding of startups.
Startups will be exempted from paying income tax on their income for the first 3 years.
Capital gains tax to be exempted for venture capital investments.
Startups can now exit within 90 days.
Eighty per cent reduction in patent fee announced for startup businesses.
Startups in manufacturing sector shall be exempted from criteria of ‘prior experience and turnover’.
Self-certification based compliance system in respect of 9 labour and environment laws introduced for startup business
Sector-specific incubators, 500 tinkering labs will be set up under Atal Innovation Scheme.
Atal Innovation Mission will be founded to give impetus to innovation and encourage talent among the youth.
Credit guarantee scheme will be introduced for startups. Funds worth Rs 500 crores will be given every year.