After 60 + years of independence, every citizen of India has got a new ray of hope in the field of business and in the field of employment. I have never seen such a scheme in my life, which brings a large number of businessmen and startup owners under one name that is Startup India. Startup India is a very supportive project for the people who want to become their own boss it will encourage skill development and employment opportunity along with the growth of small scale industries in India Let us glance on the key points that make this project unique and a milestone in the history of Indian economy.
Rs. 10000 crores funding for startups
Government plans to give Rs 10000 crore over the period of 4 years and it is going to be monitored by a private body which includes academic and industrial professionals and by Successful startups.
One step registration for startup
Gov will launch an app which enables the startup owners to register their start up within one day it’s a finest example of how the government is focusing on transparency in the administration. A Simplified regulatory regime based on self-certification, govt gives the option of self-certification which allows companies to self-certify them under 9 laws of labour and environment through the start-up mobile app.
No inspections will be conducted in the case of the labour laws for a period of three years. it makes the documentation process and judicial process for start-ups.
A fast track mechanism filing patent applications
Govt has taken steps to simplify the process of filling the application of patent and 80% rebate on patient trade mark and design.
A credit guarantee fund for startups
A credit guarantee mechanism will help startups raise debt funding through the formal banking system through National Credit Guarantee Trust Company (NCGTC)/SIDBI, which has an annual corpus of Rs. 500 crore for the next four years. And it will also encourage debt and loan recovering growth in the economy.
Govt has given tax exemption for 3 years for startup companies so that company can grow easily and to promote a good ambience for small business. It’s a remarkable step by the Indian government.
A Startup India Hub for collaboration
The Start-up India Hub will serve as a single point of contact for start-up ecosystem players, and will function in a hub and spoke model with central and state governments, Indian and foreign VCs, angel networks, banks, incubators, legal partners, consultants, universities and R&D institutions. The hub will assist start-ups in obtaining financing, and organise mentorship programmes to encourage knowledge exchange. It’s a very keen step to encourage and connect with state in the matter of start-up
Easy exit for start up
If startup is not success full they can exit within the period of 90 days or more
Atal Innovation Mission to encourage entrepreneurship and innovation
To establish labs related entrepreneurship and to encourage innovative business ideas in students. The government will identify and select ten incubators, evaluated on pre-defined Key Performance Indicators (KPIs) as having the potential to become world class, and give them Rs.10 crore each as financial assistance to ramp up their infrastructure.
Award for the innovative projects and funding for it.
The Government will give awards to the innovative products and give financial assistant to them.
Let us work hard to make India as a startup hub.
Akshat Hegde, Young writer from Sirsi.