Prime Minister Narendra Modi has unveiled the ‘Start-up India, Stand-up India’ action plan in New Delhi to boost startup ventures in the country.
The main aim of action plan is to give impetus to innovation and encourage the talent among young people and remove onerous government regulations and red tape.
Key features Start-up India, Stand-up India action plan
- Start-up profits to be tax-free for 3 years and also no labour inspections for 3 years of launch of the venture.
- Compliance regime based on self-certification for labour and environmental laws. Easy exit policy for start-ups with 90 days.
- Tax exemption to be provided on capital gains if money is invested in another start up.
- Government to create Rs. 10,000 crore corpus fund for development and growth of innovation driven enterprises. It will be Rs. 2500 crore a year for four years
- Liberalised Fast-track mechanism for start-up patent applications under intellectual property rights protection with 80% cost rebate.
- Encouraging startups to participate in public procurement by easing norms of minimum turnover/experience.
- Mobile apps, portal for register start-ups in a day from 1st April 2016. Establishing Credit guarantee fund and special scheme for women entrepreneurs.
- Sector specific incubators 500 tinkering labs, per-incubation and seed funds under the Atal Innovation mission
- Public-private partnership (PPP) model for 35 new incubators, 7 new research parks, 31 innovation centres at national institutes and 5 new Bio clusters will be set up to help Biotech Sector.
- Government to start Atal Innovation Mission to give an impetus to innovation and encouraging talent among young people by instituting national awards.
- Government to promote the provision of core innovation programmes in 5 lakh schools across the country.