Startup IndiaStandup India

HELLO!I am Mohit Kumar RaiI am here to provide you with brief information about recent ambitious Startup India Movement announced by PM of India.

Introduction

Prime Minister Narendra Modi has kicked off the ambitious Startup India

Movement. The government programme aims to fill

gaps in the economy for the growth and

development of startups and will aim to boost digital

entrepreneurship at the grassroots.

 "In India launching a startup is like Abhimanyu entering in to Chakravyuha"--

Economic Affairs Secretary Shaktikanta Das

On the last Independence Day, Prime Minister Narendra Modi had introduced the Start-up India, Stand Up India' initiative.

On January 16, Prime Minister Narendra Modi unveiled a 19-point action plan for start-up enterprises in India. 

Here are the 19 plans Modi has for start-ups:

1. Self certificationThe start-ups will adopt self-certification to reduce the regulatory liabilities. The self-certification will apply to laws including payment of gratuity, labour contract, provident fund management, water and air pollution acts.2. Start-up India hubAn all-India hub will be created as a single contact point for start-up foundations in India, which will help the entrepreneurs to exchange knowledge and access financial aid.

3. Register through appAn online portal, in the shape of a mobile application, will be launched to help start-up founders to easily register. The app is scheduled to be launched on April 1.4. Patent protectionA fast-track system for patent examination at lower costs is being conceptualised by the central government. The system will promote awareness and adoption of the Intellectual Property Rights (IPRs) by the start-up foundations.

5. Rs 10,000 crore fundThe government will develop a fund with an initial corpus of Rs 2,500 crore and a total corpus of Rs 10,000 crore over four years, to support upcoming start-up enterprises. The Life Insurance Corporation of India will play a major role in developing this corpus. A committee of private professionals selected from the start-up industry will manage the fund.

 6. National Credit Guarantee Trust CompanyA National Credit Guarantee Trust Company (NCGTC) is being conceptualised with a budget of Rs 500 crore per year for the next four years to support the flow of funds to start-ups.7. No Capital Gains TaxAt present, investments by venture capital funds are exempt from the Capital Gains Tax. The same policy is being implemented on primary-level investments in start-ups.

8. No Income Tax for three yearsStart-ups would not pay Income Tax for three years. This policy would revolutionise the pace with which start-ups would grow in the future.

9. Tax exemption for investments of higher valueIn case of an investment of higher value than the market price, it will be exempt from paying tax

10. Building entrepreneursInnovation-related study plans for students in over 5 lakh schools. Besides, there will also be an annual incubator grand challenge to develop world class incubators.

Big concep

t11.Atal Innovation MissionThe Atal Innovation Mission will be launched to boost innovation and encourage talented youths.12.Setting up incubatorsA private-public partnership model is being considered for 35 new incubators and 31 innovation centres at national institutes.

13. Research parksThe government plans to set up seven new research parks, including six in the Indian Institute of Technology campuses and one in the Indian Institute of Science campus, with an investment of Rs 100 crore each.14. Entrepreneurship in biotechnologyThe government will further establish five new biotech clusters, 50 new bio incubators, 150 technology transfer offices and 20 bio-connect offices in the country.15. Dedicated programmes in schoolsThe government will introduce innovation-related programems for students in over 5 lakh schools.

16. Legal supportA panel of facilitators will provide legal support and assistance in submitting patent applications and other official documents.17. RebateA rebate amount of 80 percent of the total value will be provided to the entrepreneurs on filing patent applications.18. Easy rulesNorms of public procurement and rules of trading have been simplified for the start-ups.

 Faster exitIf a start-up fails, the government will also assist the entrepreneurs to find suitable solutions for their problems. If they fail again, the government will provide an easy way out.

Who can avail ?

Other side of the coin

The idea of Start Up India and Stand Up India was not new and had in fact been announced several times in the past 20 months since Modi became prime minister.

First budget in July 2014, finance minister Arun Jaitley announced a Rs 10,000 crore "fund to act as a catalyst to attract private Capital by way of providing equity, quasi equity, soft loans and other risk capital for start-up companies".

 but nine months after this, Jaitley launched another scheme - India Aspiration Fund (IAF) that was established as a fund of funds under the Small Industries Development Bank of India (SIDBI). The official proclamation was this was done to energise the start-up environment in India. No explanation was given as to how this scheme, with an initial corpus of Rs 400 crore and later ramped up to Rs 2,000 crore, was different from the scheme announced in the budget speech.

India dream will be backed by just Rs 2,500 crore every year and that too for four years now. Anyone who knows figures well is aware that this sum amounts to barely a fraction of the total funds required for start-ups to become a big enough sector to be able to provide a significant share of jobs for the unemployed youth.

 "identification of businesses", it is stated the scheme is open for those projects that is "a new product or service or process; or a significantly improved existing product or service or process".

CONCLUSIONSo, start up India and Stand up India is scheme with new body with previously prevailing spirit under the care and nourish of our PM now. Which helped in getting required attention from the potential benefits seeker i.e new entrepreneurs producing unique non-existing product and services which may also add value to available products and services. Majorly this scheme focus on R&D and manufacturing of product etc. So, one must acquire all information about criteria before seeking the aid. Pioneer education intuition are power house with youth blood in making the success of the scheme and economical advance India in future making it profitable center for new innovation and thinking.