The new policies and initiatives commissioned at the Start-up India Movement launched by Prime Minister Shri. Narendra Modi put forth massive propositions and hopes in the IT future of India. 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. The government is expected to earmark around Rs. 2,000 Crore for the initiative.
The initiative traces back to ‘Startup India, stand up India’ enterprise which was referred on the previous Independence day.
New incentives for start-ups include:
- Self-certification compliance
- No inspection for first 3 years
- No income tax on profits for first three years
- Mobile-app for start- up registration in one day
- Start-up India hub as single point contact
- Exemption from capital gains tax on personal property sold to invest in startup
- 80% rebate on patent filling fee
- Bankruptcy Bill 2015-90 days to exit business
- 500 tinkering labs
- 35 public-private incubators
- 31 innovation centres at national institutes
- Dedicated fund of Rs. 10,000 Crore to promote start ups
- Credit guarantee scheme for loans
- 5 new bio clusters and 7 new research parks
- Patent regime and IPR to be simplified
For more details, please check: http: http://www.startup-india.org/
