Monday, August 19, 2019
Startup India
Startup India is an initiative launched by the Government of India on January 16, 2016, to foster entrepreneurship and promote innovation in the country. The initiative aims to create a conducive environment for startups to thrive, encourage job creation, and boost economic growth. Startup India is based on the three pillars of Simplification and Handholding, Funding Support, and Industry-Academia Partnership and Incubation.
Key Features and Components of Startup India:
1. Simplification and Handholding: Startup India focuses on simplifying the process of starting and operating a business in India. It includes a single-page startup registration form, reducing the time and complexity involved in setting up a new venture. The initiative also provides legal support and fast-track patent examination at reduced costs.
2. Funding Support: The government has established a fund with an initial corpus of ₹10,000 crores (Startup India Fund) to provide funding support to startups. Various financial incentives, including tax exemptions for the first three years, have been introduced to attract investors to startups.
3. Tax Exemptions: Startups in India are eligible for a three-year tax holiday on profits, provided they are recognized under the Startup India scheme and fulfill the criteria set by the government.
4. Innovation and Incubation: Startup India promotes the establishment of incubators and research parks to nurture innovation and entrepreneurship. It encourages public-private partnerships to create a robust ecosystem for startups.
5. Industry-Academia Partnership: The initiative emphasizes collaboration between industries and academic institutions. It encourages research and development activities, knowledge exchange, and skill development programs to bridge the gap between academia and industry.
6. Startup India Hub: The Startup India Hub serves as a single-point contact for all stakeholders in the startup ecosystem. Entrepreneurs can access various resources, support services, and information related to funding, mentorship, and networking through the Startup India Hub.
7. Women Entrepreneurship: Startup India promotes and supports women entrepreneurs by providing them with equal opportunities and access to resources. Special schemes and initiatives are introduced to encourage women-led startups.
8. State and Sector-Specific Policies: State governments are encouraged to formulate their startup policies to complement the central government's initiatives. Additionally, sector-specific policies and incentives are introduced to support startups in specific industries, such as technology, healthcare, and renewable energy.
Startup India has played a significant role in fostering innovation, entrepreneurship, and job creation in the country. It has encouraged a culture of entrepreneurship and provided vital support to startups, enabling them to thrive and contribute to India's economic growth.