In the previous article we covered some of the highlights from the launch of Startup India scheme till the first half of the event. In this article we will see some of the key announcements made by PM Modi and other highlights from his speech.
- Government will set up a fund with an initial corpus of Rs 2,500 crore and a total corpus of Rs 10,000 crore spread over a period of 4 years for innovative Startups.
- Tax exemption to Startups for first three years to promote growth.
- To enable startups to reduce costs in their early years,they will be provided an 80% rebate in filing patents .
- Startup India hub will be created which will be single-point of contact and hand-holding.
- Startups shall be allowed to self-certify compliance with labour and environment laws. No inspection will be conducted for three years.
- A mobile app and an online portal will be launched in April which will enable Startups to set up by just filling up a short form.
- IPR(Intellectual protection regime) to be made more transparent.
- To provide an equal platform to startups in relation to the experienced startups in public procurement.
- Provision for expediting the closure of businesses have been included in ‘The insolvency and Bankrupcy Bill 2015’.
- Startups will be exempted from Capital Gains Tax
- Profit of startups which are set up after April 1,2016 will be exempted from income-tax for a period of three years.
- Startup fests will be organized for showcasing innovation.
- Sector specific incubators will be established to promote entrepreneurship.
- 500 tinkering labs with 3D printers will be established in the universities
- 7 new research parks will be set up which will be modeled on the research park at IIT Madras – six of the research parks will be in IITs and one in IISc with an initial investment of Rs 100 crore each.
- Entrepreneurship in the field of biotechnology will be promoted through the establishment of Five new bio clusters, 150 technology transfer offices, 50 new bio incubators, and 20 bio connect offices.
- Innovation core program will be launched to specifically target school kids with an outreach to 10 lakh innovations from five lakh schools.
With the launch of ‘Startup India scheme’ the entrepreneurial journey in the country is expected to take a big leap. The launch of this scheme was a much needed initiative to foster the growth of MSMEs which will not only help in job creation but will ultimately play a big role in the growth story of India.