START-UP INDIA

The Start-up India scheme was launched by the GoI in January 2016 with a slogan, Start-up India and Stand-up India. The mission/scheme aims to build a strong ecosystem for nurturing innovation, driving sustainable economic growth and generating large-scale employment opportunities. Apart from the technology sector the start-up movement will extend to a wide array of other sectors including agriculture, manufacturing, healthcare and education.; and from existing tier 1 cities will extend to tier 2 and tier 3 cities including semi- urban and rural areas. The proposed action plan (Economic Survey 2015–16) for the firms is as given below:

• Creating a compliance regime based on self-certification to reduce the regulatory burden and keep compliance cost low.

• Setting up Start-up India hub to create a single point of contact for the entire Start-up ecosystem and enable knowledge exchange and access to funding.

• Rolling out of mobile app and portal to serve as the single platform for start-ups to interact with government and regulatory institutions and various stakeholders.

• Relaxed norms of public procurement.

• Legal support and fast-tracking of patent examination at lower costs to promote awareness of IPR (Intellectual Property Rights).

• Faster and easier exit norms.

• Providing funding support through a fund of funds with a corpus of Rs. 10,000 crore.

• Credit Guarantee Fund to catalyse entrepreneurship.

• Tax exemption on capital gains

• Income Tax exemption for three years

• Launch of AIM (Atal Innovation Mission) with the SETU (Self- Employment and Talent Utilisation) programme to serve as a platform for promotion of world-class innovation hubs, start-up businesses and other self-employment activities, particularly in technology-driven areas.

• Building innovation centres at national institutes to propel successful innovation through augmentation of incubation and R&D efforts.

• Setting up of 7 new research parks (modelled on the research park at IIT Madras).

• Promoting start-ups in the biotechnology sector.

• Launching of innovation-focused programmes for students to foster a

culture of innovation in the field of science and technology

Start-up India will turn Indian youths from job seekers into job creators. It will encourage entrepreneurship, innovation and creation of revolutionary new products in India, that will be used by people around the world. The initiative aspires to give India wings to fly above the sky.