Government Initiatives, Startup India Initiative
Last updated on 28/12/2021 1 By indiafreenotesStartup India is an initiative of the Government of India. The campaign was first announced by Indian Prime Minister, Narendra Modi during his speech in 15 August 2015.
The action plan of this initiative is focussing on three areas:
- Simplification and Handholding.
- Funding Support and Incentives.
- Industry-Academia Partnership and Incubation.
Startup Ecosystem facilitated through various government departments & programs
- 4000+ Startups have benefitted in the last year through various programs of the Central Govt.
- 960 crore of funding has been enabled to Startups through various schemes
- 828 Cr sanctioned funds for infrastructure.
Tax Exemptions
- IT exemptions for 3 years
- Capital gains exemption to people investing such capital gains in the Govt. recognized Fund of Funds
- Tax exemption on investments above Fair Market Value.
Legal Support in Patent Filing
- Fast track of Startup Patent applications
- Panel of facilitators to assist in filing applications, govt. bears facilitation costs: 423 facilitators for patent & design, 596 for trademark applications
- 80% rebate in filing of patents: 377 startups benefitted.
Credit Guarantee Scheme for Start-Ups
- Corpus of ₹ 2,000 Cr across 3 years
- Collateral Free, Fund & Non-Fund Based Credit Support
- Loans of up to 5 Cr. per Startup to be covered
- Status: EFC Memo circulated on 22 March 2017 to 6 Dept’s
- Impact: Credit guarantee to benefit 7,500+ Startups in 3 years
Government’s role
Entrepreneurship is made above posts like organized and policy pillar, opportunity of capital and entrepreneurial civilization. In an emerging society such as India, the government should regulate entrepreneurship and encourage commercialization of bright plans by imitating the startup environment in the expanded states.
The Ministry of Human Resource Development and the Department of Science and Technology have agreed to partner in an initiative to set up over 75 such startup support hubs in the National Institutes of Technology (NITs), the Indian Institutes of Information Technology (IIITs), the Indian Institutes of Science Education and Research (IISERs) and National Institutes of Pharmaceutical Education and Research (NIPERs).
The Department for Promotion of Industry and Internal Trade (DPIIT) is mandated to coordinate implementation of Startup India initiative with other Government Departments. Apart from DPIIT, the initiatives under Startup India are driven primarily by five Government Departments viz. Department of Science and Technology (DST), Department of Bio-technology (DBT), Ministry of Human Resource Development (MHRD), Ministry of Labour and Employment, Ministry of Corporate Affairs (MCA) and NITI Aayog. Government of India has made fast paced efforts towards making the vision of Startup India initiative a reality. Substantial progress has been made under the Startup India initiative, which has stirred entrepreneurial spirit across the country.
The Reserve Bank of India said it will take steps to help improve the ‘ease of doing business’ in the country and contribute to an ecosystem that is conducive for the growth of start-up businesses.
Proactive action from state and central government is spurring growth and fostering the entrepreneurial culture in the country. The government initiatives and policies are creating a favourable environment for startups, enabling expansion of infrastructure, co-working spaces, incubators, accelerators and in certain cases access to funding and market.
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