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- It aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive for growth of Start-ups.
- According to the scheme, an entity headquartered in India shall be considered as a Startup up to 10 years from the date of its incorporation/ registration.
- The annual turnover should also not exceed INR 100 crore in any preceding financial year and Entity should not have been formed by splitting up or reconstructing a business already in existence.
- It provides –
- Simple Compliance Regime for startups based on Self-certification.
- Single window clearance based on mobile App.
- Startup India Hub to handhold startups during various phases of their development
- Legal support and fast-track patent examination by reducing 80% of the patent cost.
- Faster exit for startups through modified new bankruptcy code ensuring 90 days exit window.
- Credit Guarantee Fund for startups through Small Industries Development Bank of India (SIDBI).
- Providing funding support through a Fund of Funds with a corpus of Rupees 10,000 crore
- Tax exemption on capital gains invested in Fund of Funds.
- Tax exemption to startups for 3 years.
- Exemption from labour inspection for 3 years.
- Launch of innovation hub through Atal Innovation Mission (AIM) with Self –Employment and Talent Utilization (SETU) Program of NITI Aayog
- Harnessing private sector expertise for setting up incubators.
- No letter of recommendation from an incubator/industry association shall be required for either recognition or tax benefits.
- The initiative is also aimed at promoting entrepreneurship among SCs/STs, women communities.
- Rural India’s version of Startup India was named the Deen Dayal Upadhyay Swaniyojan Yojana, which is developed by rural development ministry backed by MUDRA loans.
- The Swaniyojan Yojana will be funded by the existing National Rural Livelihood Mission of the rural development ministry.
Academia Alliance Programme
- Startup India has recently launched the Startup Academia Alliance programme.
- It is a unique mentorship opportunity between academic scholars and startups working in similar domains.
- It aims to reduce the gap between scientific research and its industrial applications in order to increase the efficacy and impact of these technologies.
- The first phase of the programme was launched in partnership with Regional Centre for Biotechnology and TERI.