Start Up India Scheme

  • 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.

Startup 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.

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