Startup India Action Plan

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The Government in its initiative to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities has announced an Action Plan that addresses all aspects of the Start-up ecosystem. The Action Plan is divided across the following areas (a) Simplification and Handholding (b) Funding Support and Incentives (c) Industry-Academia Partnership and Incubation

Brief features of Action plan rolled by GOI are as mentioned below:

  1. Compliance Regime based on Self-Certification is proposed to be introduced with the objective to reduce the regulatory burden on Startups thereby allowing them to focus on their core business and keep compliance cost low
  2. Startup India Hub is planned to be introduced with an objective to create a single point of contact for the entire Startup ecosystem and enable knowledge exchange and access to funding
  3. Rolling-out of Mobile App and Portal with an objective to serve as the single platform for Startups for interacting with Government and Regulatory Institutions for all business needs and information exchange among various stakeholders
  4. Legal Support and Fast-tracking Patent Examination at Lower Costs to promote awareness and adoption of IPRs by Startups and facilitate them in protecting and commercializing the IPRs by providing access to high quality Intellectual Property services and resources, including fast-track examination of patent applications and rebate in fees.
  5. Relaxed Norms of Public Procurement for Startups to provide an equal platform to Startups (in the manufacturing sector) vis-à-vis the experienced entrepreneurs/ companies in public procurement
  6. Faster Exit for Startups to make it easier for Startups to wind up operations
  7. Providing Funding Support through a Fund of Funds with a Corpus of INR 10,000 crore to provide funding support for development and
    growth of innovation driven enterprises
  8. Credit Guarantee Fund for Startups to catalyse enterpreneurship by providing credit to innovators accross all sections of society
  9. Tax Exemption on Capital Gains to persons who have invested such capital gains in the Fund of Funds recognized by the Government
  10. Tax Exemption to Startups for 3 years
  11. Tax Exemption on Investments above Fair Market Value
  12. Organizing Startup Fests for Showcasing Innovation and Providing a Collaboration Platform
  13. Launch of Atal Innovation Mission (AIM) with Self-Employment and Talent Utilization (SETU) Program to serve as a platform for promotion of world-class Innovation Hubs, Grand Challenges, Startup businesses and other self-employment activities, particularly in technology driven areas
  14. Harnessing Private Sector Expertise for Incubator Setup
  15. Building Innovation Centres at National Institutes to propel successful innovation through augmentation of incubation and R&D efforts
  16. Setting up of 7 New Research Parks modelled on the Research Park Setup at IIT Madras to propel successful innovation through incubation and joint R&D efforts between academia and industry
  17. Promoting Startups in the Biotechnology Sector to foster and facilitate bio-entrepreneurship
  18. Launching of Innovation Focused Programs for Students to foster a culture of innovation in the field of Science and Technology amongst students
  19. Annual Incubator Grand Challenge to support creation of successful world class incubators in India

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