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Modi Simplifying StartUp India To Create Business Ripple

Prime Minister Narendra Modi

 

Prime Minister Narendra Modi had announced the 'Startup India, Standup India' initiative in his Independence Day address last year. He launched his ambitious project ‘Startup India’, early this year to boost digital entrepreneurship at the grassroots level. This initiative aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive for growth of Start-ups. To know more Click Here

 

The objective is that India must become a nation of job creators instead of being a nation of job seekers. Fostering a fruitful culture of innovation in the country is a long and important journey. This initiative will go a significant way in reiterating Government of India’s commitment to making India the hub of innovation, design and Start-ups.

 

Watch Prime Minister Narendra Modi's speech at the India-US Start-Up Konnect 2015 in San Jose, California:

 

These are the 10 biggest points of StartUp India: 

 

  • Tax exemptions for three years and concessions on capital gains tax.
  • There will be national and int’l startup festivals to provide visibility.
  • 5 lakh schools and 10 lakh students to be involved in core innovation programmes.
  • A Startup India hub - a single point of contact for interactions with the government.
  • Modi Simplifying StartUp India To Create Business RippleA fund of Rs. 10,000 crore to back startups. Initially the corpus will be Rs. 2,500 crore. Also, a credit guarantee fund for startups.
  • Atal Innovation Mission to give an impetus to innovation and encourage the talent among the people.
  • A mobile app has been launched on April 1 making it possible to register startups in one day.
  • PPP model being considered for 35 new incubators; 31 innovation centres at national institutes and 7 research parks, 5 new bio-clusters.
  • Relaxed norms of public-procurement for startups. No requirement of turnover or experience, but no relaxation in quality.
  • There will be faster patent registration and protection for Intellectual Property rights, self-certification compliance by startups. 80 per cent rebate in patent costs and faster exits for startups. 90 days for a startup to close down its business.

 

 

 

 

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