Narendra Modi announces ‘Startup India’ action plans; See Key Highlights
Today, India’s prime minister Narendra Modi announced plans for ‘Startup India’.Startup India was announced at an event in Delhi organized by Department of Industrial Policy and Promotion (DIPP). All Entrepreneurs were expecting too much things and finally we got action plans for startups.
Startup India action plans were decided based on recommendations by industry bodies including iSpirt, Nasscom, Ficci and TiE and few successful entrepreneurs and venture capitalists. It aims to promote and nurse entrepreneurship in the country.
Key Highlights of the Startup India plan:
- No regulatory inspections for first three years of a startup and no tax on profits for 3 Years
- Startup India hub will be a single point of contact with government.
- Patent policies and IPR will be simplified. 80% reduction on patent application and fast track mechanism for patent applications.
- 90 days for startups to close its business.
- A dedicated fund of worth Rs. 10000 cr will be set up for startup.
- Self-certification based compliance.
- Credit Guarantee Scheme for loans will be given.
- New policies also helps women Entrepreneurs
- Sector specific incubators will be introduced to help startups. 5 new clusters and 50 incubators will be set up for biotech sector,
- Mobile application will be launched on April 1 for registration of startups in just 1 day.
You can read the full action plan in document added below.