No mare promises and lectures, this man, Narendra Modi believes in action. Our present PM launched the “Start Up India” campaign with some innovative and actionable policies to smooth the roads for the venture capitalists and budding entrepreneurs to make a drastic change in the field of business, finance and employment in New India.
For fulfilling the dream of Start Up India campaign, Team Narendra modi have reformed some policies and made some vital announcements in the conference:
10 Vital Announcement for Start Up India Campaign Action Plan:
1. Rs. 10,000 crore fund for Start ups
The government promises to raise a fund with an initial corpus of Rs. 2,500 crore and a total of Rs. 10,000 crore over a period of four years, managed and maintained by a private body comprises of professionals from private ventures, academics and successful start ups. The fund will invest in sectors such as agriculture, manufacturing, health, & education and also participate in SEBI registered venture funds.
2. Single point Registration for Start ups
Government will launch a mobile app & portal on April 01 to make the registration process of the new businesses and start ups simple and fast. With this app, a new business will be able to enlist them with in a single day.
To minimize the regulatory compliance, the govt will allow the start ups to self certify labor laws, payment of gratuity, employees provident fund, water and air pollution acts.
4. Patent Protection
Government will introduce a scheme under which the patent filing will be much easier and fast compared to the earlier process which took more than a month for approval. The patent fees will also be reduced by 80% to meet the same purpose.
5. Faster Exit Plan
Till date no exit plan for the start ups in India. As a part of this campaign, a faster and easy exit plan will be introduced so that owners can shift from one business plan to another quickly.
6. Tax Exemption
The start ups will enjoy income tax exemption for three years. Venture capitalists and also the incubators for start ups will enjoy exemption on Capital Gains Tax.
7. Credit Guarantee Fund
A National Credit Guarantee Trust Company is being engaged with a budgetary allocation of Rs 500 crore per year for the next 10 years.
8. Atal Innovation Mission
Atal Innovation Mission started to give an impetus to innovation and encourage the talent among the youth of India.
9. Entrepreneurship in Biotechnology
As a part of the campaign, five new bio clusters, 50 new bio incubators, 150 technology transfer offices and 20 bio connect offices will be set up in near future.
10. Establishment of 7 new Research Parks
Government shall set up 7 new research parks – six will be in IITs, one in IISc with an investment of Rs 100 crore each.