Prime Minister Narendra Modi launched ambitious Startup India initiative with an action plan. The schemes under the program are going to benefit many entrepreneurs in the country. The government promised more liberal environment for the growth of startups along with tax breaks. The action plan has following revolutionary policies which will change many things for startup ecosystem in the country.
The government is going to start a fund of Rs. 10,000 crores in next four years. As of now, the fund will start functioning with the corpus of Rs. 2,500 crores. An independent board will govern these funds and its members will be selected from the private sector. The focus will be on the funding of education, health, agriculture and manufacturing related startups.
Single window registration
This was much awaited decision which will reduce the time to formalize a company. The registration of startup can be done via a smartphone app now. The portal will be handling approvals, clearances and other permissions for companies as well. All schemes of Startup India Action Plans will be accessible through the app.
Self-governed regulatory environment
The need for government intervention and legal framework at every step is gone now. For first three years of startup, no labor inspections will be conducted. The startups can self-certify themselves by following prescribed environmental and labor laws by the government.
Addressing the problem of intellectual property
The government is taking a step ahead to protect the intellectual property now. The center is expected to pay for patent, design and trademarks of any startup.
To retain the capital within the startup for its growth, the government will make it income tax free for first three years. The rules and regulations about this particular scheme have been given on the website.
The Startup India action plan by Narendra Modi is just another way to push the Make in India, government’s flagship campaign to promote manufacturing in the country.