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Startup India Action-Plan
PMO Narendra Modi is making India Unstoppable for supporting the Start-up India Stand-up India. There are some Big Announcements by PMO will play obstacle removal role for promoting the development of India and to make entrepreneurs agree to invest in India.
On 16-January 2015 India put the action plan on floor and make startup India accelerate to make it the most powerful country in the world. As experts are saying, if India is keep moving with the same efforts then India may become the superpower in 2030.
US Intelligence is saying that the India will become the Rising Economic Power-house nearby 2030 and make china defeat in this term, as all know that China is having the fastest Growth Rate as now. As thinking about the future, the growth rate of India will rise and the growth rate of China will go down, the gap between the Growth rate is closed nearby 2030 and then India will have fastest GDP in all world.
History is going to change after the 5 months of launching the Startup India by PMO on Independence day, this time he brings the Action Plan on 16 January to support this plan and make entrepreneurs agree to invest in the India.
Here are the top points from Announcements by PMO on 16-January : -
1. Compliance regime based on self certification :- Burden of regulatory is now reduced or we can say just end. Now the startups are free for 3 years on Labour Law, there will be no Inspection. For Environmental Laws the 'White' category startups can self certify compliance's.
2. Simplifying the startup process : - Now Just fill a form on Mobile App or on Online Portal to setup your startup and let your company register in 1 day, Most simplified process is launching on 1st April,16.
3. Rs. 10,000 crore fund for startups : - Government will set-up a fund of 2500 crore at initial level and total of 10,000 crore to support startups over 4 years.
4. Credit Guarantee Fund for Startups : - Fund of Rs. 500 crore from the Formal Banking System SIDBI/NCGTC to encourage the experimental startups for 4 years IF failure of startup enterprise.
5. Exemption from Capital Gains Tax : - Incubators who invest capital gains in Funds of Funds venture of Government , will be Tax Exempted.
6. Tax Exemption for 3 years : - Startups will exempt from the Income-Tax for 3 years.
7. Legal Support and Assistance from Government Panel for Filing Patent Application : - Government will bear the complete fees of all the Patents & Trademarks of all startups in India and give them full legal support.
8. Protection of the Patent : - For the Protection, government is going to make IPR Policy more transparent and fast, for easy and quick approval and disposal.
9. Atal Innovation Mission : - For encouraging the Talent and new Ideas, Atal Innovation Mission will give a broad path.
10. A Startup India Hub : - The Startup India Hub is a panel for knowledge exchange and access to funding.
11. Startup Fests : - Plan to provide a platform for future entrepreneurs in India to make them globally famous world class incubators.
12. 35 new incubators in institutions : - For establishing new incubators, funding support of 40% (Maximum of 10 crore) by central government and 20% by private sector and 40% by respective state government.
13. Relaxed norms of public-procurement : - Startups in the manufacturing sector are exempt form the criteria of turnover as long as they have their own manufacturing facility in India, and able to fulfill the project requirements by Central, State Government and PSU's.
14. Faster exits for startups : - Wound-up period is 90 Days from the application of winding-up, as per insolvency and Bankruptcy Bill 2015.
15. Innovation focused programs for students : - An innovation core program is planed for kids to source 10 lakh innovations from 5 lakh schools, 100 would be shortlisted and showcased at Annual festival at Rashtrapati Bhawan.
Uchhattar Avishkar Yojana of 250 crore for IIT Students to encourage very high quality research.
NIDHI (Nidhi Initiative for Developing and Harnessing Innovations) shall be instituted through innovation and Entrepreneurship Development Centres (IEDCs) to support and award INR 10 lakhs to 20 student innovations.
16. The Annual Incubator : - Government will choose 10 incubators for world class performance as Predefined key performance indicators, and prize them Rs. 10 crore each to improve their infrastructure.
17. Setting up of 7 new research parks : - Government is planning to setup 7 research parks, 6 in IITs and 1 in IISc, with investment of 100 crore each.
18. Promote entrepreneurship in biotechnology : - Five new bio clusters, 50 new bio incubators, 150 technology transfer offices and 20 bio connect offices will be established.
These are the key points for startup India Action Plan, India is Becoming the power house in next few years. In the Action Plan PMO has planned all things to impress the investors and future entrepreneurs to invest in the new world of opportunity.
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