On the 15th of August, 2015, during his address from the Red Fort, the Prime Minister announced an action plan. This was aimed at promoting entrepreneurship. Organized by the Department of Industrial Policy and Promotion, the aim of this is to get rid of the hindrances like land permissions, foreign investment proposals and environmental clearances.
Inaugurated by Finance Minister Arun Jaitley, the launch event saw almost 40 top CEO’s and startup founders and investors from Silicon Valley.
Below are some of the salient features of this program.
- Reduction of regulatory liabilities. Introduction of self-certification. The main objective is to remove the red-tape associated with starting a venture in India.
- There will be an all-India hub-a single point of contact for startup foundations in India. The main aim is to facilitate information and knowledge exchange between entrepreneurs and assess financial aid.
- An online portal (by way of a mobile app) will be launched, to help startup founders register. The app is scheduled to be launched on 1st April.
- A new and improved fast-track system for examination of patents at lower costs, is in the works. The awareness and adoption of Intellectual Property Rights, by the startup foundations shall be promoted.
- Multi-crore fund (10000 Cr) to be set up to support upcoming startup businesses. The LIC will play a major role in developing this capital base. The committee selected to manage this fund will consist of private professionals from the startup industry.
- Investments made by venture capitalists are exempt from the Capital Gains Tax. This opens up a new window of opportunities for startups and Venture Capital firms alike.
- Income tax rebate for 3 years, will allow the startup to grow steadily and achieve all its primary objectives.
- There are provisions being made for 35 new business incubators and 31 new innovation centers, at national institutes.
- The norms of public procurement and the rules of trading have been made simple to help the startups especially during their initial stages.
- A rebate of 80% of the total value will be provided to the entrepreneurs, provided they file patent applications.
The Start-up India, Stand-up India scheme is beneficial for entrepreneurs. In this new and improved business environment, it will be easier to carry out important operations. Startups require office space to work out of, which is where served offices are an ideal solution.
Gurgaon, has burgeoned in the last couple of decades, emerging as a hub for both startups and established enterprises. Those looking for serviced offices in Gurgaon will be pleasantly surprised at the vast number of options available, and the amenities offered by all of them.
The economic climate of the country has become conducive for those looking to venture out on their own. It is the ideal time to realise that long-harbored startup dream. In this favorable climate, the Government is doing everything it can to help startups get off the ground and turn into eventual business success stories.