Startup India is a campaign announced by honourable prime minister of india narendra modi last year focusing primarily on removing stumbling blocks such as licence raaj, land permission, environmental clearances, investment proposal &c as well as to moderate the role of states in policy making for start-ups and entrepreneurship. It is a perfectly planned government scheme to heighten the new start-ups and to whet the entrepreneurship in India.
Announced on August 15, 2015, start-up India aims at promoting bank financing to magnify the entrepreneurship which in turn would lead to jobs creation. Tabulated by department of industrial policy and promotion (DIPP) it has an annual turnover of approximately US$3.7 million i.e. about rupees 25 crores.
Some of the salient features of start-up India includes elimination of red tapism, reduction in patent registration free, freedom from tax in profits for three years, freedom from mystifying inspection for three years, freedom from capital gain tax for three years, starting with five lakhs schools to target ten lakhs children for innovation program, new schemes to protect IPR protection to start-ups and new firms, encouraging entrepreneurship, modified and more friendly bankruptcy code to ensure ninety day exit window, one thousand crores of funds, self certification compliance among many other lucrative characteristics for the enhancement of the entrepreneurship and start-ups in the country.
The human resource development ministry and department of science and technology have also agreed to partner in this government initiative to establish about seventy five start-up support hubs in the Indian Institutes of Information technology (IIIT’s), the Indian Institute of science education and research (IISER’s), national institute of pharmaceutical education and research (NIPER’s) and the national institutes of technologies (NIT’s).
With its inauguration event held on January 16, 2016 by the finance minister Arun Jaitley, it was attended by forty top chief executive officers (CEO’s) with startup investors and founders as special guests such as the CEO of WeWork, founder of Uber, founder of Snapdeal, Sachin Bansal, founder of flipkart, co-founder of review adda among many other big names of the industry.
The reserve bank of India has also declared that it will take measures to augment the ease of doing business in the country and will create an atmosphere which will be extremely propitious for the new entrepreneurs wishing to propel new start-ups. But this is not the only positive trait as headquartered in Japan, Soft Bank has also invested US$2 billion into Indian start-ups as well as has agreed for total investment of US$ 10 billion. As a greater part of this scheme, group of start-ups also conceded to a memorandum of acknowledgement with some well known colleges and will also install its centre in these campuses.
Among many such great campaigns, prime minister narendra modi also launched another very heartening scheme called standup India on April 5, 2016. It again is an effort by government to boost entrepreneurship but for women and SC and SC community. For supporting new entrepreneurs under this scheme, government offers bank loans between ten lakhs to one crore of rupees for women, scheduled casts and scheduled tribes for initiating new start-ups and not the one they have been traditionally associated with.