PM hits the sweet spot, promises to make life easier for start-ups, and offer handholding
Much has been going on in the start-up scene in our country; panel discussions, conferences, seminars, debates and what not! And so you might rightly wonder, ‘What’s different about today? And how will this make any difference to me as an entrepreneur?‘
After watching a live telecast of our PM’s StartUp India – StandUp India speech at Inspiria Knowledge Campus, Matigara, I feel there’s a huge wave of change that’s going to usher the startup scene in our country.
It is for the first time, in my opinion, that our Government has actively stepped into the start-up scene in India, and they were very loud and clear about their intentions. Several concrete and ground level measures were announced, which I would like to put down here
Gist of the Government’s Startup Action Plan
Big Money – Funding schemes and reducing monetary burdens
- Launch of ‘fund of funds’ – INR 10,000 Crores to be infused in start-up funding across 4 years
- INR 500 Crores / year provisioned for Credit guarantee schemes for start-ups
- *watch-out* 3 years tax exemption for start-ups registered after April 1, 2016
- No tax on capital gains arising from funds availed through ‘fund of funds’
- *big-one in my opinion* No tax on capital gains from sale of property if the proceeds are invested in your own start-up
Enablers for a better start-up ecosystem
- Launch of a mobile based application which will help startups get registered within 24 hours.
- A startup hub portal, that will hand-holding and mentoring to startups from all parts of India.
- Launch of Atal Incubation Mission (Multiple incubation centres across India, National awards for promising start-ups)
- Research parks and Tinkering Labs to promote research and product driven start-ups
- Special impetus and schemes for the bio-technology sector
- Core Innovation Programs for School Kids, aimed at nurturing 10 lakh students across 5 lakh school across the country
PM Says – “We won’t come in your way!”
(In the PMs words, ’70 saal se humne i.e. Government ne bahut kuch kiya. Ab kuch nahi karke dekhte hai, fir hi aap aage badhioge’)
- Allowing self-certification to start-ups with regards to environmental and other statutory compliances
- No labour law related inspection for 3 years
- In public procurement tenders, ‘prior experience’ requirement will be relaxed to allow start-ups to compete
Promoting Innovation and IPRs among Indian start-ups
- Fast-tracking patent registration scheme for IPR registrations
- 80% rebate in patent filing expenses
What to Expect?
We all know the ‘padosi ka beta‘ story. There has always been that over-studious / topper ‘padosi ka beta’ who’s achievements have made your life miserable.
Well, Beware! The future’s changing. Now, there will those ‘padosi ka college dropout beta’ who started-up and got funded to glory. To hell with your marksheet, it’s your funding numbers that are going to matter soon.
So, Start-up India, Stand-up India! *appluaise*