Startup India Action Plan by India's PM Mr. Narendra Modi
Submitted by Navin Pathak on Tue, 01/19/2016 - 5:53am.
India's Prime Minister Mr. Narendra Modi launched startup India Action Plan on 16th January 2016.
The following are the keypoints of the startup India action plan for growth of startups in India.
- Compliance Regime based on Self-certification
- Startup India Hub – A single point of contact for the entire startup ecosystem
- Rolling out of a Mobile App & Portal – Starting a Startup in 24 hours on a Mobile App
- Fast track mechanism of Startup patent applications
- Relaxed Norms of Public Procurement for Startups
- Faster Exit for Startups
- Rs 10,000 crore Fund of Funds for funding support
- Credit Guarantee Fund for Startups
- Tax Exemption on Capital Gains
- Tax Exemption to Startups for 3 Years (for startups registering after April 1, 2016)
- Tax Exemption on Investment above Fair Market Value
- Organising Startup Fests for Showcasing Innovation and Providing a Collaboration Platform
- Launch of Atal Innovation Mission (AIM) with Self-Employment and Talent Utilisation (SETU) Program
- Harnessing Private Sector Expertise for Incubator Setup
- Building Innovation Centres at National Institutes
- Setting up of 7 New Research Parks Modeled on the Research Park Setup at IIT Madras
- Promoting Startups in the Biotechnology Sector
- Launching Innovation Focused Programs for Students
- Annual Incubator Grand Challenge