BANGALORE: The much awaited ‘Startup India’ was finally launched by Prime Minister Narendra Modi on January 16 to enhance and promote entrepreneurship in the digital age. The policy of the Startup India was unveiled amidst palpable excitement to bring recognition to startups as the new channel for creating wealth as well as jobs in the economy.

Modi unveiled many features and slew of incentives to boost the startup ventures in India. The exemption for the first 3 years on profits was one of the major announcements made that day.

Here are 12 major announcements of Modi’s Startup India Action Plan, reports NDTV.

A fund of 10,000 Cr for startup promotion

2,500 Cr fund will be set up by the government to promote entrepreneurship and growth of startups. A total sum of 10, 000 Cr over the period of 4 years will be solely dedicated to the startup sector. The private professionals from industry bodies, academia, and successful startups will take charge of the fund. The fund will focus on the areas like manufacturing, agriculture, health, and education.

Mobile app for startup registration

A mobile app will be rolled out on April 1 where startup can register their companies in just 1 day. This app will also act as a single point of contact for approvals and registrations, clearances and platform to apply for schemes under this Action Plan.

Self-certification Compliance

The Action Plan for Indian startups will include no inspection for 3 years of the ventures in regards to labor, environment law compliance post self-certification using the mobile application. 

Faster Patent Registration

The patent costs will be reduced by 80 percent and will also have faster exits. In addition to this government will also take care of cost of trademarks and protection of its intellectual property and designs for a startup.

Credit Guarantee Scheme

National Credit Guarantee Trust Company will now offer help startups in raising debt funding to which the government has dedicated a sum of 500 Cr for the period of next 4 years.

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