The Indian government is all set to overhaul and review the Startup India project in an effort to attract more applicants. 200 companies had applied to the Startup India initiative out of which 30 had been shortlisted last month. Among the 30 only one company, Hyderabad based Cygni Energy, had been selected as meeting the requirements of the initiative.
Given the low number of applicants the Department of Industrial Policy and Promotion (DIPP) has decided to review its strategy. As part of the upgraded strategy DIPP is to introduce a learning module to initiate startups in areas such as incorporation of a company, business models. The government will also address all application within one day and companies with incomplete documentation will be asked to provide the same. The inter-ministerial board will provide approval for those companies who wish to avail the benefits related to intellectual property rights and tax benefits.
A group of advocates will help startups in filing for patents and startups will no longer need a certificate of recognition from the government to access legal help for filing patents. After complaints by companies regarding high charges for recommendation letters the government has also planned to impose an end on them.
While these new changes in strategy will undoubtedly help in facilitating participation what remains to be seen is how effectively and efficiently they can be executed. If the government is successfully able to cut the red tape and simplify procedures it will definitely benefit and encourage startups in the country.