The Government of India is putting its best foot forward to promote India as a congenial investment destination for start-ups. About 72% start-up founders are less than 35 years in age, and India is the youngest start-up nation in the world. Nearly 4,200 start-ups enable India to become the 3rd largest start-up base worldwide. To propagate the start-up action plan on global and domestic levels, announcements will be made on media platforms-Print media, social media, online media and broadcast media. The proliferation will help India attract investors and entrepreneurs.
“There shall be no district, no block left in India where there are no start-ups”, a statement by Narendra Modi in his speech. The PM had also stated that the government will fund an amount of Rs. 10,000 crore for the start-ups within a period of 4 years, initially, Rs. 2500 crores. Tax exemption and inspector raj free regime for 3 years will be implemented. The start-ups will be self-certified by the entrepreneur and free from any government regulations for 3 years.
Overcoming the latency of failure is the biggest leap to success; therefore, entrepreneurs are free to exit the start-up within 90 working days if they fail to anticipate success. The govt. will also provide 80% reduction in patent fee for the start-ups. A mobile app to register a start-up within a day will be introduced on April 1, 2016 to enable fast-track patent mechanism by just filling up a precise e-form through the app. The profits acquired by the startup will be exempted from income tax for a period of, again, 3 years. For school students, innovation based programs will be practiced in schools to channelize their abilities and provide them right direction.
The entire ideology behind the campaign is to build an ecosystem of start-ups in India, a full –fledged start-up hub. This will gradually provide employment opportunities and a platform for budding entrepreneurs to accentuate their creativity and innovation that will take India forward and upward. The Department of Industrial Policy and Promotion (DIPP) is aiming to set up interactive portals for start-ups that will eventually formulate Foreign Direct Investment in the Indian Economy.
