Start up India was launched to build a strong ecosystem for nurturing innovation and startups in the country which will drive economic growth and generate large scale employment opportunities. Start Up India scheme shows government recognition of the potential of start ups. It tries to utilise India’s IT prowess and to converge it to develop entrepreneurship skill.
Basic feature of Startup India Scheme are as follows:
- Simple Compliance Regime for startups based on Self-certification
- Launch of Mobile app and Portal for compliance and information exchange
- Startup India Hub to handhold startups during various phases of their development.
- Legal support and fast-tracking patent examination at reduced costs
- Relaxed norms of public procurement for startups
- Faster exit for startups
- Providing funding support through a Fund of Funds at Small Industries Development Bank of India with a corpus of Rupees 10,000 crore
- Credit guarantee fund for startups through Small Industries Development Bank of India (SIDBI) with a Corpus of Rs.500 crore per year for the next four years
- Tax exemption on capital gains invested in Fund of Funds
- Tax exemption to startups for 3 years
India’s problem of unemployment can be solved by Self employment. Start up India is one of these kind of solutions.