The Government of India has taken several initiatives and policy measures to promote the culture of innovation and entrepreneurship in the country. Job creation is the biggest challenge facing India. With a significant and unique demographic advantage, India has immense potential to innovate, generate jobs, and generate jobs for the benefit of nations and the world.
In recent years, a wide spectrum of opportunities has been created by the Government of India to nurture new programs and innovation in many areas. Connecting with education, industry, investors, small and large entrepreneurs, non-governmental organizations for the lowest sections of society.
Recognizing the importance of women entrepreneurship and economic participation to enable the growth and prosperity of the country, the Government of India has ensured that all policy initiatives are geared towards enabling equal opportunity for women. The government wants to bring women to the forefront of India's entrepreneurial ecosystem by providing access to credit, networks, markets, and training.
Many benefits are being offered to entrepreneurs setting up startups to boost growth and help the Indian economy.
The Government of India has launched a mobile app and a website for easy registration for startups. Anyone interested in setting up a startup can fill a simple form on the website and upload some documents. The entire process is completely online.
The government also provides a list of facilitators of patents and trademarks. They will provide high-quality intellectual property rights services, including a faster examination of patents at lower fees. The government will bear all the facility fees and the startup will bear only the statutory fees. They will enjoy an 80% reduction in patent filing costs.
Easy access to funds
A fund of Rs 10,000 crore has been set up by the government to provide funds to startups in the form of venture capital. The government is also giving guarantees to lenders to encourage banks and other financial institutions to provide venture capital.
Tax holiday for 3 years
Startups will be exempted from income tax for 3 years, provided they get certification from the Inter-Ministerial Board (IMB).
Apply for tenders
Startups can apply for government tenders. They are exempted from the "prior experience/turnover" criteria applicable to general companies responding to government tenders.
Seven new research parks to be set up to facilitate startups in the R&D area
No time-consuming compliance
Many compliances for startups have been simplified to save time and money. Startups will be allowed to self-certify compliance (via the Startup Mobile App) with 9 labor and 3 environmental laws (for a list of white industries that are eligible under self-compliance - click here).
Tax saving for investors
Those who invest their capital gains in the venture fund set up by the government will be exempt from capital gains. This will help startups attract more investors.
Choose your investor
Following this scheme, startups will have the option to choose between VCs, giving them the freedom to choose their investors.
In case of exit - a startup can close its business within 90 days from the date of closing application
Meet other entrepreneurs
The government proposes to hold 2 Startup Fests annually nationally and internationally to cater to various stakeholders of a startup. This will provide great networking opportunities.