What is PM Startup Scheme

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#Startupindia is the new trend in the world of startups, thanks to our honorable Prime Minister Shri Narendra Modi. On the January 16, 2016 the Prime Minister launched the Action Plan to facilitate startups in India, announcing a string of concessions and programs to encourage fledgling enterprises.

Prime Minister Narendra Modi unveiled the action plan in New Delhi's Vigyan Bhawan
Prime Minister Narendra Modi unveiled the action plan in New Delhi’s Vigyan Bhawan

Here is what the Startup Scheme has to offer to the emerging entrepreneurs:

  1. Tax exemptions for three years and concessions on capital gains tax.

  2. Compliance regime based on self-certification and no regulatory inspection for three years.

  3. A fund of Rs. 10,000 crore to back startups. Initially the corpus will be Rs. 2,500 crore. Also, a credit guarantee fund for startups.

  4. A Startup India hub – a single point of contact for interactions with the government.

  5. Atal Innovation Mission (AIM) for promotion of research and development including 500 tinkering labs, 35 public-private sector incubators, 31 innovation centres at national institutes, 7 new research parks, 5 new bio-clusters.

  6. 90 days for a startup to close down its business.

  7. 80 per cent reduction in patent filing fee and fast-track mechanism for startup patent applications. Also, a panel of legal facilitators for startups to file IP (patents, designs, trademarks) with costs borne by government.

  8. Relaxed norms of public-procurement for startups. No requirement of turnover or experience, but no relaxation in quality.

  9. 5 lakh schools and 10 lakh students to be involved in core innovation programmes. National and international startup festivals to provide visibility.

  10. A mobile app to be launched on April 1 making it possible to register startups in one day.

 

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Read Also: How to get funding from PM Modi’s startup scheme

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