19 Key Points of Modi’s Startup India Action Plan

Following a witty and encouraging session on India’s growing entrepreneurial spirit, Prime Minister Narendra Modi finally unveiled the much awaited ‘Startup Action Plan’, an initiative taken by the Government of India to support the spurring startup ecosystem of the country.

Highlights of the Plan-

  1. Compliance Regime based on Self-certification
  2. Startup India Hub – A single point of contact for the entire startup ecosystem
  3. Rolling out of a Mobile App & Portal – Starting a Startup in 1 day on a Mobile App
  4. Fast track mechanism of Startup patent applications
  5. Relaxed Norms of Public Procurement for Startups
  6. Faster Exit for Startups
  7. Rs 10,000 crore Fund of Funds for funding support
  8. Credit Guarantee Fund for Startups
  9. Tax Exemption on Capital Gains
  10. Tax Exemption to Startups for 3 Years (for startups registering after April 1, 2016)
  11. Tax Exemption on Investment above Fair Market Value
  12. Organising Startup Fests for Showcasing Innovation and Providing a Collaboration Platform
  13. Launch of Atal Innovation Mission (AIM) with Self-Employment and Talent Utilisation (SETU) Program
  14. Harnessing Private Sector Expertise for Incubator Setup
  15. Building Innovation Centres at National Institutes
  16. Setting up of 7 New Research Parks Modeled on the Research Park Setup at IIT Madras
  17. Promoting Startups in the Biotechnology Sector
  18. Launching Innovation Focused Programs for Students
  19. Annual Incubator Grand Challenge

The above announcements made at the Startup India launch event are an indicator that the current Government is understanding the needs of the startup ecosystem, however most of these pointers are still subjected to actually getting approved and realised for the benefits they are expected to deliver. Nonetheless, with the support of the Government starting up will be a little less tough for Indian entrepreneurs.

  • Hyzen Media

    This startup india action plans were a great success.

  • I m possible

    Great schemes are launched centrally. But does it get implemented to the scale expected?

    How India can be a start up nation when Northeast cities like Agartala still bites dust of economic backwardness ?

    With high speed internet and 24/7 power, Can capital Agartala look forward in 2016 to being an IT hub with high end IT jobs for 7 lakh educated unemployed youths of Trpiura ?.