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Quick peek at measures announced in Startup India

Narendra Modi, Prime Minister of India

Narendra Modi, Prime Minister of India

Prime Minister Narendra Modi on Saturday announced the much-anticipated ‘Startup India, Standup India’ action plan in a bid to boost the country’s entrepreneurial ecosystem.

Here are key highlights:

  • No income tax for startups in first three years of operation.
  • Eighty per cent rebate on filing a patent application
  • Exit policy to be introduced for startups
  • Dedicated fund worth Rs 10,000 crore for early stage firms
  • Credit guarantee scheme for loans
  • Existing incubation centres will be strengthened
  • Sector-specific incubators to be brought in
  • Self-certification compliance for startups
  • Formation of Startup Hub as a single point of mentoring and providing information for fledgling firms
  • A system of hand-holding for startups to be built
  • Startup registration will happen in one day through a mobile app that will have an application form that can be filled
  • A scheme to make filing patents simpler
  • Startup Fest will be started

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