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