The Startup India Scheme is a flagship initiative of the Government of India with an objective to carve a strong ecosystem for nurturing innovation and startups in the country. This drive will lead towards sustainable economic growth and generate large-scale employment opportunities. The Government of India aims to empower startups to grow through innovation and design. The scheme specifically aims to:
Trigger an entrepreneurial culture and inculcate entrepreneurial values in the society at large and influence the mindset of people towards entrepreneurship,
Create awareness about the charms of being an entrepreneur and the process of entrepreneurship, especially among the youth,
Encourage more dynamic startups by motivating educated youth, scientists and technologists to consider entrepreneurship as a lucrative, preferred and viable career, and
Support the early phase of entrepreneurship development, including the pre-startup, nascent, as well as, early post startup phase and growth enterprises.
Broad base the entrepreneurial supply by meeting specific needs of underrepresented target groups, like *****, socially and economically backward communities, scheduled castes and scheduled tribes; under represented regions to achieve inclusiveness and sustainable development to address the needs of the population at the bottom of the pyramid. Features of the Startup India Scheme of the Government of India are as follows:
1. Simplification and Handholding: In order to make compliance for startups, friendly and flexible, simplifications are announced.
2. Startup India Hub: The objective is to create a single point of contact for the entire startup ecosystem and enable knowledge exchange and access to funding.
3. Legal support and Fasttracking Patent Examination: The scheme for Startups Intellectual Property Protections ( SIPP) is envisaged to facilitate protection of patents, trademarks and designs of innovative and interested startups.
4. Easy Exit: In the event of a business *** and wind up of operations, procedures are being adopted to reallocate capital and resources towards more productive avenues. This will promote experimentation with new and innovative ideas, without fearing complex and long drawn exit process.
5. Harnessing private sector for incubator setup: To ensure professional management of government sponsored/funded incubators, the government envisages setting up of incubators across the country in PPP mode.
6. Tax exemption: The profits of startup initiatives are exempted for income tax for a ** of three years.
