Every budding entrepreneur in India was awaited for the disclosure of ‘Action Plan’ of Start Up India. And it was unveiled on Saturday at Vigyan Bhawan auditorium.

This action plan indeed has lot of concessions an programs that will encourage Indians to start their enterprise.

“We have millions of problems. There is no denying that. But we also have a billion minds. And these billion minds will easily find the solutions to the millions of problems,” Modi said during the event.

Below are the key points from the action plan that will promote a culture of entrepreneurship in our country.

1. Rs. 10,000 crore fund allotted for startups

Total Corpus of Rs.10,000 crore for over four years will be drawn by various entities for the investments of start ups. The credit guarantee fund for start-up companies would help flow of venture debt from the banking system to start-ups by standing guarantee against risks. Also  National Credit Guarantee Trust Company/SIDBI will be rolled out with a budgetary corpus of Rs 500 cr per year for the next four years.

2. Tax Exemptions

To boost profit and productivity of start ups, government is providing tax exemptions for three years as well as on there will be tax Exemption on Capital Gains and on Investment above Fair Market Value.

3. Mobile App for registration

The government will start a mobile app as well as online portal on April 1, 2016 which will be single point for all entrepreneurs to register their company as well as for clearance, approval , application under the scheme.

4.  Atal Innovation Mission

Atal Innovation Mission (AIM) is established  for promotion of research and development which will give further impetus to the start up owners. This mission will  include 500 tinkering labs, 35 public-private sector incubators, 31 innovation centers at national institutes, 7 new research parks, 5 new bio-clusters.

5. Start Up Hub- Single Point for the ecosystem

The hub will act as epicenter of the plan where central and state governments, Indian and foreign VCs, angel networks, financial institutes, incubators, legal partners, consultants, universities and R&D institutions will be there to assist start ups.

6. Easy Set Up And  Exit

Start up will self-certify their compliance with nine labor and environmental laws without being inspected, and would receive faster approvals. Plus no regulatory inspection for three years.

7. Faster Exits

The government provided a vital provision for fast-tracking closure of businesses have been included in ‘The insolvency and Bankruptcy Bill 2015’ in order to make  startups to exit easier and faster. Startups which will have simple debt structures will be able to wound up within a period of 90 days.

8. Easier Patent process

Patenting one’s product is one of the major problems for start ups. So to tackle it, government stated in the action plan that there will 80 per cent rebate on filing patent applications by startups. Panel of facilitators to provide legal support and fees for assisting in filing of patent application will be borne by government.

9. Research parks

Research parks which are modeled on research parks in Madras will be set up. Out of seven, six will be set in IITs and one in IISc. These parks will aid start up companies with a research and other facilities.

10. Others

Apart from the above key points, the action plan also included following things

• Relaxed norms of public-procurement for start-ups. No requirement of turnover or experience, but no relaxation in quality.
• Promoting Start-ups in the Biotechnology Sector
• Innovation programs for school students and best ideas will showcased at an Annual Festival of Innovations.

You can check out entire report here.

The post 10 Vital Points of Modi’s Startup India Action Plan That Every Entrepreneur Must Know appeared first on Youngisthan.in.

Entrepreneurship and entrepreneurs are important sources of innovation and growth.

With stories coming up every day about how lawyers ruin or save start-ups or restrict growth of innovation, there are not many who believe that even lawyers could be a part of the entrepreneur kind.

Where a profession in legal studies is all about analysis, this sector historically has been ignored by the entrepreneurs and investors. We see why is this the right time to launch start-ups related to the legal field in India.

Turnover

An estimated report on the Indian legal industry suggests that the turnover of India’s top fifty corporate firms ranges from 2.2 cr INR to 1590 cr INR. The report included things like expert tools that lawyers rely on, technology lawyers use to provide their services, consultancy and all of those aspects they succumb to in professional life.

The methodology involved interviews with Indian and foreign law firm partners and corporate counsel. What the report does not include is the investment in the legal education background. While most of the students who pursue legal studies opt for administrative services or company secretary jobs, internships and job opportunities in this field, as a mainstream job, is very less in number.

Technology

Technology has advanced from carrying bundle of files in hand to saving cases on a cloud computing network. Data is something that is abundant in the legal sector. From a history of cases to solutions to a company’s entire email archive, the legal industry was never low on relevant data. What we need to create is a platform where extraordinary cases or not-so-popular ones can be shared and utilized in an effective manner. Lawyers work with and create new solutions every day. With increase in the platform space using technology, prospective lawyers will be given a support to grow professionally.

Supply and Demand

Quantity does not ensure quality. There are very few corporate houses, which hire freshers in bulk. Every year approximately 60,000 to 70,000 graduate in legal studies out of which not more than 25,000 get their desired profile. While areas like engineering and graduation have more supply than demanded for, the legal industry does not have enough to give as compared to the demand. Urgent steps need to be taken in the industry of legal education, to ensure that fresh pass outs receive sufficient training to deal with rapidly evolving practice of law in India and abroad.

Approach

Families, which fall into middle class or lower categories, hesitate to take legal help, even when they hold a strong case against the prosecution. Many legal needs are going unmet due to this phenomenon. By lowering cost structures, the demand for lawyers would be met and they would also get a chance to get experience in the market.

The lawyers of today become the lawmakers of tomorrow.

To make consumers more aware of their legal rights, to create alternate paths for litigation and last but not the least, to make the nation free of crime and corruption, the legal industry needs an opportunity.

So, for a profession and industry that literally has an impact on every single person in the world, start-ups in legal department need to be launched.

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