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.

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On 15^th of August, Prime Minister Narendra Modi announced about one of the path breaking campaign to empower youth of India- ‘Start Up India Stand Up India’.

This program is aimed at  financing for start-up ventures and offer incentives to boost entrepreneurship and job creation.

The action plan of this campaign will be unveiled on 16 January 2016.

As per PM Modi this campaign will bring a big opportunity for young people across the country not only in manufacturing and service sector but also in small scale and agriculture.

He also said the programme will be designed as per Indian conditions and focus would be on ensuring benefits for the youth from the lowest strata of the society. The initiative will be connected with IITs, IIMs, central universities and NITs as well.

Below are some important pointers related to the campaign :

1. What Will Be The Benefits For The Young And Budding Entrepreneurs?

These benefits will be in the form of a reduction in the excess of compliances that is needed to set up business, immediate approvals, easier finance and tax break.

2. Who Will Get A Chance?

• Entrepreneurs who have innovative ideas and have unique product are eligible for the benefits.
• If some youth develops something which is innovative and can help masses or make a poor laborer’s life comfortable then he would ask financial institutions to help such people.
• There will be a panel to decide which start up will be given the facilities and there would be an inter-ministerial body to oversee proposals.

2. This campaign is for all and not just for city’s youth.

PM Modi said that youth with capabilities are all over India and it will be wrong to say that they can be found in cities only. And that’s why this program will not limited to few cities or places but aims to make it Pan India.

He added, “Youth in every corner of India have talent, they only need opportunity. This ‘Start up India, Stand up India’ should not be limited to a few cities. It should reach every corner of India,”

3. This Project Will Be Help Differently-abled Entrepreneurs Too.

During the latest Man Ki Baat program he mentioned that initiative is also for disabled people. He has coined new term called “Divyang” which means people with extra ordinary skills

He believed that most of the times it has been seen that differently- abled people have great capabilities than normal people.

4. Also Eyeing To Aid Adivasis/Dalits/Women Entrepreneurs As Well.

PM Modi also mentioned in the speech that “Start-Up India” initiative will also encourage atat least one Dalit or Adivasi entrepreneur, and at least one woman entrepreneur and each of 1.25 lakh bank branches for the same will aid them.

5. This initiative is not confined to tech and IT but spreads to other sectors as well.

As per Modi, this initiative will be about IT or digital world but any innovation by commoner will be assisted to start their venture.

Right now India is among five largest start-up communities in the world and these start ups have created more than 80,000 jobs in India, as per NASSCOM.

We think that his proposition will boost entrepreneurship and job creation and can make India Start Up Capital in the world.

But we would also like to hear your views and suggestions on this imitative? What are your expectations?

Will this campaign help India to be number one Start up Nation? Will it actually help entrepreneurship and job opportunities?

Let us know your comments below.

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