Prime Minister Narendra Modi on Saturday launched the ambitious ‘Startup India’ campaign to boost digital entrepreneurship. In a major announcement, he said there will be income tax exemption to startups for the first three years. He also announced that a dedicated fund with Rs 10,000-crore corpus will be created for funding of start-ups.
Here are top 10 key takeaways of PM Modi’s action plan for Startup India campaign:
1. Startup India action plan: Self-certification based compliance and no inspection for the first three years
2. Startup India action plan:Startup India Hub will be a single point of contact
3. A mobile app to start a startup in one day. The app will have a small application form that can be easily filled for your registration.
4. Patents usually take months. We are bringing a scheme to make filing patents simpler. Trying to facilitate free patent filing. Today we are reducing patent fee by 80 per cent.
5. We are planning relaxed norms of public procurement for startups. There is no exit plan for startups. We are making faster exits for startups because failures shouldn’t stop you forever.
6. We are bringing a bill in Parliament to let startups can exit 90 days. I urge the youth to send the message to those holding up work in Parliament on Twitter and Facebook.
7. A dedicated fund with Rs 10,000-crore corpus will be created for funding of start-ups
8. A credit guarantee fund for startups and tax exemption will be given on capital gains. Three-year tax exemption for startups. Tax exemption on investments above fair market value.
9. We are trying to increase participation of women in startups.
10. We are starting the Atal Innovation Mission to give an impetus to innovation and encourage talent among our people. We will have core innovation programmes in 5 lakh schools. A startup festival should also be started.