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15. Start-up India: PM Narendra Modi said a National Credit Guarantee Trust Company is also being envisaged with a budgetary allocation of Rs 500 crore per year for the next four years.
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13. Start-up India: PM Narendra Modi said to provide funding support to start-ups, the government will set up a fund with an initial corpus of Rs 2,500 crore and a total corpus of Rs 10,000 crore over four years. The fund would be managed by private professionals drawn from the industry while LIC will be a co-investor in the fund. (PTI photo)
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1. Modi said a start-up does not mean a billion dollar company where thousands of people work; it is about employing even 5 people and developing India. Success of start-ups is not only about enterprise, it is about risk taking and adventure also…. There is an energy from within and there are dreams that you have dedicated yourself to.
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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.(Image Source: PTI)
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8. Start-up India: PM Narendra Modi said tax exemption will be given on investments above the fair market value. Under the Income Tax Act, if a start-up receives equity funding which exceeds the firm's fair market value, then such excess consideration is taxable in the hands of recipients. (PTI photo)
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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.(Image Source: PTI)
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6. Start-up India: PM Narendra Modi said an unencumbered easy exit option will be provided under the bankruptcy Act so that start-ups can exit within 90 days. The action plan provides for faster exit of start-ups in the case of winding up of business. An insolvency and bankruptcy Bill has been pending approval of Parliament and 'you know why it is stuck there' (in an apparent reference to the Opposition stalling its passage). (PTI photo)
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7. A dedicated fund with Rs 10,000-crore corpus will be created for funding of start-ups(Image Source: PTI)
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5. Start-up India: PM Narendra Modi said profits earned by start-ups will be exempt from payment of income tax during the first three years of business. To boost financing, a 20 per cent tax on capital gains made on investments by entrepreneurs after selling own assets as well as government-recognised venture capitalists will also be exempt. (PTI [hoto)
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3. Budget 2016 expectations: Saurabh Srivastava added “The Start up India announcement was a great start. We are hoping that the budget would introduce the necessary measures to take it forward.” Saurabh shared the following wishlist of Indian Angel Network: a. The Income Tax Exemption for Start ups; b. Process of defining and identifying start ups; c. Establishment of the Credit Guarantee Fund; d. Waiver of compliances/ Self Certification; e. Creation of the Rs 10,000 Cr provision for Funds of Funds activity. (PTI)
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3. Start-up India: PM Narendra Modi said a liberalised patent regime is being brought to help start-up businesses register patents, for which the fee will be slashed by 80 per cent. The government is also working on a legal support for fast-tracking patent examination at lower costs. It will promote awareness and adoption of Intellectual Property Rights (IPRs) by start-ups and help them protect and commercialise IPRs.
‘Biggest scam in India’: Angel investor rips into insurance companies after Niva Bupa denies Rs 61 lakh claim to a family
