Govt Scheme for new Entrepreneurs in India

An Action Plan has been prepared for 22 sectors under �Make in India’ initiative to promote new entrepreneurs in the country. An Investor Facilitation Cell has been created in Invest India to assist and handhold investors. Further, a Startup Action Plan has been released by the Government to create a conducive environment for startups in India which includes:-

Simplification and Handholding

• Simple Compliance Regime for startups based on Self-certification
• Launch of Mobile app and Portal for compliance and information exchange
• Startup India Hub to handhold startups during various phases of their development
• Legal support and fast-tracking patent examination at reduced costs
• Relaxed norms of public procurement for startups
• Faster exit for startups

Funding support and Incentives

• Providing funding support through a Fund of Funds with a corpus of Rupees 10,000 crore
• Credit guarantee fund for startups
• Tax exemption on capital gains invested in Fund of Funds
• Tax exemption to startups for 3 years

Industry-Academia Partnership and Incubation

• Organizing Startup Fests to showcase innovations and providing collaboration platforms
• Launch of Atal Innovation Mission (AIM) with Self –Employment and Talent Utilization (SETU) Program of NITI Aayog
• Harnessing private sector expertise for setting up incubators
• Setting up of 7 new research parks modeled on the Research Park at IIT Madras
• Launching of innovation focused programs for students.
• Annual Incubator Grand Challenge to promote good practices among incubators.