News

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.
Catherine

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