Startup India is an initiative of the Government of India.
The campaign was first announced by Indian Prime Minister, Narendra Modi during his 15 August 2015 address from the Red Fort, in New Delhi.The action plan of this initiative is based on the following three pillars:
- Simplification and Handholding.
- Funding Support and Incentives.
- Industry-Academia Partnership and Incubation.
An additional area of focused relating to this initiative is to discard restrictive States Government policies within this domain, such as License Raj, Land Permissions, Foreign Investment Proposals, and Environmental Clearances. It was organized by The Department of Industrial Policy and Promotion (DIPP). A startup defined as an entity that is headquartered in India, which was opened less than seven years ago, and has an annual turnover less than ₹25 crore (US$3.8 million).Under this initiative, the government has already launched the I-MADE program, to help Indian entrepreneurs build 1 million mobile app start-ups, and the MUDRA Banks scheme (Pradhan Mantri Mudra Yojana), an initiative which aims to provide micro-finance, low-interest rate loans to entrepreneurs from low socioeconomic backgrounds.Initial capital of ₹200 billion (US$3.1 billion) has been allocated for this scheme.
- 10,000 crore startup funding pool.
- Reduction in patent registration fees.
- Improved Bankruptcy Code, to ensure a 90-day exit window.
- Freedom from mystifying inspections for first 3 years of operation.
- Freedom from Capital Gain Tax first 3 years of operation.
- Freedom from tax for first 3 years of operation.
- Self-certification compliance.
- Create an Innovation hub, under the Atal Innovation Mission.
- To target 500k schools, and involve 1m children in innovation related programes.
- New schemes to provide IPR protection to startup firms.
- Encourage entrepreneurship within the country
- Promote India across the world as a start-up hub.