Start Up India Stand Up India Scheme

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shubhpuja.com It is an honour to reveal that Shubhpuja.com was also invited to be a part of the huge Startup India Standup India scheme on 16th January 2016. Such stepping stones will help shubhpuja to achieve its dreams of huge milestone. Prime Minister Narendra Modi launched the Start Up India Stand Up India scheme at Vigyan Bhavan, New Delhi.

It is a revolutionary scheme that has been started to help the people who wish to start their own business. Those people who have ideas and capability, the government will give them support to make sure that they can implement their ideas and grow. Success of this scheme will eventually make India, a better economy and stronger nation.

During the speech Mr Modi said, ‘we are trying to make the young job creators rather than job seekers’. It is all about grabbing the opportunity and earning well, and also making India grow along.

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Here are the 19 plans Modi has for start-ups:

  1. Self-certification: The self-certification will apply to laws including payment of gratuity, labour contract, provident fund management, water and air pollution acts.
  2. Start-up India hub: An all-India hub will be created as a single contact point for start-up foundations in India, which will help the entrepreneurs to exchange knowledge and access financial aid.
  3. Register through app: An online portal, in the shape of a mobile application, will be launched to help start-up founders to easily register.
  4. Patent protection: A fast-track system for patent examination at lower costs is being conceptualised by the central government. The system will promote awareness and adoption of the Intellectual Property Rights (IPRs) by the start-up foundations.
  5. Rupees 10,000 crore fund: The government will develop a fund with an initial corpus of Rs 2,500 crore and a total corpus of Rs 10,000 crore over four years, to support upcoming start-up enterprises.
  6. National Credit Guarantee Trust Company: A National Credit Guarantee Trust Company (NCGTC) is being conceptualised with a budget of Rs 500 crore per year for the next four years to support the flow of funds to start-ups.
  7. No Capital Gains Tax: At present, investments by venture capital funds are exempt from the Capital Gains Tax. The same policy is being implemented on primary-level investments in start-ups.
  8. No Income Tax for three years: Start-ups would not pay Income Tax for three years. This policy would revolutionise the pace with which start-ups would grow in the future.
  9. Tax exemption for investments of higher value: In case of an investment of higher value than the market price, it will be exempt from paying tax.
  10. Building entrepreneurs: Innovation-related study plans for students in over 5 lakh schools. Besides, there will also be an annual incubator grand challenge to develop world class incubators.
  11. Atal Innovation Mission: The Atal Innovation Mission will be launched to boost innovation and encourage talented youths.
  12. Setting up incubators: A private-public partnership model is being considered for 35 new incubators and 31 innovation centres at national institutes.
  13. Research parks: The government plans to set up seven new research parks, including six in the Indian Institute of Technology campuses and one in the Indian Institute of Science campus, with an investment of Rs 100 crore each.
  14. Entrepreneurship in biotechnology: The government will further establish five new biotech clusters, 50 new bio incubators, 150 technology transfer offices and 20 bio-connect offices in the country.
  15. Dedicated programmes in schools: The government will introduce innovation-related programs for students in over 5 lakh schools.
  16. Legal support: A panel of facilitators will provide legal support and assistance in submitting patent applications and other official documents.
  17. Rebate: A rebate amount of 80% of the total value will be provided to the entrepreneurs on filing patent applications.
  18. Easy rules: Norms of public procurement and rules of trading have been simplified for the start-ups.
  19. Faster exit: If a start-up fails, the government will also assist the entrepreneurs to find suitable solutions for their problems. If they fail again, the government will provide an easy way out.

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