Prime Minister Narendra Modi on Saturday launched the Action Plan to facilitate startups in India, announcing a string of concessions and programs to encourage fledgling enterprises.
Here are the 10 biggest points from the announcement:
Tax exemptions for three years and concessions on capital gains tax.
Compliance regime based on self-certification and no regulatory inspection for three years.
A fund of Rs 10,000 crore to back startups. Initially the corpus will be Rs 2,500 crore. Also, a credit guarantee fund for startups.
A Startup India hub - a single point of contact for interactions with the government.
Atal Innovation Mission (AIM) for promotion of research and development including 500 tinkering labs, 35 public-private sector incubators, 31 innovation centres at national institutes, 7 new research parks, 5 new bio-clusters.
90 days for a startup to close down its business.
80 per cent reduction in patent filing fee and fast-track mechanism for startup patent applications. Also, a panel of legal facilitators for startups to file IP (patents, designs, trademarks) with costs borne by government.
Relaxed norms of public-procurement for startups. No requirement of turnover or experience, but no relaxation in quality.
5 lakh schools and 10 lakh students to be involved in core innovation programmes. National and international startup festivals to provide visibility.
A mobile app to be launched on April 1 making it possible to register startups in one day.
