It aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive for growth of Start-ups.
y According to the scheme, a start up is an entity that is head quartered in India which was opened less than five years ago and has an annual turnover less than 25 crore.
It provides –
Simple Compliance Regime for start ups based on Self-certification.
Single window clearance based on mobile App.
- Start up India Hub to handhold start ups during various phases of their development
- Legal support and fast-track patent examination by reducing 80% of the patent cost.
- Faster exit for start ups through modified new bankruptcy code ensuring 90 days exit window.
- Credit Guarantee Fund for start ups through Small Industries Development Bank of India
- Providing Funding support through a Fund of Funds with a corpus of Rupees 10,000 crore
- Tax exemption on capital gains invested in Fund of Funds
- Tax exemption to start ups for 3 years.
- Exemption from labour inspection for 3 years.
- Launch of innovation hub through Atal Innovation Mission (AIM) with Self –Employment and Talent Utilization (SETU) Program of NITI Aayog
- Harnessing private sector expertise for setting up incubators.
- The initiative is also aimed at promoting entrepreneurship among SCs/STs, women communities.
- Rural India’s version of Start up India was named the Deen Dayal Upadhyay Swaniyojan Yojana.