EDC Startup India

Start-up India campaign is based on an action plan aimed at promoting bank financing for start-up ventures to boost entrepreneurship and encourage start-ups with jobs creation. The campaign was first announced by Prime Minister Narendra Modi in his 15 August 2015 address from the Red Fort. It is focused on to restrict role of States in policy domain and to get rid of "license raj and hindrances like in land permissions, foreign investment proposal, environmental clearances. It was organized by Department of Industrial Policy and Promotion (DIPP). A start- up is an entity that is headquartered in India which was opened less than five years ago and has an annual turnover less than Rs. 25 crore (US$3.7 million). The government has already launched iMADE, an app development platform aimed at producing 1,000,000 apps and PMMY, the MUDRA Bank, a new institution set up for development and refinancing activities relating to micro units with a refinance Fund of Rs. 200 billion (US$3.0 billion).

The Stand-up India 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. To endorse the campaign, the first magazine for start- ups in India, The Cofounder, was launched in 2016.

Key Points

• Single Window Clearance even with the help of a mobile application
• 10,000 crore fund of funds
• 80% reduction in patent registration fee
• Modified and more friendly Bankruptcy Code to ensure 90-day exit window
• Freedom from mystifying inspections for 3 years
• Freedom from Capital Gain Tax for 3 years
• Freedom from tax in profits for 3 years
• Eliminating red tape
• Self-certification compliance
• Innovation hub under Atal Innovation Mission
• Starting with 5 lakh schools to target 10 lakh children for innovation programme
• New schemes to provide IPR protection to start-ups and new firms
• Encourage entrepreneurship.
• Stand India across the world as a start-up hub

Government Role

The Ministry of Human Resource Development and the Department of Science and Technology have agreed to partner in an initiative to set up over 75 such start-up support hubs in the National Institutes of Technology (NITs), the Indian Institutes of Information Technology (IIITs), the Indian Institutes of Science Education and Research (IISERs) and National Institutes of Pharmaceutical Education and Research (NIPERs). The Reserve Bank of India said it will take steps to help improve the ease of doing businesses in the country and contribute to an ecosystem that is conducive for the growth of start-up businesses.

Action Plan

Start-up India: The Prime Minister of India, Shri Narendra Modi had this year in his Independence Day speech announced the Start-up India initiative. This initiative aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive for growth of Start-ups. The objective is that India must become a nation of job creators instead of being a nation of job seekers. The Prime Minister of India will formally launch the initiative on January 16, 2016 from Vigyan Bhawan, New Delhi. The event will be attended by a vast number of young Indian entrepreneurs (over 2000) who have embarked on the journey of entrepreneurship through Start-ups.

As a key component of this Start-up India launch, Government of India is organizing a global workshop on Innovation and Start-ups on January 16, 2016. Shri Narendra Modi, Prime Minister of India will be the Chief Guest on the occasion. This workshop aims to provide a platform to bring together all stakeholders, stimulate dialogue on key challenges that the Indian innovation ecosystem currently faces, and provide the potential solutions to address them. Fostering a fruitful culture of innovation in the country is a long and important journey. This initiative will go a significant way in reiterating Government of India's commitment to making India the hub of innovation, design and Start-ups.