Indian government launched its ambitious new scheme, Startup India, Standup India on Saturday to give a push for Entrepreneurship in the country. Around 40 top CEOs and startup founders and investors from Silicon Valley attended the event.
The government on Saturday announced exempting capital gains tax on investments in start-ups and a Rs.10,000 crore fund to provide funding support to innovation driven enterprises.
Announcing the start-up action plan at the concluding session of the Startup India event, prime minister Narendra Modi said Indian youth need to be brought out of their job-seeking attitude to make them job creators.
Modi also announced profits from start-ups will be exempted from income tax for three years.
What is Startup India, Standup India:
Organised by Department of Industrial Policy and Promotion (DIPP), along with other key Indian startup ecosystem players, the Startup India, Standup India initiative aims to celebrate the country's entrepreneurial spirit, and create a strong ecosystem for fostering innovation and startups in India. Here's what we know about the event so far.
Some of the big names include Masayoshi Son, CEO, and Nikesh Arora, President and COO, SoftBank, Travis Kalanick, Founder, Uber, and Adam Nuemann, CEO, WeWork. Flipkart founder Sachin Bansal, Snapdeal's Kunal Bahl, Ola founder Bhavish Aggarwal, Paytm founder Vijay Shekhar Sharma, ShopClues founder Radhika Agarwal, and Oyo Rooms' Ritesh Agarwal.
Here are the Top Things in Startup India Which was Launched Today:
1.The Start Up India policy would attempt to address two key concerns the government wants to fix in India’s start-up ecosystem.
2.Start-ups will also be provided free legal support in filing IPR and their patent applications will be fast tracked at lower costs.
3.They will be different from micro, small, medium and large enterprises that are built on conventional business models.There would be a special support structure for such innovative start-ups, including funding from the government.
4.Google will be offering $15,000 of equity funding for early stage startups at a session called ‘Launchpad Accelerator’ where startups can make live presentations about their business ideas.
5.Japan's SoftBank CEO Masayoshi Son promised to ramp up its investments to $10 billion in Indian start-ups.
6.The Stand Up India Scheme anchored by Department of Financial Services (DFS) to encourage greenfield enterprises by SC/ ST and women entrepreneurs will support 2.5 lakh borrowers with bank loans repayable up to seven years and between Rs. 10 lakh to Rs. 1 crore for greenfield enterprises in the non-farm sector.
7.No inspection for three years of start-up businesses in respect of labour, environment law compliance post self-certification.
8.Self-certification based compliance system in respect of nine labour and environment laws introduced for start-up business.
9.Mobile app and portal for start-ups, with a small form to be filled.
10.Encourage start-ups in government purchases, with relief in experience and turnover criteria.
11.New IPR protection for start-ups, 80% reduction in patent fee
The government on Saturday announced exempting capital gains tax on investments in start-ups and a Rs.10,000 crore fund to provide funding support to innovation driven enterprises.
Announcing the start-up action plan at the concluding session of the Startup India event, prime minister Narendra Modi said Indian youth need to be brought out of their job-seeking attitude to make them job creators.
Modi also announced profits from start-ups will be exempted from income tax for three years.
What is Startup India, Standup India:
Organised by Department of Industrial Policy and Promotion (DIPP), along with other key Indian startup ecosystem players, the Startup India, Standup India initiative aims to celebrate the country's entrepreneurial spirit, and create a strong ecosystem for fostering innovation and startups in India. Here's what we know about the event so far.
Some of the big names include Masayoshi Son, CEO, and Nikesh Arora, President and COO, SoftBank, Travis Kalanick, Founder, Uber, and Adam Nuemann, CEO, WeWork. Flipkart founder Sachin Bansal, Snapdeal's Kunal Bahl, Ola founder Bhavish Aggarwal, Paytm founder Vijay Shekhar Sharma, ShopClues founder Radhika Agarwal, and Oyo Rooms' Ritesh Agarwal.
Here are the Top Things in Startup India Which was Launched Today:
1.The Start Up India policy would attempt to address two key concerns the government wants to fix in India’s start-up ecosystem.
2.Start-ups will also be provided free legal support in filing IPR and their patent applications will be fast tracked at lower costs.
3.They will be different from micro, small, medium and large enterprises that are built on conventional business models.There would be a special support structure for such innovative start-ups, including funding from the government.
4.Google will be offering $15,000 of equity funding for early stage startups at a session called ‘Launchpad Accelerator’ where startups can make live presentations about their business ideas.
5.Japan's SoftBank CEO Masayoshi Son promised to ramp up its investments to $10 billion in Indian start-ups.
6.The Stand Up India Scheme anchored by Department of Financial Services (DFS) to encourage greenfield enterprises by SC/ ST and women entrepreneurs will support 2.5 lakh borrowers with bank loans repayable up to seven years and between Rs. 10 lakh to Rs. 1 crore for greenfield enterprises in the non-farm sector.
7.No inspection for three years of start-up businesses in respect of labour, environment law compliance post self-certification.
8.Self-certification based compliance system in respect of nine labour and environment laws introduced for start-up business.
9.Mobile app and portal for start-ups, with a small form to be filled.
10.Encourage start-ups in government purchases, with relief in experience and turnover criteria.
11.New IPR protection for start-ups, 80% reduction in patent fee
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