Start Up India Scheme

  • It aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive for growth of Start-ups.
  • 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 (SIDBI).
  • 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
  • Rural India’s version of Start up India was named the Deen Dayal Upadhyay Swaniyojan Yojana.