- Recently, India has crossed 75 thousand recognised Start Ups. Department for Promotion of Industry and Internal Trade (DPIIT) has recognized more than 75 thousand startups which is a milestone coinciding with 75th year of independence.
Startups:
- The term startup refers to a company in the first stages of operations. Startups are founded by one or more entrepreneurs who want to develop a product or service for which they believe there is demand.
- These companies generally start with high costs and limited revenue, which is why they look for capital from a variety of sources such as venture capitalists.
- The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized startups which are spread across 56 diversified sectors.
Startup-India Scheme:
- Various programs undertaken by the Government of India to promote startups under Startup India initiative has facilitated this growth:
- Startup India Action Plan: It comprises of 19 action items spanning across areas such as Simplification and handholding, Funding support and incentives and Industry- academia partnership and incubation.
- The Action Plan laid the foundation of Government support, schemes and incentives envisaged to create a vibrant startup ecosystem in the country.
- Startup India Hub: It is a one of its kind online platforms for all stakeholders of the entrepreneurial ecosystem in India to discover, connect and engage with each other.
- The Online Hub hosts Startups, Investors, Funds, Mentors, Academic Institutions, Incubators, Accelerators, Corporates, Government Bodies and more.
- Income Tax Exemption for 3 years: Startups incorporated on or after 1st April 2016 Ministerial Board Certificate are exempted from income-tax for a period of 3 consecutive years out of 10 years since incorporation.
- Startup India Seed Fund Scheme (SISFS): It aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization.
- International Market Access to Indian Startups: Startup India has launched bridges with over 15 countries (Brazil, Sweden, Russia, Portugal, UK, Finland, Netherlands, Singapore, Israel, Japan, South Korea, Canada, Croatia, Qatar and UAE) providing a
soft- landing platform for startups from the partner nations and aid in promoting cross collaboration.
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