Startup India is an initiative of the Government of India.
The campaign was first announced by Indian Prime Minister, Narendra Modi during his 15 August 2015 address from the Red Fort, In New Delhi. The action plan of this initiative, is based on the following three pillars:
- Simplification and Handholding.
- Funding Support and Incentives.
- Industry-Academia Partnership and Incubation.
An additional area of focused relating to this initiative, is to discard restrictive States Government policies within this domain, such as License Raj, Land Permissions, Foreign Investment Proposals, and Environmental Clearances. It was organized by The Department of Industrial Policy and Promotion (DIPP). A startup defined as an entity that is headquartered in India, which was opened less than seven years ago, and has an annual turnover less than INR25 crore (US$3.8 million). Under this initiative, the government has already launched the I-MADE program, to help Indian entrepreneurs build 1 million mobile app start-ups, and the MUDRA Banks scheme (Pradhan Mantri Mudra Yojana), an initiative which aims to provide micro-finance, low-interest rate loans to entrepreneurs from low socioeconomic backgrounds. Initial capital of INR200 billion (US$3.1 billion) has been allocated for this scheme.
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Key points
- 10,000 crore startup funding pool.
- Reduction in patent registration fees.
- Improved Bankruptcy Code, to a ensure 90-day exit window.
- Freedom from mystifying inspections for first 3 years of operation.
- Freedom from Capital Gain Tax first 3 years of operation.
- Freedom from tax for first 3 years of operation.
- Self-certification compliance.
- Create an Innovation hub, under the Atal Innovation Mission.
- To target 500k schools, and involve 1m children in innovation related programmes.
- New schemes to provide IPR protection to startup firms.
- Encourage entrepreneurship within the country.
- Promote India across the world as a start-up hub.
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Launch
The event was inaugurated on 16 January 2016 by finance minister Arun Jaitley. Among the attendees were CEOs, startup founders and venture capitalists.
Government's 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 startup 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 business' in the country and contribute to an ecosystem that is conducive for the growth of start-up businesses.
Investments
SoftBank, which is headquartered in Japan, has invested US$2 billion into Indian startups. The Japanese firm has pledged to investment US$10 billion. Google declared to launch a startup, based on the highest votes in which the top three startups will be allowed to join the next Google Launchpad Week, and the final winner could win an amount of US$100,000 in Google cloud credits. Oracle on 12 February 2016 announced that it will establish nine incubation centers in Bengaluru, Chennai, Gurgaon, Hyderabad, Mumbai, Noida, Pune, Trivandrum and Vijayawada.
State initiatives
Kerala has initiated a government startup policy called "Kerala IT Mission" which focusses on fetching INR50 billion (US$770 million) in investments for the state's startup ecosystem. It also founded India's first telecom incubator Startup village in 2012. The state also matches the funding raised by its incubator from Central government with 1:1. Telangana has launched the largest incubation center in India as "T-Hub". Andhra Pradesh has allocated a 17,000-sq.ft. Technological Research and Innovation Park as a Research and Development laboratory. It has also created a fund called "Initial Innovation Fund" of INR100 crore (US$15 million) for entrepreneurs. The government of Madhya Pradesh has collaborated with the Small Industries Development Bank of India (SIDBI) to create a fund of INR200 crore (US$31 million). Rajasthan has also launched a "Start-up Oasis" scheme. In order to promote start-ups in Odisha, the state government organised a two-day Start-up Conclave in Bhubaneswar on November 28, 2016.
Higher education alliances
As per the "Industry-Academia Partnership and Incubation" focus of the Startup India initiative, the Union Ministry of Human Resource Development has announced plans for the development of "Research Parks" to be created in partnership with higher education providers across India. An initial investment of Rs.100 crore, has been set aside for the program, which aims to provide students with access to funds and mentorship for startups.
The Innovation in Mobile App Development Ecosystem (I-MADE) program was also rolled-out in February 2016. An initiative developed in partnership with The Department Of Telecommunications (Govt of India), Telecom Centers of Excellence (TCOE), EVC Ventures, and Unifyed, it aims to help Indian entrepreneurs create mobile app startups. The program is scheduled to last for 5 years, and has collaborated with 11 Indian universities.
Source of the article : Wikipedia
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