Startup India

Startup India is an initiative by the Government of India. It was

announced by Prime Minister Narendra Modi on 15th August 2015
while he was addressing the nation from the Red Fort. The scheme
was officially inaugurated on 16th January 2016 by former Finance
Minister Arun Jaitley.
The initiative aims at solving various problems face that are listed
below-
1. Funding pool worth Rs 10,000 crore.
2. Reducing patent registration fee.
3. An improved Bankruptcy Code, to ensure a 90-day exit window.
4. No inspection in the first 3 operating years.
5. Exemption from Capital Gains Tax for the first 3 years.
6. Self-Certification compliance
7. Creation of Innovation hub, under the Atal Innovation Mission.
8. Involvement of 10 lakh children in innovation-related programs
to promote startup culture.
9. Providing startups with IPR protection.
This initiative will simplify the legal processes that startups go
through in the early days. The funding and support from the
government have also increased many folds due to this. Various
incubation centers allow for establishing a culture that promotes
synergy among startups and allows for maximum efficiency and
effectiveness of such startups.
Ministry of Human Resource Development and Department of
Science and Technology will set up over 75 hubs in 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 program is attracting investments from various international
firms. SoftBank has pledged to contribute US$10 billion. Google has
also held various competitions under this scheme. Oracle aims to
establish 9 incubation centers in Bengaluru, Chennai, Gurgaon,
Hyderabad, Mumbai, Noida, Pune, Trivandrum, and Vijayawada. Rs
1000 crore are also set aside for women-led startups.
States are also doing their part to promote this initiative.
Kerala government’s ‘Kerala Startup Mission’ supports startups in
fields of ecosystem, infrastructure, Human Capital Development,
Funding, Governance, Public-Private Partnership, Global
collaborations, Scaling Existing and Establishing New startup
ventures from Startup-Boot Up-Scale up model for moving fast from
ideas to IPO.
Andhra Pradesh has allocated 17,000 sq ft land for Technological
Research and Innovation Park. Also, an ‘Initial Innovation Fund’
worth Rs100 crore has been allotted for entrepreneurs.
Madhya Pradesh government has partnered with SIDBI Bank to
create an Rs200 crore fund.
The Union Ministry of Human Resource Development is developing
‘Research Parks’ along with major Higher Education providers all
over India. This will allow students to get funds as well as mentorship
in the early days of a startup. The Innovation in Mobile App
Development Ecosystem (I-MADE) program was additionally turned
out in February 2016. An activity created in the organization with The
Department Of Telecommunications (Govt of India), Telecom Centers
of Excellence (TCOE), EVC Ventures, and Unified, it intends to enable
Indian business visionaries to make portable application startups.
The program is booked to keep going for a long time and has worked
together with 11 Indian colleges.
By Hemang Gandhi