The Startup India Initiative, launched on 16th January 2016, has come out several programs having objective to support entrepreneurs in building a robust startup ecosystem and transforming India into a country of job creators instead of job seekers.
These programs are managed by a dedicated Startup India Team, which reports to the Department for Industrial Policy and Promotion (DPIIT).
Key support areas that are being targeted by the Government of India while drafting schemes of resolution for Startups:
Easier compliance, easier exit process for failed startups, legal support, fast tracking of patent applications and a website to reduce information asymmetry.
Exemptions on Income Tax and Capital Gains Tax for eligible startups; a fund of funds to infuse more capital into the startup ecosystem and a credit guarantee scheme.
Creation of numerous incubators and innovation labs, events, competitions and grants.
Employee 27 Jul, 2020