Narendra Modi's announcements and #StartupIndia policy pointers:
1. Compliance regime based on self-certification. Labour laws – no inspection for 3 years
2. Startup India hub – single-point contact (‘friend, mentor, guide’)
3. Mobile app to be launched on April 1: registration of startup company in one day | Also portal for clearances, approvals and registrations
4. Fast-track mechanism for startup patent applications
5. Panel of legal facilitators for startups to file IP (patents, designs, trademarks) – costs borne by gov
6. 80% rebate on filing of patent applications by startups, as compared to other companies
7. Relaxed norms of public-procurement for startups. No requirement of turnover or experience, but no relaxation of quality
8. Faster exits for startups (Insolvency and Bankruptcy Bill), eg: wind up within 90 days
9. Fund of funds – initial corpus – INR 2,500 crore, later on 10,000 crore
10. Credit guarantee fund for startups
11. Tax exemption on capital gains
12. Tax exemption to startups for 3 years to promote growth
13. Atal Innovation Mission:sector-specific incubators, 500 tinkering labs, pre-incubation training,seed fund for high-growth; PPP model being considered for 35 new incubators; 31 innovation centres at national institutes, 7 new research parks like IIT-M. 5 new bio-clusters
14. Innovation Core Programs for school students in 5 lakh schools
15. Annual Incubator Grand Challenge to create world class incubators in India
16. National and International Startup Festivals to provide visibility
Via YourStory (http://yourstory.com/2016/01/start-up-india-live-coverage/)
1. Compliance regime based on self-certification. Labour laws – no inspection for 3 years
2. Startup India hub – single-point contact (‘friend, mentor, guide’)
3. Mobile app to be launched on April 1: registration of startup company in one day | Also portal for clearances, approvals and registrations
4. Fast-track mechanism for startup patent applications
5. Panel of legal facilitators for startups to file IP (patents, designs, trademarks) – costs borne by gov
6. 80% rebate on filing of patent applications by startups, as compared to other companies
7. Relaxed norms of public-procurement for startups. No requirement of turnover or experience, but no relaxation of quality
8. Faster exits for startups (Insolvency and Bankruptcy Bill), eg: wind up within 90 days
9. Fund of funds – initial corpus – INR 2,500 crore, later on 10,000 crore
10. Credit guarantee fund for startups
11. Tax exemption on capital gains
12. Tax exemption to startups for 3 years to promote growth
13. Atal Innovation Mission:sector-specific incubators, 500 tinkering labs, pre-incubation training,seed fund for high-growth; PPP model being considered for 35 new incubators; 31 innovation centres at national institutes, 7 new research parks like IIT-M. 5 new bio-clusters
14. Innovation Core Programs for school students in 5 lakh schools
15. Annual Incubator Grand Challenge to create world class incubators in India
16. National and International Startup Festivals to provide visibility
Via YourStory (http://yourstory.com/2016/01/start-up-india-live-coverage/)