In order to meet the objectives of the initiative, Government of India announced the Action Plan that addresses all aspects of the Startup ecosystem on 16th. Sr. No. Action Point (as per Action Plan), Relevant Notification. 1, Overall. Definition of Startup and procedure for recognition PDF file that opens in new window. The Government of India decided to boost the Startup ecosystem in the country and help India the Startup India Action Plan on January 16, in New Delhi.
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Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will. The Start-up India Action Plan launched by the Prime. Minister, Mr Narendra Modi, on 16th January have sited the spirit of adventure among. Prime Minister Shri Narendra Modi unveiled an Action Plan for Startups on 16 January, highlighting various initiatives and schemes being.
In order to obtain tax and IPR related benefits, a startup shall also be required to be certified as an eligible business from the Inter-Ministerial Board of Certification. The process of registration as a startup is real time and a recognition certificate is issued immediately upon successful uploading of the application.
Stumbling blocks As discussed, in order to qualify for the incentives, the startup would need to determine whether it would fit into the definition as notified by the Government of India.
Whether the business of the startup entails development of new products, processes or service would need to be determined on a case by case basis. An incubator who is responsible for issuing a letter of recommendation would be required to be convinced that the business activities do qualify as such.
This is also especially since if it is later found that the incubator issued the letter of recommendation without satisfying itself, the incubator could be blacklisted by the Government from providing any further recommendations. In order to make the process faster and more efficient, it would have been good if the Government would have allowed self-certification by entrepreneurs with severe penalties in the event that such a certification was found to be false subsequently.
This is also comparable to venture capital funds seeking registration as Category I Alternate Investment Fund with the Securities and Exchange Board of India SEBI , wherein the fund declares itself to be involved in the activity of investing primarily in unlisted securities of startups, emerging or early-stage venture capital undertakings mainly involved in new products, new services, technology or intellectual property right based activities or a new business model, and is not required to seek any certification for this purpose.
The economy of any country depends on its countrymen. Larger the number of employed or working people, better be the economy. The Indian government realized that Indian people have the potential to work hardly, all they need is, a promising start up.
Many people dream of starting up their own business, but due to financial or other similar issues are unable to do so. So, Indian govt.
Narendra Modi in his speech acknowledged that Indians have ideas and capability, all the need is a little push. These people have ideas and capability, so the government will give them support to make sure they can implement their ideas and grow.
Startup India Action Plan - The workings & shortcomings
Success of this scheme will eventually make India, a better economy and a strong nation. Modi said that we are trying to make the young job creators rather than job seekers.
Technology is evolving with the pace faster than ever. All rights reserved.
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In order to qualify for the incentives, the startup would need to determine whether it would fit into the definition as notified by the Government of India. Image Source: By Parul Jain While addressing the nation from the ramparts of the Red Fort on the occasion of 70th Independence Day of India, the Prime Minister launched 'Start-up India' initiative to give boost to the groundbreaking entrepreneurial spirit of India's youth.
Startup India Action Plan - The workings & shortcomings
The Startup India initiative aims at tapping this growth potential and creating an ecosystem 'minus the trappings of the system', to empower startups to grow through innovation and design.
To meet the objectives of this initiative, the government on January 16, , unveiled an Action Plan highlighting various initiatives and schemes to build a strong ecosystem for nurturing innovations that will drive sustainable economic growth and generate greater employment opportunities.
With this Action Plan, the aim is to spread the startup movement across various sectors covering agriculture, manufacturing, social sector, healthcare, education, information technology, etc, and from existing tier 1 cities to tier 2 and 3 cities including semi-urban and rural areas.
The definitions The Action Plan defines a 'Startup' to mean an entity incorporated or registered in India not prior to 5 years, with an annual turnover not exceeding Rs 25 crore in any preceding financial year, and which is working towards innovation, development, deployment of new products, processes or services driven by technology or intellectual property.Now customize the name of a clipboard to store your clips.
By Parul Jain While addressing the nation from the ramparts of the Red Fort on the occasion of 70th Independence Day of India, the Prime Minister launched 'Start-up India' initiative to give boost to the groundbreaking entrepreneurial spirit of India's youth. Similalrly, development of an undifferentiated product or process or service or such products or processes or services which have no or low incremental value will not be considered to be covered within the definition of a startup.
Upcoming SlideShare. The Startup India initiative aims at tapping this growth potential and creating an ecosystem 'minus the trappings of the system', to empower startups to grow through innovation and design.
HR Leadership People. Tax Exemption to Startups for 3 years In order to promote entrepreneurship among startups. A few changes can make the process of recognition simpler.