What do you understand by Startup India scheme?
Start-up means to provide finance through banks to the youth of the country so that they can start with better strength so that they can create more jobs in India. The Startup India scheme aims to build a strong Eco-system for nurturing innovation and startups in the country which will lead to sustainable economic growth. So that Indian startups can spread their wings far and wide.
When was Startup India started?
This program was inaugurated on 16 January 2016 by the former Finance Minister of India, Arun Jaitley.
What is the benefit of Startup Scheme?
This scheme will create new employment opportunities. Poor and unemployed citizens will get employment. This will boost economic development. Business will get a boost through this scheme.
How many startups are there in India?
The total number of recognized startups in India increased from 471 in 2016 to 72,993 as of June 30, 2022, helped by proactive government intervention, Minister of State for Commerce and Industry.
Who is eligible for Startup India?
The startup should be incorporated as a private limited company or registered as a partnership firm or a limited liability partnership. The turnover should be less than INR 100 Crores in any previous financial year. An entity shall be treated as a Startup for 10 years from the date of its incorporation.
How to invest in startup?
Before making any investment, understand about your interest in which field you can do better. And whatever the work is going to start, what is the demand for that product. What are the rates in the market, what the margin is, and what the sources of consumption available are? Do not take any startup without thinking and looking at others.
What is the objective of Startup India Scheme?
The main objective of the Startup India scheme is to develop entrepreneurship among the youth in the country, that is, to convert Job Seekers into Job Creators. So that new employment and job opportunities can be increased in the country. The main goal of Startup India is to connect new creative thinking with the youth of the country, So that they can contribute to the economic prosperity of the country.
Some Important Benefits of Startup India Scheme
- Start-up India is a very easy process, one can register online to join. You can do this online registration through Mobile Apps or Websites.
- Under the Start-up India Scheme, all the information and approvals related to employment will be made available to all the businessmen from one place. Single Window System will be used in this. Under the start-up scheme, all companies registered after April 1, 2016 will be given tax exemption for the next 3 years.
- The government will not inspect the companies started by the start-up scheme for the first three years, that is, they will be given the freedom to self-certify themselves.
- The government has created a corpus fund of Rs 10,000 crore for the start-up scheme.
- Patent Registration Fee has been reduced by up to 80%.
- Under the start-up scheme, the government has made some important changes in the rules of the Bankruptcy Code, in which a 90-day window has been ensured for businessmen to exit or close their business.
- Start-up related programs have been run by the Government of India in five lacks schools, so that more and more students can be connected under this scheme.
- An innovation hub has been created under Atal Innovation Mission for new innovations in the start-up scheme.
- By identifying 5 lacks schools through this scheme, 10 lacks children are to be covered in it.
- Several schemes have been formulated to provide IPR protection to companies started by start-up plans.
