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Photo Courtesy- www.india.com
Photo Courtesy- www.india.com

PM Unveils Action Plan for Startup India-Startup Friendly Tax Regulation Soon Coming

Prime Minister Narendra Modi has unveiled the action plan for his most ambitious ‘Startup India’ initiative today at Vigyan Bhawan. One of the major reliefs for startups is that the government will move for startup-friendly tax regime in 2016 Budget.

Some other important steps that are included in the action plan are self-certification of startups based on compliance, a mobile application to facilitate startup to start ventures in one day. The mobile app will have a small registration form as well. Startups will also be exempted from inspection for three years from the commencement of operation. Also, at present filing patents take months for startups. Mr. Prime Minister said that the government will bring a scheme to make the process for filing patents much easier as well as will reduce patent fee up to 80%. The centre will also work closely to relax norms of public procurement for startups.

Mr. Narendra Modi also said that the government will establish a Startup India Hub- a single point contact for starting a new venture. Also, Rs. 10,000 crore corpus funds will be created for startups to ensure a healthy business environment and help boost entrepreneurship in the country. At present, more than starting a new venture exiting or closing down an operation is more difficult in the country. He also revealed that the government will be making the exit laws more lenient for startups by introducing a bill in the Parliament to help startups close down business venture in 90 days.

The government will also introduce a Credit Guarantee Fund Scheme for startups to foster more participation from youth. It will also start the Atal Innovation Mission to push forward more innovation from people. Also, a core innovation programme in more than 5 lakh schools in the country will be established. Startups will also be exempted from tax on capital gains of theirs. A startup fest is also on its way soon.

Mr. Prime Minister also revealed of the ‘Narendra Modi App’ where entrepreneurs can share their ideas as well as the issues they are facing directly with the prime minister. Giving it a more humane touch the prime minister said that, India as a country is facing millions of problems but it also has billions of minds or rather ideas to help overcome them.

(With inputs from NDTV)

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