Startup Action Plan Overview
Prime Minister's some of the action plan points on Startup
- Self-certification based compliance
- No inspection for the first three years.
- Includes self-certified environmental regulation.
- Startup India Hub. A single point of contact.
- A system of hand-holding.
- A mobile app to start a startup in one day.The app will have a small application form that can be easily filled for your registration.
- Patents usually take months. We are bringing a scheme to make filing patents simpler.
- We are lacking in IP (intellectual property), but we have a lot of YP (youth property). We have to bring them on a single plane.
- Trying to facilitate free patent filing. Today we are reducing patent fee by 80 per cent.
- We are planning relaxed norms of public procurement for startups.
- There are ways to close doors to the new ideas. We want to open them.
- There is no exit plan for startups. We are making faster exits for startups because failures shouldn't stop you forever. One who runs away from water cannot learn to swim.
- We are bringing a bill in Parliament to let startups can exit 90 days.
- Rs. 10,000 crore corpus fund for startups.
- A credit guarantee fund for startups.
- Tax exemption on capital gains.
- When someone invests their own wealth, they will be exempted from capital gains tax.
- Three year income tax exemption for startups.
- We are trying to increase participation of women in startups.
- Tax exemption on investments above fair market value.
- We are starting the Atal Innovation Mission to give an impetus to innovation and encourage the talent among our people.
- Core innovation programmes in 5,00,000 schools.
- 10,00,000 students from 5,00,000 schools shall be trained for startups.