Following are major policy highlights of Start-ups Action Plan Prime Minister Narendra Modi unveiled on Saturday in New Delhi while launching the ambitious ‘Start-up India’ campaign to boost digital entrepreneurship at the grass-root level:
* Income Tax exemption for first three years
* Tax exemption on capital gains
* No inspection of start-ups for three years on labour and environment law compliance post-self certification.
* Compliance regime based on self-certification
* Single point of contact for Start-up India hub as friend, mentor and guide
* Corpus of Rs.10,000 crore through Fund of Funds, Initial corpus: Rs.2,500 crore
* Faster exit through a new insolvency and bankruptcy laws to wind up a start-up in three months (90 days)
* Mobile app will be launched on April 1 to register start-ups in a day
* Portal for clearances, approvals and registrations
* Atal Innovation Mission for impetus to innovation and encourage talent, sector-specific incubators, 500 tinkering labs, pre-incubation training and seed fund for high-growth
* Norms to be relaxed for public procurements. No requirement of turnover or experience, but no relaxation of quality
* Faster patent registration and protection for IPRs
* Fast-track mechanism for start-up patent applications
* Panel of legal facilitators for start-ups to file IPRs on patents, designs, trade marks
* 80 percent rebate on filing of patent applications
* Public-private partnership (PPP) model for 35 new incubators, 31 innovation centres at national institutes, seven research parks and five bio-clusters
* Innovation core programmes for 10 lakh students in five lakh schools across the country.
* National and international start-up festivals to provide visibility
* Annual incubator grand challenge to create world class incubators
* Credit guarantee fund for start-ups.
