The government of India started the Startup India Scheme on 16 January 2016; the Startup India Initiative has created various programs to support businesses and entrepreneurs, build a robust startup program, and transform India into a country of job creators instead of job seekers.
About the Startup India Scheme
The Startup India Team manages this program, which reports to the Department for Industrial Policy and Promotion (DPIIT). Startup India Scheme is a self-employment program and it also generates jobs for other people.
Overview of the Startup India Scheme:
| Scheme Name | Startup India Scheme |
| Start Date | 16 January 2016 |
| Benefits | Simplification of Work, Finance support, Government tenders, Networking opportunities. |
| Application System | Apply using online application mode. |
| Govt Website Link | Central Govt Startup India Scheme |
Key Pillars of Support for Startups
- Simplification and Handholding
- Funding & Incentives
- Incubation & Industry-Academia Partnerships
What is the Startup India Scheme?
Key Point of Startup India Scheme
- Self-Certification: Startups could self-certify compliance with various Laboure and environmental laws for a specified period. Self-certification helped reduce regulatory burden and allowed startups to focus on their core activities.
- Tax Exemptions: Startups recognized under the scheme could avail of income tax exemptions for a certain period, subject to meeting certain conditions. The project provided a tax holiday for eligible startups.
- Fast-Track Patent Examination: Startups could benefit from expedited examination of patent applications. This process helped startups protect their intellectual property more quickly, which is crucial for innovation-driven businesses.
- Faster Exit: The startup India scheme aimed to simplify and expedite the process of shutting down failed startups. This process facilitated a smoother exit for entrepreneurs and reduced the stigma associated with business failures.
- Access to Funding: The scheme aimed to facilitate access to funding for startups by setting up a fund of funds. This scheme fund was designed to invest in various alternative investment funds, which would invest in startups.
- Networking Opportunities: Startups could connect with other stakeholders in the ecosystem, including mentors, investors, industry experts, and fellow entrepreneurs. This network facilitated knowledge sharing and collaboration.
- Government Procurement: Eligible startups could participate in government procurement programs, which can be a significant source of business for startups.
- Ease of Compliance: The scheme aimed to simplify regulatory and compliance requirements for startups, allowing them to focus more on their business operations.
- Innovation Challenges: Startups could participate in various innovation challenges and competitions organized by government bodies and industry associations.
- Access to Incubators and Accelerators: The scheme aimed to connect startups with recognized incubators and accelerators, which provided mentorship, guidance, and resources to startups.
- Market Access: Startups could benefit from various initiatives aimed at helping them access domestic and international markets.
- Intellectual Property Support: The scheme aimed to provide startups with access to legal support and resources for managing their intellectual property.
The Indian Government started the Startup India Scheme to create Employment in the country. Startup India seeks to develop and innovate goods and services while boosting jobs in India.
Who is eligible for the startup India scheme?
Eligibility Criteria for the Startup India Scheme:
● A limited liability partnership, partnership firm, or private limited company should be registered as a startup.
● In any of the prior fiscal years, the turnover should have been lower than INR 100 crore.
● A company will be regarded as a startup for ten years following the date of establishment.
● The startup should be attempting to innovate or improve current goods, services, and procedures and have the potential to produce money and jobs. A “Startup” shall not include a company created through the division or reconstitution of an existing business.
Why Startups India Scheme?
● Startup India Scheme was started to help in Boosting and Promotion of startups
● Main goal of this scheme is to create maximum jobs in the country
● Encourage the citizens who have the potential to innovate and start their own business
● To boost the Banking and finance sector of the country
● Encourage the people to be a job creator/ provider.
Funding Scheme of Startup India Program
| Scheme Name | Get Details |
| Seed Fund Scheme | Click Here |
| High Risk Reward Scheme | Click Here |
Conclusion
The government of India’s Startup India program, aims to build a strong ecosystem that encourages innovation and entrepreneurs in the nation, fostering long-term economic growth, and creating numerous job possibilities.
The government of India is announcing this (Startup India Program) action plan that covers every part of the startup ecosystem to fulfil the programs’ goals.
- Youth in India will have more employment chances because to this most successful programe. People will benefit directly from this plan as they pursue successful enterprise.
- Through their creative firms around the world, it will assist our nation in showcasing the potential of its young people.
Also Read:
At Govt Jobs Home/ govtjobshome you will get detailed information on:
- Govt schemes for self employment for unemployed youth of India. This scheme includes various programs of employment generation in the country.
- Latest govt job vacancies declared by all state governments and central government of India.
