Start up India Scheme

Prime Minister Narendra modi unveiled the start up india scheme on 17th Jan to give a boost to Indian Enterprenuer eco-system.

Imp Features of this scheme:

  1. Corpus fund of 10,000 crore rupees for 4 years i.e. 2500 crore rupees for every year
  2. Mobile  app to register the start up themselves within one day and apply for clearance online
  3. Credit Guarantee mechanism helps to raise debt fund through formal banking  through National Credit Guarantee Company Limited (NCGCL) /SIDBI ,which has initial corpus fund of 500 crores for the next 4 years
  4. Fast track mechanism for the start up patent application ,with 80% rebate
  5. Compliance with 9 labour and Environment laws  based on the Self Declaration
  6. No visit  by labour inspectors for the first 3 years
  7. Tax exemptions on the  profits  of start up for the first 3 years
  8. Public Procurement norms for the minimum turn over /experience to be relaxed
  9. Easier exit for the failed start ups with a provision to wind up them within 90 days under the proposed Bankruptcy and Insolvency Law
  10. A Start up India Hub will be set up to server as single point of contact for the startup eco system

Insights Daily Current Events, 18 January 2016

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