In order to encourage young entrepreneurs and to reduce the hurdles for start-ups, the Modi government has launched an appreciable campaign in India. As of now, India stands at the third position in terms of start-ups. About 4200 start-ups are functioning in India. Every third co-founder is below the age of 35. Only America and Britain are ahead of India. It is estimated that India will leave Britain behind in the near future.
On Saturday, Government has announced a number of perks for potential Start-ups. Main points are below:
- Relaxation from Income tax for three years, also the relaxation from tax on the capital gain.
- Credit Guarantee Fund, Total funds up to 10,000 crore rupees.
- Emphasis on startups in government purchasing.
- Free legal help to get the patent rights, reduction of about 80% in the fees.
- With the help of the mobile app and web portal, start-ups could be registered in a single day.
- Relief from the investigation, related to environmental and labour laws.
- Lesser interference of government in such industries.
- All the required approvals would be granted online.
The government has also realized that all such efforts would not be successful, so they have provided ease of shutting down the business within 90 days. A supporting amount of Rs 10 crores would be provided to the selected 10 start-ups with strong possibilities.
As a piece of advice, PM said that every year, a major part of crops gets damaged, which adversely affects small farmers. Start-up entrepreneurs should look for options and ideas to develop a technique to prevent the wastage and damages of food items and to feed the needy.