The Startup India Scheme is an initiative by the government of India aimed at encouraging the development and innovation of products and services and the creation of employment opportunities across the country. The Startup India initiative was announced by Hon’ble Prime Minister of India on 15th August, 2015. Further to this, an Action Plan for Startup India was unveiled by Prime Minister of India on 16th January, 2016.
Notably, Startup India Scheme is one of the flagship initiatives of the Central Government of India. Under Startup India Scheme, several programs are rolled out with the following objectives –
- To support entrepreneurs;
- To build a robust startup ecosystem;
- To transform India from a country of job seekers to a country of job creators; etc
The Department for Promotion of Industry and Internal Trade (DPIIT) is mandated to coordinate implementation of Startup India initiative with other Government Departments. Apart from DPIIT, the initiatives under Startup India are driven primarily by five Government Departments viz. Department of Science and Technology (DST), Department of Bio-technology (DBT), Ministry of Human Resource Development (MHRD), Ministry of Labour and Employment and Ministry of Corporate Affairs(MCA) and NITI Aayog.
DPIIT-Recognised Startups Are Eligible For The Following Benefits:
- Intellectual Property Rights (IPR)
- Relaxation in Public procurements norms
- Self-certification under Labour & Environment laws
- Fund of Funds for Startups (FFS)
- Faster exit for Startups
- Startup India Seed Fund Scheme (SISFS)
- Programs on Startup India website
DPIIT-Recognised Startups May Apply To Inter-Ministerial Board (IMB) For The Following Benefits:
- Section 80-IAC: Income Tax exemption for 3 out of 10 years
- Section 54GB: Capital gain on transfer of residential property
- Section 79: Carry forward and set off of losses
- Sections 156, 191 and 192: Deferment of tax liability on ESOPs
The Startup India Scheme plan focuses on strengthening startups not only from major cities but also on empowering individuals from small towns who want to be business owners.
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Note: This Post was last updated on July 5, 2022
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