Start-up India Scheme: The Start-up India scheme is a government initiative that poses an opportunity to start a business in order to generate employment and income in India. The key objective of Start-up India is to promote the developmental aspects and advancement of products or services by providing numerous benefits. The Start-up India Scheme was launched on 16th January 2016 by PM Narendra Modi.
Start-up India Scheme is a government-led initiative. It is an incubator and accelerator for new budding social entrepreneurs. The government intends to invite, inspire and work with new talented entrepreneurs to launch ventures under the scheme. The prime minister’s initiative allows new entrepreneurs to create a deep impact to scale their models.
Start-up India Scheme | |
Start-up India Scheme Launch Date | 16th January 2016 |
Initiative of Ministry | Ministry of Commerce and Industry |
Concerned Department | Department for Promotion of Industry and Internal Trade |
The government’s flagship program, Start-up India intends to streamline a start-up environment and a robust ecosystem motivating innovations in the nation. The scheme aims for long-term economic growth and an increase in the number of employment opportunities.
Other units introduced under the Start-up India scheme are the I-MADE program which aims to assist Indian entrepreneurs in creating 10 lakh (1 million) mobile app start-ups, and the MUDRA Bank’s scheme (Pradhan Mantri Mudra Yojana) which aims to provide microloans with low-interest rates to business owners from low socioeconomic backgrounds.
The Department for Promotion of Industry and Internal Trade (DPIIT) has initially recognized start-ups in 56 diverse sectors. The government has come up with a Start-up India Action Plan focusing on the three C’s – capital, courage, and connections described by Prime Minister Modi as the main prerequisites for a start-up business. The Action plan helps in spreading the movement faster in terms of awareness and participation. The campaign develops over 75 start-up support hubs.
Three Pillars of Action Plan Start-up India | ||
Simplifying and guiding the process | Financial Assistance and Incentives | Collaboration between research and industry |
A Start-up refers to starting a business from scratch and the raw level. It also includes a company still in its development phase. Start-ups are founded by one or more business owners/entrepreneurs who manufacture goods or provide services with high market demand. To set up a start-up the owners need capital and the business requires large start-up expenses at the initial stages, for that they seek funding from several sources, including venture capitalists.
Prime Minister Mr Narendra Modi under his governance took the initiative to implement Start-up India on the 16th of January, 2016. The scheme was launched with several purposes, namely, to abolish government-imposed economic liberalisation, Land Authorization, Foreign Investment Plans, and Investment Clearances.
The following are some of the salient features of the Start-up India Scheme:
An entity or interested person has to be eligible and can apply for the Start-up India Scheme:
The interested person and business owners must visit the Start-up India official website i.e. https://www.startupindia.gov.in/ to find more details about the scheme, registration form, prerequisites and benefits under the scheme.
The start-up India Scheme loan aims to give new entrepreneurs and businesses advantages. The government through the initiative intends to help with starting up the business, providing maximum employment opportunities, and stabilizing financial growth. The scheme through start-up scheme loans motivates the business owners to come up with smart and new ideas and use technology In addition, these newly established enterprises in India will benefit from administrative and tax savings, capital gains, tax exemptions, and government investment after fulfilling specific requirements.
For successful registration of businesses under the Start-up India scheme, the applicants would require the following prerequisites:
The following are steps to be followed to apply for the Start-up India Scheme:
The government intends to bring a drastic change in the Indian economy and business sectors with the initiative of the Start-up India scheme. The Indian government has developed a strategy that addresses the start-up environment and every aspect of it. The Start-up India initiative covers various sectors, including technology, agriculture, healthcare, and education. The scheme promotes women entrepreneurs and opens a platform for innovative business ideas.
The Start-up India Scheme is one of the most aspirational and prominent schemes launched under the governance of PM Modi boosting the start-up culture in India. The Start-up India scheme is an important topic from the point of view of the UPSC Exams. All the aspirants should keep a tab on the updates and recent changes in the scheme.
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