Start Up India

Start Up India
Motto	Start up India, Stand up India
Country	India
Prime Minister	Narendra Modi
Ministry	Finance
Key people	Arun Jaitley
Launched	16 January 2016; 4 days ago Vigyan Bhavan, New Delhi
Status: Active

This article is part of a series about Narendra Modi

Early life and education Public image Early political career Gujarat Legislative Assembly  2002 2007 2012 Prime Minister of India Bharatiya Janata Party campaign for Indian general election, 2014 Inauguration Council of Ministers of Narendra Modi Timeline Global Contributions Foreign policy  Asian South Asian Middle Eastern Neighbourhood first Act East policy Trips abroad Yoga Day New Development Bank Solar alliance National Budgets  2014 2015 DELP HRIDAY Housing for all Jeevan Pramaan Jan Dhan Yojana Mudra Yojana Jeevan Jyoti Suraksha Bima Atal Pension Yojana Adarsh Gram Yojana Gram Jyoti Unnat Bharat Abhiyan SAARC Satellite Campaigns Digital India Make in India Swachh Bharat Abhiyan Start Up India Missions  AMRUT Smart cities TB-Mission 2020 Establishments  MUDRA Bank Laws National Waterway Bill, 2015 v t e

Startup India campaign is based on an action plan aimed at promoting bank financing for start-up ventures to boost entrepreneurship and encourage start ups with jobs creation. The campaign was first announced by the Prime Minister in his 15 August, address from the Red Fort .It is focused on to restrict role of States in policy domain and to get rid of "license raj" and hindrances like in land permissions, foreign investment proposal, environmental clearances. It was organized by Department of Industrial Policy and Promotion (DIPP). A startup is an entity that is headquartered in India which was opened less than five years ago and have an annual turnover less than ₹25 crore (US$3.7 million). The government has already launched PMMY, the MUDRA Bank, a new institution set up for development and refinancing activities relating to micro units with a refinance Fund of ₹200 billion(US$3.0 billion).

The Standup India initiative is also aimed at promoting entrepreneurship among SCs/STs, women communities.

Contents

 

• 1Key points
• 2Launch
• 3Govt.'s role
• 4Investments
• 5States Assessment
• 6Educational Institution Alliances
• 7Criticism
• 
  

Key points

• Single Window Clearance even with the help of a mobile application
• 10,000 crore funds of fund
• 80% reduction in patent registration fee
• Modified and more friendly Bankruptcy Code to ensure 90-day exit window
• Freedom from mystifying inspections for 3 years
• Freedom from Capital Gain Tax for 3 years
• Freedom from tax in profits for 3 years
• Eliminating red tape
• Self-certification compliance
• Innovation hub under Atal Innovation Mission
• Starting with 5 lakh schools to target 10 lakh children for innovation programme

Launch

The event was inaugurated on 16 January 2016 by the finance minister Arun Jaitley. Among the attendees were around 40 top CEOs and startup founders and investors from Silicon Valley as special guests including Masayoshi Son, CEO of SoftBank, Kunal Bahl, founder Snaa, Travis Kalanick, founder of Uber, Adam Nuemann, CEO of WeWork, Sachin Bansal, founder of Flipkart and others

Govt.'s role

The Ministry of Human Resource Development and the Department of Science and Technology have agreed to partner in an initiative to set up over 75 such startup support hubs in the National Institutes of Technology (NITs), the Indian Institutes of Information Technology (IIITs), the Indian Institutes of Science Education and Research (IISERs) and National Institutes of Pharmaceutical Education and Research (NIPERs).

Investments

SoftBank, which is headquarterd in Japan, has invested $2 billion into Indian startups. The Japanese firm had pledged the total investments at $10 billion. Google declared to launch a startup, based on the highest votes in which the top three startups will be allowed to join the next Google Launchpad Week, and the final winner could win an amount of $100,000 in Google cloud credits PMMY (Pradhan Mantri Mudra Yojana) is also one of the similar initiatives to refinance the micro units.

States Assessment

Southern States of the nation have shown great performance, like Karnataka, Kerala, Andhra Pradesh and Telangana which have results better than the rest of the country in terms of their policies implementations for supporting startups. Their focus has been on improving infrastructure, especially in the Tier-II cities. Bengaluru , a metro city ofKarnataka, is known as the Silicon Valley of India. Kerala is well known for the government’s startup policy, "Kerala IT Mission", which focus on fetching ₹50 billion(US$740 million) in investments for the State’s startup ecosystem. It also made India’s first telecom incubator Startup village in 2012 The state also matches the funding raised by its incubator from Central government with 1:1. Telangana has launched the largest incubation center in India as "T-Hub". Andhra Pradesh has allocated a 17,000-sq.ft. Technological Research and Innovation Park as a Research and Development laboratory. It has also created a fund called "Initial Innovation Fund" of ₹100 crore (US$15 million) for entrepreneurs  The government of Madhya Pradesh has collaborated with the Small Industries Development Bank of India (SIDBI) to create a fund of ₹200 crore(US$30 million). Rajasthan has also launched "Start-up Oasis" scheme

Educational Institution Alliances

Under the scheme, a group of start-ups will acknowledge an MOU with the prestigious institutions and will also establish the start-up centers in the campus. NIT-Silchar (TheNational Institute of Technology, Silchar) is one of the institutions of the country to have joined the program  IIT Madras is also linked with this campaign. The institution has been successfully managing seven research parks that has incubated many start-ups

Criticism

The quality of education in the institutions of the nation is always questioned and found not matching with the organizations' standards for the required