Start-up initiative by Government to help New Entrepreneurs
Prime Minister Mr.Narendra Modi launched the ambitious ‘Startup India’ Movement to boost digital entrepreneurship at the grassroots level. In a major announcement, he said there will be income tax exemption for startups for the first three years. He also promised faster patent registrations and quicker exits for companies. Norms will be relaxed for public procurement of startups, he added.
This is a welcome initiative that has been longed for by many entrepreneurs. With the relaxing of tax constraints, this action has given a boost to many potential entrepreneurs and has also highlighted the ability of Indians to innovate and solve the unique problems that we face in our country. According to Nidhi Agarwal, CEO and Founder, of KAARYAH.com ‘Startup India has been a very motivating event that has brought to the fore the power of India’s start-up ecosystem.’
Some of the key points covered here are:
- Single Window Clearance even with the help of a mobile application.
- 10,000 crores fund of funds.
- 80% reduction in the patent registration fee.
- Modified and friendly Bankruptcy Code to ensure a 90-day exit window.
- Eliminating red tape.
- Self-certification compliance.
- Innovation hub under Atal Innovation Mission.
- Starting with 5 lakh schools to target 10 lakh children for an innovation programme.
- New schemes to provide IPR protection to start-ups and new firms.
- Encourage entrepreneurship.
- Stand India across the world as a start-up hub.
With such an impressive package, the path for new entrepreneur is going to be easy. But it is always better to be well-equipped with the best business knowledge, practices, and strategies for the journey to be successful. These cannot be found in any MBA school. Here you have to go for the best, and the best is GIBS. At GIBS, you learn how to make decisions in the face of conflicting data, complex politics, and intense pressures through practical experience.
Unique and proven learning methodologies, will help you in charting your success story. The environment is conducive to the new start-up policy, make the most of it. GIBS can help you achieve it faster and at a much better success rate.