On January 16, Prime Minister Narendra Modi unveiled a 19-point action plan for start-up enterprises in India. Highlighting the importance of the Stand Up India Scheme, Hon’ble Prime minister said that the job seeker has to become a job creator. Prime Minsiter Narendra Modi announced that the initiative envisages loans to at least two aspiring entrepreneurs from the Scheduled Castes, Scheduled Tribes, and Women categories. It was also announced that the loan shall be in the ten lakh to one crore rupee range.

A startup India hub will be created as a single point of contact for the entire startup ecosystem to enable knowledge exchange and access to funding. 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.

Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem for nurturing innovation and Startups in the country. This will drive sustainable economic growth and generate large scale employment opportunities. The Government, through this initiative aims to empower Startups to grow through innovation and design.

What is Startup India offering to the Entrepreneurs?

·         Stand up India backed up by Department of Financial Services (DFS) intents to bring up Women and SC/ST entrepreneurs. They have planned to support 2.5 lakh borrowers with Bank loans (with at least 2 borrowers in both the category per branch) which can be returned up to seven years.

·         PM Modi announced that “There will be no income tax on startups’ profits for three years”

·         PM plans to reduce the involvement of state government in the startups so that entrepreneurs can enjoy freedom.

·         No tax would be charged on any start up up to three years from the day of its establishment once it has been approved by Incubator.

 

Niir Project Consultancy Services (NPCS) can provide Startup Books for Entrepreneurs

 

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