Start Up India
Startup India campaign is a government of India initiative under the Department of Industrial Policy & Promotion (DIPP) that aims to promote bank finances for start-ups. The objectives behind this campaign are to augment entrepreneurship and promote start-ups along with job generation. This campaign was first declared by the Prime Minister in his Independence Day address to the nation from the Red Fort. Its main focus is to restrict government role in policy domain and to do away with the ‘license raj’ system. It also aims to reduce obstacles such as land permissions, environmental clearances and foreign investment proposals. The DIPP defines a start-up as an entity headquartered in India opened less than 7 years ago, and with an annual turnover under Rs.25 crores.
The Startup India campaign is an action-based initiative and is based on the following three pillars:
- Handholding and simplification
- Incentives and support for funding
- Partnership between industry and academia, and incubation