Question

Discuss the features of the Startup India Scheme of the Government of India.

Answer 1

Start Up India Scheme is an initiative of GOI to develop an environment that promotes entrepreneurship across India. It aims at empowering startups through innovation and design. Some features of the scheme are as follows:

1. Simplification and hand-holding: Government has announced simplifications for clearance, approval, and registration of startups
2. No Inspections: No inspection regarding labour laws up to three years of launch
3. Startup India Hub: Creating Startup India Hub to enable knowledge exchange and awareness of funding
4. Legal Support: Launching scheme for Startups Intellectual Property Protection (SIPP) for facilitating the protection of patents, trademarks and designs of startups.
5. Easy exit: Easy exit of startups to promote experimentation and innovations
6. Tax exemption: Exemption from paying income tax for the first three years on obtaining the inter-ministerial board certification and can claim capital gain tax exemption for the first three years