Start Up India
Start Up Policy :
Start-up India Scheme
Start-up India initiative launched on 16thJanuary 2016, consists of 19 Action Points that act as a guiding document for the initiative. Salient features of these action points are at Annexure I.
Since its inception, 19,351 Startups across the country have been recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) as on 24.06.2019. The State-wise number of recognized Startups is at Annexure II.
Government of India has established Fund of Funds for Startups (FFS) with corpus of Rs. 10,000 crore, to meet the funding needs of startups. DPIIT is the monitoring agency and Small Industries Development Bank of India (SIDBI) is the operating agency for FFS. The total corpus of Rs. 10,000 crore is envisaged to be provided over the 14th and 15th Finance Commission cycles based on progress of the scheme and availability of funds. SIDBI has committed Rs 3123.20 crore to 49 SEBI registered Alternative Investment Funds (AIFs). These funds have raised a corpus fund of INR 27,478 crore. INR 483.46 crore have been drawn from Fund of Funds for Startups. Further, the AIFs have invested a total of Rs. 1,625.73 crore into 247 startups. State/UT-wise details of funds invested by the AIFs are at Annexure III.
A total of 26 states have notified and operational startup policies. The list of States/UTs with start-up policies are provided at Annexure IV.
The details of top five States with highest number of registrations as done by DPIIT is at Annexure V.
Salient features of Startup India action plan
1. Compliance Regime based on Self-Certification with an objective to reduce the regulatory burden on Startups thereby allowing them to focus on their core business and keep compliance cost low.
2. Startup India Hub with an objective to create a single point of contact for the entire Startup ecosystem and enable knowledge exchange and access to funding.
3. Rolling out of Mobile App and Portal with an objective to serve as the single platform for Startups for interacting with Government and Regulatory Institutions for all business needs and information exchange among various stakeholders.
4. Legal Support and Fast-tracking Patent Examination at Lower Costs with an objective to promote awareness and adoption of IPRs by Startups and facilitate them in protecting and commercializing the IPRs by providing access to high quality Intellectual Property services and resources, including fast-track examination of patent applications and rebate in fees.
5. Relaxed Norms of Public Procurement for Startupswith an objective to provide an equal platform to Startups across sectors vis-à-vis the experienced entrepreneurs/ companies in public procurement.
6. Faster Exit for Startupswith an objective to make it easier for Startups to wind up operations.
7. Providing Funding Support through Fund of Funds with a Corpus of RS. 10,000 crore with an objective to provide funding support for development and growth of innovation driven enterprises.
8. Credit Guarantee fund for Startupswith objective to catalyze entrepreneurship by providing credit to innovators across all sections of society.
9. Tax Exemptions on Capital Gains with an objective to promote investments into Startups by mobilizing the capital gains arising from sale of capital assets.
10. Tax Exemptions to startups for 3 Years with an objective to promote the growth of Startups and address working capital requirements.
11. Tax Exemption on Investments above Fair Market Value with an objective to encourage seed-capital investment in Startups.
12. Organizing Startup Fests for Showcasing Innovation and Providing a Collaboration Platform with an objective to galvanize the Startup ecosystem and to provide national and international visibility to the Startup ecosystem in India.
13. Launch of Atal Innovation Mission (AIM) with an objective to serve as a platform for promotion of world-class Innovation Hubs, Grand Challenges, Startup businesses and other self-employment activities, particularly in technology driven areas.
14. Harnessing Private Sector Expertise for Incubator Setup with an objective to ensure professional management of Government sponsored / funded incubators, Government will create a policy and framework for setting-up of incubators across the country in public private partnership.
15. Building Innovation Centers at National Institutes with an objective to propel successful innovation through augmentation of incubation and R&D efforts.
16. Setting up of 7 New Research Parks Modelled on the Research Park Setup at IIT Madras with an objective to propel successful innovation through incubation and joint R&D efforts between academia and Industry.
17. Promoting Startups in the Biotechnology Sector with an objective to foster and facilitate bio-entrepreneurship.
18. Launching of Innovation Focused Programs for Students with an objective to foster a culture of innovation in the field of Science and Technology amongst students.
19. Annual Incubator Grand Challenge with an objective to support creation of successful world class incubators in India.
Startup Tripura is an initiative of the Tripura Government which intends to build a strong eco-system for nurturing innovation and startups. The key objective of this initiative is to promote sustainable economic growth and generate large scale employment opportunities in the state of Tripura. This startup scheme will be implemented from 1st April 2019 to 31st March 2024. In this article, we look at Startup Tripura in detail.
Objectives of Startup Tripura
The objectives of the Startup Tripura are listed below:
• To afford appropriate infrastructural support required to enable startups in Tripura.
• To improve the startup culture in the state through strategic investment, policy interventions and such other programmes.
• To develop a platform for accessing multiple avenues that provide financial support to startups in Tripura, in the form of grants, bank loans, fiscal incentives.
• To encourage and inspire youth to actively consider entrepreneurship as a career choice by including appropriate learning modules within the university curriculum, organising relevant entrepreneurship development programs in vocational institutions and in supporting outreach programs, interactions with entrepreneurs, e-calls and entrepreneurship development centres across educational institutions in the state.
• To support and strengthen existing incubators and accelerators in the state. To encourage setting up new incubators in the state in collaboration with the private sector.
• To provide enabling mechanisms to startups, through training and skill development, capacity building, networking, access to knowledge and support services etc.
• To create a strong institutional framework for effective implementation, monitoring and evaluation of this scheme.
• To afford skill-based training to encourage youth to take up startups.
• To facilitate the development of new and support expansion of existing Incubators/common infrastructure spaces.
• To provide a comprehensive one-stop portal for startups to access financial support, administrative support, network of mentors and empanelled project management consultants.
• To encourage all major companies of Tripura to include skill and infrastructure development for startups as an integral component of their Corporate Social Responsibility (CSR) activities.
Any information technology or service based startups are eligible to participate in the Startup Tripura scheme.
Note: The startup should not have been registered or incorporated for more than 4 years from the date of application to avail the incentive under this scheme.
Supports under Start-up Scheme of Tripura
Physical Infrastructure support
The government will setup device testing labs which will provide enterprise software at subsidised rates. Also, the government will allocate cloud space in its State Data Center (SDC), which will be connected to all government incubation facilities and can be used by startups at nominal charges.
Incubation Rental charges
Startups requiring incubation facility offered by the government is free from rental cost for the first three years. Start-up may operate incubation facility from the government for another one year on payment basis after getting approval from the State Level Implementation Committee.
Incentives for Startups
Reimbursement of State Goods & Service Tax (SGST)
The unit can pay SGST to the concerned department and avail reimbursement every year. It is applicable only for the SGST payers and for the startup maximum total turnover of INR 1 Crore for the first three years of operation.
Industrial Promotions Subsidy
Reimbursement for the travelling expenses and the cost incurred to participate in State and National level IT trade/industry fares and exhibitions held outside the state will be covered under the Industrial Promotions Subsidy.
Patent Filing Cost reimbursement
The cost for filing a patent application will be reimbursed to the incubated startup companies with the limit of Rs. 2 lakh per Indian patent awarded. For awarded foreign patents, maximum limit up to Rs. 10 lakhs can be reimbursed.
Marketing Development Support
Any entrepreneur with an innovative product or a service which generates revenue but in need of guidance and funding to scale-up business can apply for the marketing development support under the scheme.
Reimbursement of Capital Investment
Once the Start-up council approves the business plan and the evaluation of the product, then the state government will provide subsidy up to 80% of the total cost of the project but not exceeding 10 Lakhs.
To promote Startup industries, the government offers onetime recruitment assistance of Rs. 10,000 per employee for the first year.
Performance Linked Support
The startups which have a growth rate of 15%, as per audited accounts, are eligible to get a grant of 5% on turnover, within the limit of Rs.10 lakhs for 3 years from the date of incubation.
Assistance for Start-up Funding
The government will encourage banks and other financial institutions/Angel Investors/to enhance their facilities to set up dedicated desks for startups in respective branches to fund for commercialisation and business expansion. Also, the government would encourage angel investors network and various seed capital funding agencies to enter into a partnership with industry/Startup associations in the state.
Ease of Doing Business
• To reduce the time to set-up a business to 12 days or lesser.
• To establish favourable labour and intra-state goods.
• Startup cell would be set up to provide necessary assistance to startup industries.
• Startup portal will be established with the components like investor organisations, trade organisations, regulatory environment, policies, programs, events and service providers.
Startup Tripura Portal
This Startup Tripura is expected to launch soon and will serve the following services:
• Online application
• Status tracking
• Approvals for registration
• Apply for incentives
• Download the registration certificate
Click here for details :