Finally the start-up action plan has been revealed by prime minister of India Mr. Narendra Modi in the presence young entrepreneurs. this is good encouragement for the people who seriously would like to choose entrepreneurship as a career.
Tax Exemption for first 3 years:
Great offer to the start-ups but big eCommerce giants are still posting losses. Usually it would take good amount of time to break even for the start-ups so no profits means no income tax, one out of thousand may get profits in the first three years. Is it an indication to be more innovative and get into profits mode from the year one instead of concentrating size of the business?
Reduction in patent fee:
This enables big number of intellectual property filing and it indicates governments need more IPs to be filed.
Exit in 90 days:
Exit in 90 days is good news so after exit the entrepreneurs can easily switch to other plans.
What’s happening: One out of twenty start-ups enjoying the success, how about the rest ? where are they going? can’t we leverage their skills? If we don’t have the plans to utilize that talent the ecosystem is not fulfilled.
Sector Specific incubators:
Sector specific incubators creates lot of resources at specific expertise. focused plan of action and specific skill pool can be created it would be easier to get the resources and the support.
A fund of Rs. 10,000 crore to back start-ups:
Great encouragement for the start-ups hopefully it should relax some policies which the traditional banks follow otherwise it is just another SIDBI no big difference.
Innovation programs for the students:
This is a good initiative which enables the entrepreneur mindset at school level and understand the dynamics of innovation and its value.
Rolling out mobile app:
The registration process is going to be completed with one application in a mobile app, this is really a good move. every day is so precious for entrepreneurs this hassle free process could save a lot of time and efforts.
Entrepreneurship in biotechnology:
Big encouragement for biotechnology which would be an advantage to sped in research and development it contains 50 bio incubators, 150 technology transfer offices and 20 bio connect offices will be established.
Relaxed norms for the procurement:
Down the track the norms will be relaxed for the start-ups when they participate in the tenders the government is going to consider though the start-ups doesn’t have prior experience and the turnover.
Start-up festival (startup India):
To encourage and showcase the talent, government is going to host one national and one international festivals.
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