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Steps to Address Obstacles Under ‘Startup India’ Mission

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Startup IndiaLocal Circles is a social media site which keeps conducting informal surveys on various issues.� Government policies cannot be framed on the basis of such informal surveys.� The Government, however, has identified regulatory reforms which aim at reducing inefficiencies and corruption as its top most priority.

A number of steps have been taken by the Government to address these obstacles.� An Action plan has been released by the Prime Minister of India on 16th January, 2016 which includes:-

  1. Simplification and Handholding
  • Simple Compliance Regime for startups� based on Self-certification
  • Launch of Mobile app and Portal for compliance and information exchange
  • Startup India Hub to handhold startup during various phases of its development
  • Legal support for and fast-tracking patent examination at reduced costs
  • Relaxed norms of public procurement for startups
  • Faster exit for startups
  1. Funding support and Incentives
  • Providing funding support through a Fund of Funds with a corpus of rupees 10,000 crore
  • Credit guarantee fund for startups
  • Tax exemption on capital gains invested in Fund of Funds
  • Tax exemption to startups for 3 years
  1. Industry-Academia Partnership and Incubation
  • Organizing Startup Fests to showcase innovations and providing� collaboration platforms
  • Launch of Atal Innovation Mission (AIM) with Self �Employment and Talent Utilization (SETU) Program of NITI Aayog
  • Harnessing private sector expertise for setuping up incubators
  • Setting up of 7 new research parks modeled on the Research Park at IIT Madras
  • Launching of innovation focused programs for students.
  • Annual Incubator Grand Challenge to promote good practices among incubators.

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