Startup means an entity, incorporated or registered in India:
· Not prior to seven years, however for Biotechnology Startups not prior to ten years,
· With annual turnover not exceeding INR 25 crore in any preceding financial year, and
· Working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation,
Provided that such entity is not formed by splitting up, or reconstruction, of a business already in existence. Provided also that an entity shall cease to be a Startup if its turnover for the previous financial years has exceeded INR 25 crore or it has completed 7 years and for biotechnology startups 10 years from the date of incorporation/ registration. Provided further that a Startup shall be eligible for tax benefits only after it has obtained certification from the Inter-Ministerial Board, setup for such purpose.
Benfits of recognising as a start up :
1. Self-Certification under 9 environment & labour laws.
2. Enjoy tax exemptions on Income-tax for 3 years.
3. Enjoy tax exemptions on capital gains & on investments above fair market value.
4. Government has allocated INR 10,000 crore funds for investment into startups.
5. Government has allocated 2,000 crore credit guarantee funds for startups
6. Facilitate winding up of company in 90 days under insolvency & bankruptcy code 2016
Schemes started by govt. :
Startup india schemes are giving wings to young enterpreneurs.Government has introduced time to time so many startup schemes ,which are governed by different ministry of government. We are listing here these schemes to give a bird eye view.
Ministry Of Micro,Small and Medium Enterprises:
1. ASPIRE(Scheme for promotion of innovation ,entrepreneurship and agro industry
2. International Cooperation
3. Single point Registration
4. Performance & credit rating scheme
5. Infrastructure development scheme
6. Bank credit facilitation
7. Raw Material Assistance
8. Revamped scheme of fund for regeneration of traditional Industries(SFURTI)
9. Credit linked capital subsidy for Technology Upgradation
10. MSME market development assistance.
11. National Awards(Individual MSEs)
12. Coir Udyami Yojana
13. Credit Guarantee
Ministry Of Science and Technology ;
14. Industry Relevant R & D
15. High Risk-High Reward Research
16. Assistance to professional bodies & seminars
17. Promoting innovations in Individuals, start-ups and MSMEs(PRISM)
18. Biotechnology industry research assistance council
19. Rapid grant for young Investigator (RGY)
20. Biotechnology Ignition Grant
21. Small Business Innovation Research Initiative(SBIRI)
22. Industry Innovation programme on medical electronics(IIPME)
23. Science and Technology of Yoga and Meditation (SATYAM)
24. Technology Business Incubator(TBI)
25. Science & Technology Park (STEP)
26. United States-India Science and Technology Endowment Fund
27. Ayurvedic Biology Program
28. Social Innovation programme for Products: Affordable & Relevant to Societal Health (SPARSH)
29. NewGen Innovation and Entrepreneurship Development Centre (NewGen IEDC)
Ministry Of Electronics And Information Technology :
30. Electronic Development Fund (EDF) Policy
31. Modified Special Incentive Package Scheme (M-SIPS)
32. Support for International Patent Protection in Electronics & Information Technology
33. Scheme to Support IPR Awareness Seminars/Workshops in E & IT Sector
34. Software Technology Park (STP) Scheme
35. Multiplier Grants Scheme (MGS)
Public Sector Enterprise :
36. 4E (End to End Energy Efficiency)
37. Sustainable Finance Scheme
38. Stand-Up India
39. Dairy Entrepreneurship Development Scheme
40. Pradhan Manti Mudra Yojana (PMMY)
41. SIDBI Make in India Soft Loan Fund for Micro Small and Medium Enterprises (SMILE)
42. Startup Assistance Scheme
43. Growth Capital and Equity Assistance
Ministry Of New And Renewable Energy Sources :
44. National Clean Energy Fund (NCEF) Refinance Scheme
45. IREDA Scheme for Discounting Energy Bills
46. Bridge Loan against GBI Claims
47. Loan for Rooftop Solar PV Power Projects
48. Credit Enhancement Guarantee Scheme
49. Bridge Loan against MNRE Capital Subsidy
Ministry Of Agriculture :
50. Venture capital assistance scheme
51. Credit Guarantee
Ministry Of Petroleum & Natural Gas :
52. BPCL startup fund
53. Promoting Academic Research Conversion to Enterprise (PACE)
54. Empowerment and Equity Opportunities for Excellence in Science (EMEQ)
55. VAJRA (Visiting Advanced Joint Research) Faculty Scheme
56. Incredible India Bed & Breakfast
57. BioNEST
58. Innovation in Science Pursuit for Inspired Research Programme (INSPIRE)
NITI AAYOG :
59. Atal Incubation Centres
60. Atal Tinkering Laboratories
61. Scale-up Support to Establishing Incubation Centres
MINISTRY OF HEAVY INDUSTRIES & PUBLIC ENTERPRISE :
62. Enhancement of Competitiveness in the Indian Capital Goods Sector
MINISTRY OF SKILL DEVELOPMENT AND ENTERPRENEURSHIP :
63. Udaan training programme for unemployed youth of J&K
So, we can see that for startups there has been a lot of initiative offered by Indian government. Although, this blog is just a summary of them, to make the reader aware about opportunities available to them as a startup. In our upcoming blogs we will discuss in detail about relevant stakeholders, benefits and eligibility criteria of these schemes.
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