Startup India, Standup India Ease up the process of Doing a Business in India… Think of countries with strong startup ecosystem and India will surely cross one’s mind. The startup ecosystem in India is boosting day by day and India hold third badge in the terms of number of startups. Innovation and development of technology is creating newer startups in India. Robust technologies are encouraging the youth of India to exploit the potential of increasing progress and development. People are coming up with new business ideas and these ideas have attracted Angel investors all across the globe.
To encourage the innovativeness of people, the NDA government has come up with a flagship ‘Startup India, Standup India’. Under the Startup India initiative, people with creative business ideas can seek various benefits. The program has encouraged innovative heads to quit their desk jobs and do something of their own. The Startup India program understands various grievances of budding entrepreneurs and therefore relaxation in various environmental and labor laws. A startup can self-certify itself under this new program and get a relief from various inspections from regulatory authority. Often a blooming bud has a creative idea, yet it is not always successful. To save the budding entrepreneur from such situation, the Startup India initiative ensures 90-days exit policy, which means if a business is not successful; an entrepreneur can easily walk away within 90 days of its inception. A unique idea often needs a patent. Getting a patent is quite a cumbersome task. Under the Startup India Program, getting a patent right becomes an easy task. An entrepreneur has to pay only 20% of patent fees, rest 80% is bore by the government. Next startup India gives tax exemption to entrepreneurs with new business idea and plan. This tax exemption is for a period of three years.