NAME : Start up India
TYPE OF YOJANA : This is an Initiative launched by Government of India mainly for educated youth. It is a 19 point action plan which has created an ecosystem including incubation centers & mentorship programs, assistance in Patent filing, linkages with Research Institutes, various tax exemptions and fiscal benefits, & facilities for ease of doing business to encourage & promote entrepreneurship.
MINISTRY : Ministry of Commerce and Industry. Department of Industrial Policy and Promotion.
WEBSITE : https://www.startupindia.gov.
PURPOSE : The basic purpose is employment generation and promotion of Entrepreneurship through innovation, development, deployment and commercialization of new products, processes or services.
Another purpose is to give impetus to innovation. The youth who have new ideas are encouraged and supported to transform those ideas in to reality by providing them hand holding support, linkages with research institutes, assistance in obtaining patents and finance and mentoring them in initial days.
Another purpose of this yojana is to create a complete ecosystem to support entrepreneurship at National and state level. An action plan is implemented by the Modi Govt. for this yojana which includes Tax exemption under Income Tax Act, easy access to Government funding, allowing Self Certification in case of some mandatory clearances, exemptions from compliances under Apprenticeship Act, faster exit mechanism etc.
LAUNCHING DETAILS : This yojana was launched by Hon. Shri Narendra Modi, Prime Minister on 16th January 2016 at Vigyan Bhavan, New Delhi.
HOW TO PARTICIPATE : One has to take following steps to participate in this yojana
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First you incorporate your business as a Partnership or a Limited Liability Partnership or a Private Limited Company and obtain Registration or incorporation Certificate, PAN and other basic compliances.
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Register on Start Up India portal online and get a recognition number.
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After verification of the documents a Certificate of Recognition is issued to you and you become a start up.
BENEFICIARIES : Till date 14013 recognised Start Ups under this yojana. One Lace Ninety seven thousand persons have registered on the Startup India portal. Total 129 startups have received Funding support from Government under this yojana.