Prime Minister Narendra Modi on Saturday unveiled the much-awaited Start-ups Action Plan in New Delhi while launching the ambitious 'Startup India' campaign to boost digital entrepreneurship at the grass-roots level. Addressing the first conference of start-up entrepreneurs, Modi announced an action plan to boost such ventures which are seen as key to employment generation and wealth creation. Following are major policy highlights of the Start-ups Action Plan.
♣ Income Tax exemption for first three years
♣ Tax exemption on capital gains
♣ No inspection of start-ups for three years on labour and environment law compliance post-self certification.
♣ No interference from government
♣ Compliance regime based on self-certification
♣ Single point of contact for Start-up India hub
♣ Corpus of Rs.10,000 crore through Fund of Funds
♣ 80 percent rebate in patent costs
♣ Norms to be relaxed for public procurements
♣ Faster patent registration and protection for IPRs
♣ Faster exit through a new bankruptcy law
♣ Mobile app will be launched to register start-up in a day
♣ Atal Innovation Mission to give impetus to innovation and encourage talent. (With agency inputs)