Following are major policy highlights of Start-ups Action Plan Prime Minister Narendra Modi unveiled on Saturday in New Delhi while launching the ambitious 'Start-up India' campaign to boost digital entrepreneurship at the grass-root level:
* 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. * Compliance regime based on self-certification * Single point of contact for Start-up India hub as friend, mentor and guide * Corpus of Rs.10,000 crore through Fund of Funds, Initial corpus: Rs.2,500 crore * Faster exit through a new insolvency and bankruptcy laws to wind up a start-up in three months (90 days) * Mobile app will be launched on April 1 to register start-ups in a day * Portal for clearances, approvals and registrations * Atal Innovation Mission for impetus to innovation and encourage talent, sector-specific incubators, 500 tinkering labs, pre-incubation training and seed fund for high-growth * Norms to be relaxed for public procurements. No requirement of turnover or experience, but no relaxation of quality * Faster patent registration and protection for IPRs * Fast-track mechanism for start-up patent applications * Panel of legal facilitators for start-ups to file IPRs on patents, designs, trade marks * 80 percent rebate on filing of patent applications * Public-private partnership (PPP) model for 35 new incubators, 31 innovation centres at national institutes, seven research parks and five bio-clusters * Innovation core programmes for 10 lakh students in five lakh schools across the country. * National and international start-up festivals to provide visibility * Annual incubator grand challenge to create world class incubators * Credit guarantee fund for start-ups.