March 14, 2016
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Startup support framework: simplified compliance, financing mechanisms, tax incentives and ecosystem measures to enable new entrepreneurs.
Framework to promote new entrepreneurs establishes a Startup Action Plan focusing on regulatory simplification, financial support, and ecosystem building. Regulatory measures include a Simple Compliance Regime based on self certification, a mobile compliance portal, a Startup India Hub for handholding, legal support with fast track patent examination, relaxed public procurement norms, and faster exit procedures. Financial measures comprise a Fund of Funds for startup financing, a credit guarantee scheme, and tax incentives including startup tax exemption and capital gains relief for investments into the Fund of Funds. Ecosystem actions include industry-academia partnerships, incubator support, research parks, and student innovation programs.