Startup India Scheme and Benefits

Introduction

On the 16th Day of January 2016, an initiative was taken by Hon’ble prime minister to launch a startup India portal with a vision of transforming India into a job creator country instead of a job seeker. This initiative is intended to empower startups to develop through innovation. This portal becomes the largest online platform for entrepreneurship in India that allows startups to create network, access free tools & resources and participate in programs as conducted by government. Indian startup scheme is an initiative of the Indian government with the main aim to promote startups, employment generation, and creation of wealth. The Indian startup ecosystem generally covers the network of interactions between people, organizations, and their environment. The main critical components of a startup ecosystem are skills, time and money. These interfaces help to create new budding startups and to reinforce the already existing startups.

Strategies or goals of startup India

The goals of startup India are based on two aspects i.e. the government initiative has simplified the work of the startup registration by simplifying the incorporation, grievances, IPR registration etc. Also an online portal was set up to facilitate the fast registration process or windup process from anywhere in India.

Secondly providing financial support, income tax exemptions and capital gain exemption to motivate the startups. Few schemes which have been initiated recently are Data Innovation Bazaar 2020, Infineon AI challenge, Altair Startup challenge etc.

Benefits of the startup scheme

Following are the benefits that will straightaway uplift the startups:

1. First and foremost is the financial tax exemption
2. There will be a lot of income tax benefits for the period of three years.
3. Time and money saving is also a major benefit.
4. Investment exemptions can be availed.
5. Concessions on all the capital gains can be availed.
6. Fund by the government to help startups.
7. Self-certification and no inspection for three years.

Condition to be fulfilled for the eligibility of the startup scheme

1. It should not be older than ten years from the date of incorporation.
2. It should be incorporated either as a private limited company or a registered partnership firm or a limited liability partnership.
3. Since incorporation, yearly turnover should not surpass 100 crore rupees for any of the financial years.
4. It should not be shaped by splitting up or from an already established business. The new entity must be formed.
5. It should have innovative business, development or improvement of products or processes or services, or it should be generating employment and creating wealth for the economy.

Challenges

When founders and enterprise leaders recognize that a critical growth barrier lies within the organization, they find the right talent, retaining them, firming the middle-level administration, creating a positive culture, building the subsequent generation leaders and improve the working environment. These are steps that they follow to overcome the challenge of growth. Interestingly, India’s corporate sector struggles with a similar set of challenges.

Revolution in technology and digitization oblige to startups and other corporate business person to familiarize and create teams that can work in updating environment. In a world where more and more routine jobs can be achieved with the help of technology, similarly learning, self-development, and keeping up with the changes in today’s business environment are key characteristics of upcoming personnel. To respond to the talent needs in India’s startup ecosystem, five areas have been identified are,

• Discovery: To find the right talent.
• Holding: To create an attractive workplace.
• Governance: To firm the middle-level management.
• Values: To create a positive environment.
• Proficiency: To help team to work along with technology.

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Shivani Gupta

“Starting Any Business Is A Formidable Journey Of A Lifetime!” NEUSOURCE ‘The Leader of Business registration’ clears the way for success in the present era by helping new startups. LET's GET STARTED!!