The Government of India launched the Startup India program on 16 January 2016 to provide support to individuals who aspire to start their own businesses. The main objective of the Startup India Program is to build a strong ecosystem for nurturing innovation and building Startups in the country that would drive sustainable economic growth and generate large-scale employment opportunities.
Under the Startup India program, the Government of India provides benefits to all those people who have an idea in their mind and want to implement the same.
The initiative was taken by The Department for Promotion of Industry and Internal Trade (DPIIT). The success of the Startup India Initiative will eventually make India economically strong and one of the most powerful countries in the world.
Under this initiative, Startups are eligible for several benefits, including tax incentives such as exemption from capital gains tax, Government assistance in funding, priority for Startups in public procurement, entitlement to an 80% rebate in patent registration fees, as well as a 50% rebate in trademark filing, faster exit norms, and more.
The benefits above included a provision for Startups to avail the assistance of a self-certification compliance system with respect to labor and environmental laws and exemption from any inspections of their place of business, intends a common platform for stakeholders to interact, facilitation for funding support, and partnership with academia and private sector entities.
A Startup that meets the eligibility criteria and receives recognition from the Department for Promotion of Industry and Internal Trade (DPIIT), formerly known as the Department of Industrial Policy & Promotion (DIPP) under the Ministry of Commerce & Industry, can access a range of benefits under the Startup India program and other Government initiatives.