Thanks to the recently launched start-up hub, the government has been flooded with over 400 calls a day, because of which it is scaling up big time so that it can manage the overflow of budding entrepreneurs who want support for their business.
For this initiative, the government’s Industry Department, which looks into the growth of Indian industries, has started mapping incubation centres across the country so that business ideas can be extended full support. To build these incubation capacities, the government will be engaging both private sector and state governments.
The Industry Ministry is having a proper look at all the states and their capabilities of incubation, so that the start-up movement can be extended to tier-II and III cities, and focus especially on the north eastern states of India.
The plan is to create sector-specific incubators under the Atal Innovation Mission along with 500 tinkering labs, so that entrepreneurship can be promoted and pre-incubation training can be provided.
The NITI Aayog is formulating guidelines for implementing the Atal Innovation Mission.
Few days back, DIPP launched the start-up hub, along with the start-up portal and mobile app, so that the entire start-up ecosystem can have a single point contact. Using this portal, start-ups will be able to avail all the tax benefits and incentives like a tax holiday, an ‘inspector raj’-free regime for three years, capital gains tax exemption and Rs 10,000 crore corpus for funding of start-ups.
Some of the incentives announced include a tax holiday and ‘inspector raj’-free regime for three years, capital gains tax exemption and Rs 10,000 crore corpus for funding of startups. To reduce the regulatory burden on startups, a self-certification scheme in respect of nine labour and environment laws has also been initiated by various government departments.