India is a land of entrepreneurs. With the continuously changing technology and lifestyle, more and more people are coming up with unique ideas that they want to present to the world and want to start on their homeland. No one likes to work for someone else. It gives utmost satisfaction to people when they can fulfill their desires and aspirations by building something of their own, a dynasty they pull off using the limited resources and India's challenging and competitive market. Due to this changing mindset, more and more start-ups have been rising and successful.
Every industry which starts has a vision and aim, and they work hard accordingly. But as a start-up, where you have a limited source of funding and support, you need something to fuel your project up and give it a boost to reach new levels. The government of India provided one such boosting under the name of the start-up India scheme. The start-up India scheme is an initiative that the government of India started in 2016 to help accelerate our country's start-ups and aimed to build big enterprises on indigenous soil.
The main objective of the start-up India scheme was to create a wealth-generation system that would benefit both an individual and the country. However, it also kept in mind the importance of employment that needed to be created through opportunities like these. So the vision of this scheme was to have land available to the job creators and not job seekers. But, at the same time, they convert the whole ecosystem into a start-up-type ecosystem to match the pace of other developed countries. All the programs under this scheme get managed by the department for industrial policy and promotion, also known as DPI.
This scheme was rolled out to support an inclusive start-up environment for our country. It was divided into a 19-pointer action plan undertaken by the DPIIT to ensure a successful working of this scheme. Some of the essential points of this plan are:
Since this scheme has been going on in full swing, some statistics to prove the success of the start-up India scheme is:
Ever since the start-up India scheme was launched, the companies and visionaries have been registering. It has successfully provided its full support to the people who want to build something for themselves and give it back to the country. Some of the benefits of the start-up India program, which has helped Indian start-ups to grow, are:
FINANCIAL ASSISTANCE When you start a company, you don't have a lot of resources and funding. So you try to save up and use the money in something which will be more beneficial. The start-up India scheme understands that and has provided financial assistance to the people in 80% rebate on patent costs. In addition, they promised to take up all the facilitator fees, and the start-ups will only have to look out for the statutory fees.
The government understands that the initial years are tough and quite hustling regarding work and revenue generation when someone starts a new company. This is why under the start-up India scheme, there is the provision of exemption from paying income tax in the first three years of registering under this program. In addition, if your business has invested in some particular funds mentioned in the program, you will also get the benefit of being exempted from the capital gains.
2. EASY REGISTRATION
While starting a company, a million thoughts are running through our head which can sometimes overcomplicate things. The start-up India scheme has provided a straightforward way of registering to their program with all the detailed information and pre-requisites mentioned on their website. They even have the provision for answering all your FAQs, and they will ensure that guidance has been provided at each step of the way.
3. NETWORKING BENEFITS
After building and setting up your start-up, you need to connect with more and more budding entrepreneurs and even the people who have been successful in their endeavours. Start-up India program hosts several fests all around the year for people to mingle and form new networks, which can be good for their business.
4. EASILY ACQUIRED GOVERNMENT TENDERS
In the initial stages of your start-up, it gets tough to acquire government tenders. The scheme allows you to get access to more and more tenders from the start and even prioritize the start-ups registered under it over other companies.
Start-up India scheme is like a boon that has been presented to guide and help the start-ups of our country establish themselves and fight in the global market soon. The numerous benefits and advantages it possesses are enough to lure anyone into this program and benefit the country and the entrepreneur.