Key features Start-up India, Stand-up India action plan
- Start-up profits to be tax-free for 3 years and also no labour inspections for 3 years of launch of the venture.
- Compliance regime based on self-certification for labour and environmental laws. Easy exit policy for start-ups with 90 days.
- Tax exemption to be provided on capital gains if money is invested in another start up.
- Government to create Rs. 10,000 crore corpus fund for development and growth of innovation driven enterprises. It will be Rs. 2500 crore a year for four years Liberalised Fast-track mechanism for start-up patent applications under intellectual property rights protection with 80% cost rebate.
- Encouraging startups to participate in public procurement by easing norms of minimum turnover/experience. Mobile apps, portal for register start-ups in a day from 1st April 2016. Establishing Credit guarantee fund and special scheme for women entrepreneurs.
- Sector specific incubators 500 tinkering labs, per-incubation and seed funds under the Atal Innovation mission Public-private partnership (PPP) model for 35 new incubators, 7 new research parks, 31 innovation centres at national institutes and 5 new Bio clusters will be set up to help Biotech Sector.
- Government to start Atal Innovation Mission to give an impetus to innovation and encouraging talent among young people by instituting national awards.
- Government to promote the provision of core innovation programmes in 5 lakh schools across the country.