One of Indian Prime Minister Narendra Modi’s flagship initiatives, Startup Standup India has got a lot of press over the last 12 months. The programme is looking to build a strong technological eco-system for nurturing innovation and startups in the country.
Officially launched on January 16, 2016, the action plan charts a way to generate new employment opportunities and a more fertile ground for entrepreneurs across the length and breadth of the nation.
So what’s in it for startups/entrepreneurs?
· It’ll bring more Women and SC/ST entrepreneurs onboard. Over 2.5 lakh people would be helped with Bank loans.
· PM Modi even said there will be no income tax on startups’ profits for three years
· One can register a start up in a day using the Narendra Modi app. Just fill a small application, and voila!
· Filing startup patents would be a lot easier
· More freedom to entrepreneurs
· No tax from any startup for three years
· Startup India Fund for Startups
The promises seemed really good on paper. So much so, that the current generation of startup entrepreneurs went gung ho over the proposed regulations.
Now let’s have a look at the current status of some of the above. You’re in for a ride!
Status:
· While a total of 728 applications were received, the government has recommended only one for tax benefits
· A total of Rs 1360.11 Crores were disbursed in loans till July 15. Out of this, Rs 179.15 Crores, or 13% was to Scheduled Castes, and the rest went to women and Scheduled Tribes.
· Only 180 applicants have been ear-marked as startups, and a mere 16 applicants had been incorporated after April 1, 2016.
· Till now, only three start-ups have received equity-free seed funding from the Department of Science and Technology. EmpoWer, a Zone Startups India accelerator for women entrepreneurs is in the list.
· While the government says they are currently working on minimizing the time spent in licensing process, nothing has been announced.
· The Startup helpline has received over 200 calls a day.
Ummm…What do you think now? Does it cut it? Tell us in the comments below!
Image source: Indiatimes