GS Mains Model Question & Answer: Highlight the components of Startup India Campaign 2016
Q1. Highlight the components of Startup India Campaign 2016 (General Studies Mains Paper III- Economy : Development and Employment) (12.5 Marks)
Model Answer :
The Indian government realized that Indian people have the potential to work hardly, all they need is, a promising start up. Many people dream of starting up their own business, but due to financial or other similar issues are unable to do so.
Background
Indian government in the leadership of Narendra Modi has decided to offer a gift as a nation wise program- “Start Up India” (Stand up India). PM Narendra Modi said that we are trying to make the young job creators rather than job seekers. He also said that one’s mindset should not be towards earning money in the initial phase, it should be rather on grabbing and using the opportunities.
Startup India is a flagship initiative of the Government of India, the first of its kind dialogue between India’s startup community and the government to build a strong ecosystem for nurturing innovation and Startups in the country.
PM Modi announced a self-certification scheme in respect of nine labour and environment laws and said there will be no inspection during the first three years of launch of the venture. Addressing the first conference of start-up entrepreneurs, Modi announced an action plan to boost such ventures which are seen as key to employment generation and wealth creation.
Start Up India (Stand Up India) Scheme – Action Plan
- Single Window Clearance even with the help of a mobile application and dedicated web portal
- 80% reduction in patent registration fee
- Modified and more friendly Bankruptcy Code to ensure 90-day exit window
- No inspection during the first 3 years
- Freedom from Capital Gain Tax for 3 years
- Freedom from Income tax in profits for 3 years
- Eliminating red tape & Self-certification compliance
- Innovation hub under Atal Innovation Mission
- Starting with 5 lakh schools to target 10 lakh children for innovation programme
- New schemes to provide IPR protection to start-ups and new firms
- Encouragement of entrepreneurship.
- Stand India across the world as a start-up hub