Venturing into the startup culture and trying to make things easier, DIPP(Department of Industrial Policy and Promotion) has set up a startup hub, which was operationalised in April. It helps in resolving queries and provides handholding support to startups. This was a result of The Commerce and Industry Ministry asking all the states and the Union Territories to set up ‘Startup Hub’ as well as ‘Incubators to Help Budding Entrepreneurs’. Since the Startup India Hub was operationalised, the DIPP has received a total of 571 applications (as of June-end 2016).
The government is very keen to promote the startup sector. This is just another one of the initiatives taken by DIPP after various others like Make in India, Good Governance and the Ease of Doing Business-Initiative. The Commerce and Industry Ministry also said that the department will write to top companies requesting them to support the initiative by setting up new incubators or scale up existing incubators in collaboration with educational institutes.
Further, the National Expert Advisory Committee formed by the HRD Ministry has recommended seven proposals for Research Parks, 16 proposals for TBIs (Technology Business Incubators) and 13 proposals for startup centres, which are proposed to be implemented in the current financial year. All these steps are part of the Startup Action Plan announced by Prime Minister Narendra Modi in January this year.
Under new government initiatives many incentives like boosting startup businesses, offering them a tax holiday and inspector raj-free regime for three years, capital gains tax exemption and Rs 10,000 crore corpus for funding them, have been unveiled.
The ‘Startup India’ initiative aims to give new Indian entrepreneurs a robust infrastructure and support system to get them up and going. India has the third-largest number of startups globally and Commerce and Industry Minister Nirmala Sitharaman and even Prime Minister Narendra Modi himself are taking all possible steps to boost the growth of startups.