“Build the new, don’t just fight the old”, with this notion startup campaign initiated by prime minister Narendra Modi on the eve of Independence-day, 2015 and it was launched by the same on 16th January 2016. The main objective of this program is to enable an ecosystem to promote and nurse entrepreneurship across the country.
The startup is an entity that can be private, in a partnership or limited liability partnership which is opened less than 5years ago and has an annual turnover below 25 crores.
This startup program is mainly based on three pillars- 1. Simplification and hand-holdings. 2. Funding support and incentives and 3. Industry-academia partnership and incubation.
The main benefits of this program are self-certification including three years of exemption from inspection, an online portal, mobile app support and a single point hub for hand-holdings. Also, there is no inspection for startups for three years regarding labour law and environmental law. The government also reduce the prohibitive nature of state government policies and laws for startup program.
This initiative startup has accelerated in the last year and in 2018, more than 8000 startups were recorded. It is not just providing prosperity to India but it also provides the opportunity to make India stable in terms of economy, employment and many more. Moreover, it motivates Indian Youth to set up their own business and help them financially to set a mark for themselves in front of the nation. This program has been a success since it was first launched and benefitted many entrepreneurs to bring innovative ideas and employment to the country.
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