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Government to Introduce Action Plan for Start-ups
Prime Minister Narendra Modi would unveil a detailed action plan for start-ups on January 16. The plan would include various facilitation steps and exemptions for new age ventures.
On January 16 there would be a convention of the top government brass, venture funds, financiers and incubators at Vigyan Bhavan to discuss the detailed action plan for start-ups. At the end of the day the plan would be presented to the Prime Minister.
According to an official,” The action plan would include the definition of start-ups and incentives for them. Innovation should be the key to qualify as a start-up unit. They have to be technology driven.”
The official further added that the entire ecosystem for start-ups, exemptions and facilitation steps would be covered in the action plan. Also the Department of Industrial Policy and Promotion (DIPP) has a ‘portal’ and an interactive ‘app’ in pipeline for them.
Prime Minister Narendra Modi in his radio programme ‘Mann Ki Baat’ had stated that the action plan for the ‘Start-up India, Stand-up India’ would be unveiled on January 16. It was in his Independence Day speech that Mr. Modi had announced this campaign to promote entrepreneurship.
Serious and hectic discussions are being held between PMO, DIPP, Department of Telecommunications, Cabinet Secretariat and Department of electronics and Information Technology in order to prepare a fool-proof and an all accommodating plan.
It is estimated that on January 16 some 10-11 sessions would be held for a threadbare discussion on issues such as financing, mentoring, seed capital, linking companies with universities and institutions, marketing support, consultancy of intellectual property rights and providing easy regulatory mechanism for them.
It has been estimated that there are approximately 3,200 tech-led start-ups in India with 800 coming on board every year.
For start-ups participating in government procurements there would be exemptions made by the government.
At present a unit participating in the government procurement programme is asked to show its “prior experience and turnover” but an official stated, “We are planning to give exemptions to start-ups in this.”
The official further added that a facilitation cell may be established to help them comply with the laws. The official said,” Start-ups face problems in complying with laws such as Minimum Wages Act and Employees State Insurance Act. To deal with this, we are thinking to set up a kind of cell which would help them.”
DIPP stated that in order to brand India as an investment destination for new entrepreneurs and start-ups it intends to undertake on-line international promotion and media campaign including digital amplification, digital media and non-media campaign across all mediums (website, electronic, social media).
It said,” The main objectives of the assignment are sourcing a digital marketing vision and formulating and implementation of a detailed marketing strategy for domestic and international markets for three years starting from 2015-16 for promoting India as an investment destination for new entrepreneurs, innovators and designers and amplification of digital marketing communication and messaging through planning and execution of a digital marketing campaign.”
The motive of the government is to launch ‘start-up India’ initiative to create a strong ecosystem fostering innovations and start-ups in the nation.
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