The government is doing everything to make India the biggest start-up nation in the world. Currently, India is at the third position and is behind the following two countries:
- The United States of America
- Great Britain
But India is the youngest start-up nation in the world as 72 percent of the start-ups are started by people who are below the age of 35 years.
Nirmala Sitharaman, Minister of Commerce and Industry told the reporters that in India right now, more than 4,000 technology based start-ups exist and it is a high possibility that by 2020 this number will increase to 12,000.
The government is making all kinds of laws to help the startups bloom and the biggest initiative was Start Up India. The minister believes that India will be able to start startup revolution soon.
To help the startups flourish, the government has set up a Startup India Hub which is operational since 1st April’ 16. Till date the hub has solved more than 13,000 problems which came through:
Following are the facilities that are provided to help startups sprout and to utilise these facilities one should possess a certificate of eligibility. The certificate will be granted by the inter-ministerial board of department industrial policy:
- According to the finance act 2016, the startups do not have to pay tax for three years in a block of five years.
- A fund of Rs. 10,000 crores has been set up and will be supervised by SIDBI short for Small Industries Development Bank of India. This fund is called a ‘fund of funds’.