Prime Minister Narendra Modi on Saturday announced the much-anticipated 'Startup India, Standup India' action plan in a bid to boost the country's entrepreneurial ecosystem.
- No income tax for startups in first three years of operation.
Eighty per cent rebate on filing a patent application Exit policy to be introduced for startups Dedicated fund worth Rs 10,000 crore for early stage firms Credit guarantee scheme for loans Existing incubation centres will be strengthened Sector-specific incubators to be brought in Self-certification compliance for startups Formation of Startup Hub as a single point of mentoring and providing information for fledgling firms A system of hand-holding for startups to be built Startup registration will happen in one day through a mobile app that will have an application form that can be filled A scheme to make filing patents simpler Startup Fest will be started