The year 2016 started on a highly positive note for the startup ecosystem in India, with the Government making high promises through its ambitious Startup India Standup India plan, unveiled on January 16.
And it has now started delivering on those promises with the Department Of Industrial Policy and Promotion launching the highly anticipated and exclusive portal for all the startups in the country this week.
The portal, along with a mobile app, will act as a one point contact for all the –Government related of course — needs of the new startups in the country. Right from the easy registration of the startup in a day to getting clearances and approvals, the portal will serve every requirement of the companies.
They can get all the information about the various tax benefits and incubation facilities provided by the Government for new startups. They can also apply for all the schemes under Startup India Standup India through the portal.
In addition to startups, the portal will also bring together all the other entities in the ecosystem and enable an easy exchange of information among them.
These entities include venture capital funds, incubators, seed funds, accelerators, angel investment funds, and the whole government machinery. In this way, the earlier tedious and complicated process for new companies to get the business started will be completely eliminated.
Commenting upon the launch, a senior government official remarked,
This is part of our effort to create a conducive environment for startups. It will facilitate easy exchange of information between all stakeholders.
PM Narendra Modi had assured about launching a dedicated portal and mobile app for India’s new-age tech companies on April 1. Although this is just a small beginning but it is a significant one towards establishing an ordered and streamlined process for startups.
And of course, the fact that the government is serious about actually implementing the widely discussed and talked about policies in time is definitely commendable.
The government had announced numerous other initiatives to boost entrepreneurship and aid the growth of startups in the country.
Some of the other crucial measures announced for startups were income tax exemption on profits for a period of three years; a corpus of Rs. 10,000 crore for funding support; and Bankruptcy act to allow easy exits for the startups.