April is around the corner and this year, the first of the month is going to be known more as the Startup day, as some of the Indian Government’s most ambitious schemes kick into motion. The Government has already begun preparations in the direction and a portal meant specifically for entrepreneurs is expected to be launched by the next week.
Speaking on the topic at a ficci function, Rakesh Abhishek, Secretary in the Department of Industrial Policy and Promotion, said
In another week’s time, we are going to start the startup portal and the process of registration of startups also.
Re-stressing his departments commitment of going along with the government scheme, he added that
We are also working with state governments to ensure that self certification work in case of labour and skill developments laws are put in place for startups.
The Government certainly seems to be going along with the promises it made at the Startup India, Standup India event. The recently announced budget also made several provisions for startups, including tax exemption for 3 years and improved patent laws.
The latter include a proposed, 10 per cent rate of tax on income from worldwide exploitation of patents developed and registered in India. If it goes through, should certainly encourage people to register their patents in India, rather than anywhere else.
The government also has a couple of significantly large funds in the pipeline. While one of them is meant to provide aid to startups, the other is meant to help start companies that are tottering on their feet.
With April looming closer, we won’t have much long to wait before the full scope of the Indian governments plans for entrepreneurs see the daylight. The indications are certainly good, however a look at the full picture would be required before reaching a conclusion.