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.
Here are key highlights:
No income tax for startups in first three years of operation.
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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
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Credit guarantee scheme for loans
Existing incubation centres will be strengthened
Sector-specific incubators to be brought in
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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
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Startup registration will happen in one day through a mobile app that will have an application form that can be filled