Startup India is a flagship initiative launched by the Government of India to build a strong eco-system for nurturing innovation and startups in the country which will drive economic growth and generate large scale employment opportunities . It was launched on 16 January 2016.
It is focused on to restrict role of States in policy domain and to get rid of “license raj” and hindrances like in land permissions, foreign investment proposal and environmental clearances . It is also aimed at promoting entrepreneurship among SCs/STs, women communities.
It is based on an action plan aimed at promoting bank financing for start-up ventures to boost entrepreneurship and encourage start ups with jobs creation.
The scheme is under Department of Industrial Policy and Promotion, Ministry of Commerce and Industry .
Rural India’s version
Rural India’s version of Startup India was named the Deen Dayal Upadhyay Swaniyojan Yojana.
To endorse the campaign, the first magazine for start ups in India, The Cofounder, was launched in 2016.
What is a Startup ?
Startup means an entity, incorporated or registered in India :
1 . Not prior to seven years, however for Biotechnology Startups not prior to ten years,
2 . With annual turnover not exceeding INR 25 crore in any preceding financial year, and
3 . Working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation
Provided that such entity is not formed by splitting up, or reconstruction, of a business already in existence.