BANK PROMOTION FREE NOTES 2024 | START-UP INDIA

BANK PROMOTION FREE NOTES 2024 | START-UP INDIA

In this article, we will read about a few key points of the Startup India scheme, which falls under the syllabus of the bank promotion exam applicable for 2024.

STARTUP INDIA

First, let’s understand the meaning of the Startup India Scheme. A startup is one that fulfils the following criteria:

• An entity that has been registered or incorporated in India and has its headquarters inside India for not more than 7 years.
• In the case of biotechnology startups, 10 years have been prescribed.
• Its annual turnover in any fiscal year < Rs. 25 Crores.
• Its main purpose should be innovation, development, or improvement of products, services, or processes.
• The business model should be scalable, having the potential to generate employment and create wealth.
• It should not be a resulting entity of reconstruction of a business or splitting up of a business that was already in existence.

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SALIENT FEATURES OF THE STARTUP INDIA SCHEME

Following are some of the features and benefits that a startup avails:

Compliance & Regulatory Relief

• They are not required to comply with labour laws for the first three years of their incorporation.
• Startups under the ‘white category’ can self-certify compliances related to environmental laws. Moreover, they only undergo random checks in some cases.
• In the manufacturing sector, startups are exempted from fulfilling the criteria of prior experience and turnover.

Support Platforms & Patents

• A hub named ‘Startup India Hub’ (single platform) has been created to help disseminate information related to finance, technology and management.
• A special mobile application has been developed to provide instant status of registration, compliances, clearances and other approvals.
• Startups can claim an 80% rebate on fees while registering their patents. In addition, the filing procedure has been simplified and the fees reduced.

Financial & Tax Benefits

• The Startup India scheme also assists them with financial help. Therefore, a fund of Rs. 10,000 Crore and Rs. 2000 Crore (credit guarantee) has been set up by the government for this purpose.
• If these startups obtain a certificate from the inter-ministerial board, they can also be exempted from income tax for the first three years.
• The existing capital gain tax exemption (investment in newly formed MSMEs by individuals) has also been extended to all startups.
• The Insolvency and Bankruptcy Code provides them an easy exit within 90 days if a startup fails to succeed.
• They are also provided with logistic needs and other requirements that help them function smoothly.

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MAKE IN INDIA

To encourage multinationals as well as domestic companies to manufacture products in India, the Government of India has launched an initiative called ‘Make in India’.

SCOPE

It is expected that this scheme will increase the scope for jobs in the coming time by boosting various job sectors.

OBJECTIVES

It aims to fulfil the following objectives:

• Facility investment
• Encourage innovation
• Enhance the skills
• Protect intellectual property rights
• Create employment
• Digitalize India
• Make healthy relationships worldwide

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Advantages of Make in India

1. Increase in job opportunities
2. Expand Gross Domestic Product
3. Make the rupee strong
4. Upgrade the technology
5. Increase brand value of India
6. Ease of business
7. Developed rural areas
8. Flow of Capital