Startup India – Standup India
What is Startup India Standup India Campaign?
A new campaign named as “Startup India, Standup India” was announced by the Prime Minister Narendra
Modi during his speech on 15th August 2015. The scheme was launched on 16th January 2016 by the Modi Government to help young and innovative entrepreneurs of the country. This initiative by the Indian PM was started to give opportunities to the youth to become industrialists and entrepreneurs. Startups will be supported through finance from banks and funds from the investors through Government recommendations for the initial development so that they can grow and in the process, create more jobs and opportunities in Indian market.
Action Plan of Startup India Standup India Scheme
Startup India campaign is based on an action plan aimed at promoting bank financing for start-up ventures to boost entrepreneurship and encourage startups with jobs creation. The PM has also requested all the banks to support at least one dalit and one woman entrepreneur. This scheme will motivate and promote new comers towards business and help in boosting the economy of the country.
The Ministry of Human Resource Development and the Department of Science and Technology have agreed to partner in an initiative to set up over 75 such startup support hubs in the National Institutes of Technology (NITs), the Indian Institutes of Information Technology (IIITs), the Indian Institutes of Science Education and Research (IISERs) and National Institutes of Pharmaceutical Education and Research (NIPERs).
Various Incubators are appointed in above listed institutes to give their recommendations to new and innovative startups so that they can take the benefits of the scheme. The scheme also provide for a tax holiday for three years in the initial 5 years of the business. The main aim of this scheme is to promote financing as well as offer incentives for start-up ventures to boost the entrepreneurship as well as the Indian job market.
This initiative is a necessity to lead India in the right direction. As a country with the highest population of youth in the world the scheme is made to keep the youth in focus. As start-up entrepreneurs they have fresh minds, innovative ideas, required strength, energy, skills, and new thoughts to lead business. This scheme has given a great impetus to the youth of the country who are actively registering themselves.