Report Card of Startup India Program

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As we know, Startup India Initiative was launched on 16th January 2016, and as on date, 24466 have enrolled in this program. While the traction towards the Startup India program in the first year had started as low profiled, but since last year, the data started showing positive growth.

The driver of this program – The Startup India Action Plan with 19 Action Points has made a significant impact on this as the plan itself intends to build a strong eco-system for nurturing innovation and startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Action Plan is divided across the following areas:

• Simplification and Handholding
• Funding Support and Incentives
• Industry- Academia Partnership and Incubation

The incentives being provided to startups under Startup India initiative to overcome their initial hurdles are given below:

1. Self-Certification under 6 Labour Laws & 3 Environmental Laws
2. Relaxations in Public Procurement Norms
3. Faster exit under the Bankruptcy Code
4. Rebates on Patent & Trademark filing fees, support from facilitators and expedited examination of Patent application
5. Income Tax exemption under Section 80 IAC of Income Tax Act
6. Exemption from Income Tax on investments received above fair market value under clause (ii) of the proviso to clause (viib) of sub-section (2) of section 56 of the Income Tax Act
7. Funding support under the Fund of Funds for startups
8. Guidance and facilitation support from Startup India Hub

The details of Startups founded all over country is not compiled, however, various initiatives undertaken under Startup India initiative have resulted in increase in recognition of Startups by DPIIT since the launch of the initiative as under:

The data on number of startups which are still functional for three years or have failed in three years of their launch is not compiled. As per data self-reported by startups, a total of 3 startups from Pratapgarh have been recognized by DPIIT. List of state-wise and industry-wise startups recognized by DPIIT since the launch of the initiative in 2016 based on data self-reported by startups are at Annexure I and Annexure II, respectively. Product-based data of the recognized startup by DPIIT is not compiled.

ANNEXURE-I

List of State/UT-wise number of Startups recognized by DPIIT