• 9964432222
  • Mail Us
  • Appointment
  • Locate Us
  • Chat Now
  • Courses
  • Login
  • Register
Manifest IAS
JournalsOfIndia
Manifest Learning Academy
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
JournalsOfIndia
No Result
View All Result
Home Economy

Prarambh -Startup India International Summit

January 16, 2021
in Economy
Reading Time: 5 mins read
0
Prarambh -Startup India International Summit
322
VIEWS
Share on WhatsAppShare on TelegramShare on Facebook
image_pdfMake PDF

In news : Prime Minister to address Startup India International Summit – Prarambh this evening

Background: It is being organised as a follow up of the announcement made by the Prime Minister at the fourth Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Summit held in Kathmandu in August 2018 wherein India committed to host the BIMSTEC Startup Conclave

Key features of the summit

  • Objective:  The objective is to focus the attention on global capital for startups in India, mobilize domestic capital, provide opportunities for accessing international markets to our startups and evolve enabling policy provisions.
  • Organized by: It is a two-day Summit organized by the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry. 
  • The Summit marks the fifth anniversary of the Startup India initiative, launched by the Prime Minister on 16th January, 2016. 
  • The Summit is built on the foundation set through the 19-point action plan of the Startup India initiative in 2016.
  • With participation from over 25 countries and more than 200 global speakers, the summit will be the largest startup confluence organised by the Government of India since the launch of the Startup India initiative
  • The event is supported by Industry bodies Invest India, FICCI, Indian Angel Network, IVCA, TiE Delhi NCR, CII, NASSCOM, SIDBI, TiE Globaland International Finance Corporation.

About the Startup India initiative

Startup India is a flagship initiative of the Government of India, intended to catalyse startup culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in India. Since the launch of the initiative on 16th January, 2016, Startup India has rolled out several programs with the objective of supporting entrepreneurs, and transforming India into a country of job creators instead of job seekers.

 Startup India Action Plan

The broad scope of Startup India’s programs is outlined in the Action Plan below, and is managed by a dedicated Startup India Team, which reports to the Department for Industrial Policy and Promotion (DPIIT). The 19-Point Action Plan envisages the following forms of support for Startups, and more:

Key features of Startup India Action Plan

  • Compliance Regime based on Self-Certification with an objective to reduce the regulatory burden on Startups thereby allowing them to focus on their core business and keep compliance cost low.
  • Startup India Hub with an objective to create a single point of contact for the entire Startup ecosystem and enable knowledge exchange and access to funding.
  • Rolling out of Mobile App and Portal with an objective to serve as the single platform for Startups for interacting with Government and Regulatory Institutions for all business needs and information exchange among various stakeholders.
  • Legal Support and Fast-tracking Patent Examination at Lower Costs with an objective to promote awareness and adoption of IPRs by Startups and facilitate them in protecting and commercializing the IPRs by providing access to high quality Intellectual Property services and resources, including fast-track examination of patent applications and rebate in fees.
  • Relaxed Norms of Public Procurement for Startups with an objective to provide an equal platform to Startups across sectors vis-à-vis the experienced entrepreneurs/ companies in public procurement.
  • Faster Exit for Startups with an objective to make it easier for Startups to wind up operations. 
  • Providing Funding Support through Fund of Funds with a Corpus of Rs. 10,000 crores with an objective to provide funding support for the development and growth of innovation-driven enterprises. 
  • Credit Guarantee Fund for Startups with objective to catalyze entrepreneurship by providing credit to innovators across all sections of society. 
  • Tax Exemptions on Capital Gains with an objective to promote investments into Startups by mobilizing the capital gains arising from the sale of capital assets. 
  • Tax Exemptions to startups for 3 Years with an objective to promote the growth of Startups and address working capital requirements. 
  • Tax Exemption on Investments above Fair Market Value with an objective to encourage seed-capital investment in Startups. 
  • Organizing Startup Fests for Showcasing Innovation and Providing a Collaboration Platform with an objective to galvanize the Startup ecosystem and to provide national and international visibility to the Startup ecosystem in India. 
  • Launch of Atal Innovation Mission (AIM) with an objective to serve as a platform for promotion of world-class Innovation Hubs, Grand Challenges, Startup businesses and other self-employment activities, particularly in technology-driven areas. 
  • Harnessing Private Sector Expertise for Incubator Setup with an objective to ensure professional management of Government sponsored/funded incubators, Government will create a policy and framework for setting-up of incubators across the country in public-private partnership. 
  • Building Innovation Centers at National Institutes with an objective to propel successful innovation through augmentation of incubation and R&D efforts. 
  • Setting up of 7 New Research Parks Modelled on the Research Park Setup at IIT Madras with an objective to propel successful innovation through incubation and joint R&D efforts between academia and Industry. 
  • Promoting Startups in the Biotechnology Sector with an objective to foster and facilitate bio-entrepreneurship. 
  • Launching of Innovation Focused Programs for Students with an objective to foster a culture of innovation in the field of Science and Technology amongst students. 
  • Annual Incubator Grand Challenge with an objective to support creation of successful world-class incubators in India

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC)

  • BIMSTEC is a regional organization comprising seven Member States lying in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity. 
  • This sub-regional organization came into being on 6 June 1997 through the Bangkok Declaration. 
  • It constitutes seven Member States: five deriving from South Asia, including Bangladesh, Bhutan, India, Nepal, Sri Lanka, and two from Southeast Asia, including Myanmar and Thailand. Initially, the economic bloc was formed with four Member States with the acronym ‘BIST-EC’ (Bangladesh, India, Sri Lanka and Thailand Economic Cooperation).
  • Following the inclusion of Myanmar on 22 December 1997 during a special Ministerial Meeting in Bangkok, the Group was renamed ‘BIMST-EC’ (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation). 
  • With the admission of Nepal and Bhutan at the 6th Ministerial Meeting (February 2004, Thailand), the name of the grouping was changed to ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’ (BIMSTEC).
image_pdfMake PDF
Source: PIB
Tags: PIBPrelims

Related Posts

World Economic Situation & Prospects report-2023

World Economic Situation & Prospects report-2023

February 3, 2023
What is a Unity mall?

What is a Unity mall?

February 2, 2023
High Net worth Individuals (HNIs)

High Net worth Individuals (HNIs)

February 2, 2023
SUMMARY OF THE INDIAN ECONOMIC SURVEY 2022-23

SUMMARY OF THE INDIAN ECONOMIC SURVEY 2022-23

February 1, 2023
XR Startup Program

XR Startup Program

January 31, 2023
What is short selling?

What is short selling?

January 28, 2023
The trade-plus-one(T+1) settlement plan

The trade-plus-one(T+1) settlement plan

January 27, 2023
SEBI’s information database on municipal bonds

SEBI’s information database on municipal bonds

January 25, 2023
Caller Name Presentation (CNAP) proposal by TRAI

Caller Name Presentation (CNAP) proposal by TRAI

January 20, 2023
Oxfam Report -‘Survival of the Richest’

Oxfam Report -‘Survival of the Richest’

January 19, 2023
Please login to join discussion
JournalsOfIndia

Our vision is to orient the readers to grasp the facts objectively and analyse critically. In the rush of reaching first to the readers, the websites miss the balanced opinion, which is the need of the hour. We aim to reach the readers with more crispness, preciseness and relevance. We bring the articles in UPSC way for the civil services aspirants and the Wisest Way for general readers.

Categories

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Sports
  • Uncategorized

Browse by Tag

AIR All India Radio BBC Business Line Business Standard dow Down to Earth DownToEarth DTE Economic Times ET FAO Financial Express GS-1 GS-2 GS-3 GS-4 Hindustan Times IE India & the world Indian express Indiatoday India today Kurukshetra Livelihoods portal LiveMint Mains News News Paper Newspaper PIB Prelims PRS India RSTV Science Reporter Survey The Hindu The India Express The Indian Express The Print the wire Times of India TOI TOPPERS Yojana

Newsletter

The most important UPSC news and events of the day.

Get Journals daily newsletter on your inbox.

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

  • Login
  • Sign Up
  • Home
  • SNIPPETS
  • ARTICLES
  • BROWSE
  • DOWNLOADS
No Result
View All Result

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In