The Government has identified regulatory reforms which aim at reducing inefficiencies and corruption as its top most priority.
A number of steps have been taken by the Government to address these obstacles. An Action plan has been released by the Prime Minister of India on 16th January, 2016 which includes:-
1. Simplification and Handholding
· Simple Compliance Regime for startups based on Self-certification
· Launch of Mobile app and Portal for compliance and information exchange
· Startup India Hub to handhold startup during various phases of its development
· Legal support for and fast-tracking patent examination at reduced costs
· Relaxed norms of public procurement for startups
· Faster exit for startups
2. Funding support and Incentives
· Providing funding support through a Fund of Funds with a corpus of rupees 10,000 crore
· Credit guarantee fund for startups
· Tax exemption on capital gains invested in Fund of Funds
· Tax exemption to startups for 3 years
3. Industry-Academia Partnership and Incubation
· Organizing Startup Fests to showcase innovations and providing collaboration platforms
· Launch of Atal Innovation Mission (AIM) with Self-Employment and Talent Utilization (SETU) Program of NITI Aayog
· Harnessing private sector expertise for setting up incubators
· Setting up of 7 new research parks modelled on the Research Park at IIT Madras
· Launching of innovation focused programs for students.
· Annual Incubator Grand Challenge to promote good practices among incubators.
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