In today's time, we have more startups and entrepreneurs than there ever were and this is a revolutionary beginning of the startup industry in India. However, many startups do not reach their full potential due to a lack of guidance and support.The Government of India has launched, “Startup India” movement in 2016 in order to create a safe and secure environment for developing a business and making it easier to do business in the country and sustaining it. #ThinkWithNiche.
With a growing population that thrives on information and technology, the Government of India’s startup initiative helps to create an instrumental tool for the same. The startups, if successful, shall boost the economy and take it to a newer height, hence various benefits are provided to the budding entrepreneurs of the country, mostly to win the confidence of Indian youth in the business model of India and to stop the brain drain from the country. It is no surprise that due to lack of support from the government, a lot of young talented men and women leave the country to travel abroad for work purposes.
Here are some benefits that the startup entrepreneurs can avail themselves with the help of the Government of India-
1. Simple process
First things first, the entire process for applying for a startup is online, there is a mobile app and a website created by the Indian government, one needs to fill a form and upload certain documents to get going.
2. Financial benefits
The startups are eligible for a rebate of 80% on patent costs. This means that if a company applies for a patent, the government shall fund to defend the authenticity of the patent. Moreover, the government pays the facilitator and helps to obtain the patent. In addition to this, the patent protection and right to Intellectual property become an easier and faster process, thanks to the Government of India.
3. Easy Access to Funds
An estimated amount of rupees 10,000 crores is set up by the government to fund the startup ventures, apart from the government guarantees that the banks and other financial institutions provide easy access to funds to startup ventures and the process is hassle-free.
4. Taxation Policy
Probably, one of the best features of the advantages of setting up a startup is that the startups are exempted to pay tax for up to three years. This relaxation comes as a great relief to the small businesses which take time to grow and earn revenue.
5. Startup Fairs
The government has proposed the idea of organizing startup fairies nationwide and internationally too, these events help develop more interest in the startups and bring in more investment by giving attractive schemes to the investors as well. In totality, these events help create wider networks.
In conclusion, startups are being promoted by the government and are yielding better results by the day, and are inspiring people from walks of life to come together and work.