GNIDA
Start-up India ( DIIP)
DEPARTMENT FOR PROMOTION OF INDUSTRY AND INTERNAL TRADE
DIPP was established in the year 1995. The role of DIPP is to accelerate industrial Development of the Country by facilitating investment in new and upcoming technology, foreign direct investment and support balanced development of industries.
THE ACTION PLAN
In order to imbibe all the objectives under one umbrella policy framework for the entire nation, while addressing all the aspects of the start-up ecosystem, a Start-up India Action Plan1 was announced on 16 January 2016. 19 action items spanning across three key areas of ‘simplification and handholding’, ‘funding support and incentives’, and ‘industry-academia partnerships and incubation’ constituted it.
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Table of Content
Overview
On 15 august 2015, a new vision for the Indian economy was announced which aimed at tapping the entrepreneurial potential of the people of India. A vision that enabled the talent of India to dream of ideas, put them in action, and convert them into game changing ventures. On January 16, 2016, the government launched the ‘start-up India’ program. The DPIIT has relaxed the definition of a start-up to allow more entities to apply for recognition. With the relaxations, there has been a jump in the application of entities to be recognised as start-ups.
OBJECTIVE
The start-up India program was launched with a stated objective to build a strong ecosystem for nurturing innovation and start-ups in the country that would drive sustainable economic growth and generate large scale employment opportunities.
Frequently Asked Question
The Start-up should be incorporated as a private limited company or registered as a partnership firm or a limited liability partnership. Turnover should be less than INR 100 Crores in any of the previous financial years.
The Fund of Funds (FFS) for start-ups has been established to provide funding support for development and growth of innovation driven enterprises. It does not invest directly in start-ups but rather participates in the capital of Securities and Exchange Board of India (SEBI)-registered Category-1 and Category-2 Alternate Investment Funds (AIFs)
Around 56000 start-ups have been recognised till now. The number keeps on increasing every day.
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