Government has launched the Startup India Initiative with the objective of building strong eco-system for nurturing innovation and startups in the country. The incentives available to Startups under Startup India initiative are given below:
- Self-Certification under 6 Labour Laws & 3 Environmental Laws.
- Relaxation in Public Procurement Norms.
- Faster exit under the Bankruptcy Code.
- Rebates on Patent & Trademark filing fees, support from facilitators and to expedite examination of Patent application.
- Income Tax exemption.
- Exemption from Income Tax on investments received above fair market value.
- Funding support under the Fund of Funds for Startups.
- Guidance and facilitation support from Startup India Hub.
Government has notified Public Procurement Policy for Micro and Small Enterprises (MSEs) Order, 2012 under MSMED Act, 2006. The policy mandates 25% annual procurement from MSEs by Central Ministries/Departments/Public Sector Enterprises (CPSEs). Out of 25% target of annual procurement from MSEs, 4% is earmarked for procurement from MSEs owned by SC/ST entrepreneurs and 3% from MSEs owned by Women Entrepreneurs. In order to monitor effective implementation of this Policy, Ministry of MSME has launched a Portal, namely, MSME “SAMBANDH”
