“Start up India, Stand up India” instigated in Thane

The ambitious flagship programme, “Start Up India, Stand Up India” has been launched in Thane by Deepak Ghaisas, who was the first Indian to receive the CFO Asia Award in 2001.

• The programme was initiated at the campus of Vidya Prasarak Mandal, which is an eminent city-based educational institution.
• Ghaisas, currently serving as the Chairman of Gencoval Strategic Services.

About “Start-up India, Stand up India”:
To create a strong ecosystem for enhancing innovation and startups in India, Department of Industrial Policy and Promotion (DIPP) has organised Startup India, Standup India initiative along with other key Indian startup ecosystem players. Here are some key features:

• Financing & Incentives – It is basically to promote bank financing for start-ups and offer incentives to boost entrepreneurship and job creation. Government will set up a fund with an initial corpus of Rs 2,500 crore and a total corpus of Rs 10,000 crore over a period of 4 years.
• Simplification – A startup will be able to set up by just filling up a short form through a mobile app and online portal that will be launched in April.
• Patent protection – Patent applications of the startups shall be fast tracked for examination and disposal. The government will make IPR procedure transparent for startups.
• Self-certification – Start-ups can self-certify their compliance with environment and labour laws. There will be no inspection for three years.
• Patent rebate – Startups will also be given 80% rebate in filing patents, however, this is a pilot launch for one year.
• Tax exemption – Starting April 1, 2016, startups will be exempted from income-tax for three years.
• Capital gain tax exemption – Exemptions shall be given in case capital gains are invested in the fund of funds recognised by the government.