Updated By: LatestGKGS Desk
Startup is an initiative of the Government of India led to give new shape to the India's economy.
It was first announced by the Prime Minister of India Narendra Damodar Das Modi duringhis speech on 15 August 2015.
It was launched on 16 January 2016 at Vigyan Bhawan,New Delhi by the former Finance Minister of India Arun Jaitley and this initiative comes under
Ministry of Commerce and Industry (Department for Promotion of Industry and Internal Trade).
Startup India Seed Fund Scheme (SISFS) is one of such schemes which provides financial assistance to early-stage startups .
In addition to this ,the startup scheme discards any State Government Policy.There will be freedom from tax and inspections for the first 3 years of operation.
There will be freedom from tax and inspections for the first 3 years of operation There will be freedom from tax and inspections for the first 3 years of operation
It was organized by the Department for Promotion of Industry and Internal Trade (DPI&IT)
Entreprenuership was necessary to prioritized in country like India for its Bright future.
The Ministry of Human Resource Development and the Department of Science and Technology have planned to build 75 Startup support hubs in the
National Institute of Technology (NITS) ,the Indian Institute of Information Technology (IIITs),the Indian Institute of Science Education and Research (IISERs) and
National Institutes of Pharmaceutical Education & Research (NIPERs).
Apart from DPIIT, Startup India is primarily driven by 5 government departments: Department of Science & Tech (DST),
Department of Bio-technology (DBT),Ministry of Human Resource Development (MHRD),Ministry of Labour & Employment ,Ministry of Corporate affairs (MCA) & Niti Ayog.Reserve Bank of India is also helping in this initiative to improve the business field.
PM Modi announces Rs.1,000 crore Startup India Fund Seed on 5 anniversary of this initiative.
SoftBank has invested US$2B into this startup.Google has also declared to invest US$100,000 and their are many other investments by states too.
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