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Current Affairs

CURRENT AFFAIRS : START UP INDIA CAMPAIGN IS AIMED TO BOOST ENTREPRENEURSHIP WITH JOB CREATION

Startup India campaign is based on an action plan aimed at promoting bank financing for start-up ventures to boost entrepreneurship and encourage start ups with jobs creation. It is focused on to restrict role of States in policy domain and to get rid of  license raj and hindrances like in land permissions, foreign investment proposal, environmental clearances. It was organized by Department of Industrial Policy and Promotion (DIPP). A startup is an entity that is headquartered in India which was opened less than five years ago and has an annual turnover less than â‚¹25 crore (US$3.7 million).  The government has already launched iMADE, an app development platform aimed at producing 1,000,000 apps and PMMY, the MUDRA Bank, a new institution set up for development and refinancing activities relating to micro units with a refinance Fund of â‚¹200 billion (US$3.0 billion).

The Standup India initiative is also aimed at promoting entrepreneurship among SCs/STs, women communities.  Rural India's version of Startup India was named the Deen Dayal Upadhyay Swaniyojan Yojana.

Key points

  • Single Window Clearance even with the help of a mobile application
  • 10,000 crore fund of funds
  • 80% reduction in patent registration fee
  • Modified and more friendly Bankruptcy Code to ensure 90-day exit window
  • Freedom from mystifying inspections for 3 years
  • Freedom from Capital Gain Tax for 3 years
  • Freedom from tax in profits for 3 years
  • Eliminating red tape
  • Self-certification compliance
  • Innovation hub under Atal Innovation Mission
  • Starting with 5 lakh schools to target 10 lakh children for innovation programme
  • new schemes to provide IPR protection to start-ups and new firms
  • encourage entrepreneurship.
  • Stand India across the world as a start-up hub 

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Standup India was launched by Prime Minister  on 5 April 2016 to support entrepreneurship among women and SC & ST communities

Launch

Prime Minister launched the  Stand up India scheme on 5 April 2016 as part of the governments efforts to support entrepreneurship among women and SC & ST communities.

The scheme offers bank loans of between â‚¹10 lakh (US$15,000) and â‚¹1 crore (US$150,000) for scheduled castes and scheduled tribes and women setting up new enterprises outside of the farm sector.

Eligibility

1.SC/ST and/or Women entrepreneurs, above 18 years of age.

2.Loans under the scheme is available for only green field project. Green field signifies , in this context, the first time venture of the beneficiary in the manufacturing or services or trading sector.

3. In-case of non-individual enterprises, 51% of the shareholding and controlling stake should be held by either SC/ST and/or Women Entrepreneur.

4. Borrower should not be in default to any bank/financial institution.