Page 20 - Digital Indial

220 STARTUP ECOSYSTEM

visioned as per the plan.
UAY (Ucchatar Aavishkar Yojana)
has been setup to promote indus-
try and outcome-oriented research
projects by students. There are al-
ready 92 proposals approved under
this scheme. This is to promote ac-
tive incubation in India.
MANAK (Million Minds Aug-
menting National Aspirations and
Knowledge) scheme is to promote
ideation among school level stu-
dents and compete amongst each
other. The best projects are show-
cased at the Annual Festival of In-
novations in Rashtrapati Bhavan.
The Ministry of Corporate Affairs
(MCA) has notified that Insolvency
and Bankruptcy Code of 2016, rel-
evant clauses shall also be appli-
Source - Startup India cable to startups allowing them to
wind up their business within 90
days of the application compared to
turnover in public procurement der Atal Innovation Mission (AIM). 180 days as per previous norms.
to all startups (whether MSME or Every year private organisations There are also other central gov-
otherwise) subject to qualifying the apply for this PPP mode procedure ernment ministries, departments
quality and technical requirements. to seek a matching amount of in- and autonomous institutions who
Central Public Sector Undertakings vestment to set up an incubation The private have set up their own startup ini-
(CPSUs) are also offering this re- centre. After a series of filters, the sector, tiatives. Prominent among them
laxation. Similarly, GFR rules have qualified ones are shortlisted. especially being Department of Science and
been relaxed and startups are ex- To inculcate scientific bend of industry trade Technology (DST), Department of
bodies have
empted from submission of EMD mind and encourage entrepreneur- also set up Biotechnology, Ministry of Elec-
or Earnest Money Deposit, a kind of ship among students, Tinkering incubation and tronics and Information Technol-
security while bidding for a govern- labs are promoted through PPP acceleration ogy, Ministry of Human Resources,
ment tender. mode. There are 500 such Tinker- centres. Software Technology Parks of India
Any startup incorporated be- ing labs to be established across NASSCOM has and others. All of these ministries
its 10,000
tween 1st April 2016 and 31st the country in educational insti- startups, and departments offer immense
March 2019, can seek an income tutes. while India support to startups across domains
tax exemption for any three years Atal Incubation Centres (AICs) Electronics and including digital technologies.
within 7 years of the inception of a are promoted to help set up new Semiconductor Several state governments have
Association is
startup. incubation centres. As per EIC implementing also come forth with their startup
Capital gain up to Rs. 50 lakh (Established Incubation Centre) STPI’s, policies. There are 16 states and
arising out of transfer of long-term scheme, NITI Aayog provides fund- Electropreneur union territories which have formu-
capital assets invested in a fund no- ing to entities interested in setting Park lated their startup promotion poli-
tified by the central government. up of such incubation centres. 72 cies since 2014.
AICs and 10 EICs have been ap- The private sector, especially in-
A learning and development, proved by the government for fund- dustry trade bodies have also set
the online interactive platform has ing. up incubation and acceleration
been set up for educating budding There is a provision to set up Re- centres. NASSCOM has its 10,000
entrepreneurs. search Parks to foster industry- startups, while India Electronics
A ‘fund of funds’ with Rs 10,000 academia collaboration for R&D. 7 and Semiconductor Association is
crore of has been set up to drive in- such parks are being set up as per implementing STPI’s, Electropre-
novation at startups. SIDBI, is the the Startup India Action Plan. neur Park.
nodal agency for this purpose. There are also Technology Busi- Many senior industry champi-
The private sector has been en- ness Incubators (TBI) being set up ons have also joined hands to offer
couraged to set up incubators un- in the country. 15 such TBIs are en- mentorship, provide funding and