Government Support

Small and Medium Enterprises (SMEs) play a pivotal role in driving the overall industrial and economic development of a nation. They contribute towards balanced regional development, economic diversification, and social stability in addition to creating employment and driving GDP growth. Hence, today, most parts of the world consider nurturing entrepreneurship among the foremost priorities for overall economic development. The entrepreneurial spirit and innovative nature of these SMEs have been crucial in driving competitiveness in the economy.. MSMEs need to be technology literate to compete effectively, on the backdrop of increased competition in a global environment and uncertainty due to the global downturn. MSMEs will have to continuously incorporate latest technology into their production processes as well as in their marketing and management functions to cut costs, gain efficiency, and achieve economies of scale. However, the cost associated with implementation or adoption of technology, installing and maintaining information systems, and maintaining skilled workforce to operate the technology are high and as such would be of concern for many small firms.

The key differentiators are innovations by startups in today’s dynamic market been considered as part of growing economy. Startups with innovative business ideas & business models have the ability to penetrate global market rapidly growing economic development & generation of employment. Unlike MSMEs which operate through clusters and have access to adequate infrastructure such uninterrupted power supply, access to tool room and testing centers, and adequate logistics and transport facilities, fragmented geography of non-cluster MSMEs makes it difficult for them to access quality infrastructure, thereby, constraining growth of these enterprises. To enable Indian MSMEs become globally competitive, it is necessary that they avail quality infrastructure, which enables them to increase production, improve quality, lower the costs, and achieve economies of scale to support individual innovators which will enable to achieve the agenda of inclusive development. The Government of India announced series of benefits and various schemes to promote startup eco system in India to drive sustainable economic growth and generate large scale employment opportunities.

Startup India action plan key features:
1. Compliance regime based on self certification
2. Startup India hub creation
3. Mobile App and portal launch
4. Patent Registration at lower cost
5. Relaxed Norms for startups in public procurement
6. Faster exit
7. Funding support through fund of funds and India aspiration fund to boost startups
8. Introduce credit guarantee funds
9. Exemption of capital gain tax
10 Tax exemption for initial years
11. Organise startup events to explore funding and PE opportunities
12. Launch Atal innovation mission
13. Encourage professionals & Institutes to set up incubation centers
14. Establish Innovation centers at National Institues
15. Setting up Research parks

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