Bharat SainiLast Updated on April 13, 2018 by Bharat Saini
Do you want to start your own business? Don’t have funds to support your vision? Well! You don’t need to ponder upon ways of arranging money any longer as you can easily apply for a loan under the Startup India scheme.
The idea of getting a nine-to-five job and working under someone else may not sound great to a copious of individuals. There might be a craze for government jobs among the masses but there are some smart-headed people who are least bothered about it and rather want to work on their own. These are those people who have entrepreneurship in their blood. They have talent, a sharp vision, innovativeness, boldness, and requisite skills. But, what is the real hindrance in their path is the scarcity of capital and resources. The Startup India program is exclusively launched to suffice the needs of these individuals and to give them a helping hand in their endeavors.
What is Startup India?
Startup India, launched on 16th January 2016, is an initiative taken by our government in order to promote entrepreneurship and reduce unemployment which in turn will benefit in enhancing the economic growth of the nation. Under this initiative, the government aims at accelerating the ‘startups’ in urban, semi-urban and rural areas. It also promotes entrepreneurship among women and those belonging to backward communities- SC, ST, and OBCs.
A Startup is defined by the Department of Industrial Policy & Promotion as an entity, incorporated or registered in India: not prior to seven years, however for Biotechnology Startups not prior to ten years, with annual turnover not exceeding ₹ 25 crore in any preceding financial year, and working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation. A Startup shall be eligible for tax benefits only after it has obtained certification from the Inter-Ministerial Board, set up for such purpose.
Why Startup India?
There are many young and dynamic candidates who want to start their own business but they refrain from it due to a lack of capital, resources, and other factors. Thus, the vision and the capabilities of such candidates never get a medium to get explored, which in turn affects the country as it loses on wealth creation. With Startup India in action, talented candidates get a platform to showcase their talent and create wealth. This, in turn, will enhance the economic growth of the country. For this, the government provides funds and other requisite support to all talented entrepreneurs at multiple levels.
So, if you have it in you and you aspire to contribute to the economic growth of the country, then you’ll surely be a part of the Startup India initiative.
