Start-Up Scheme- Rajitha Singh
Updated: Nov 23, 2021
SPRS which means Single Point Registration Scheme startup scheme was launched in the year 2003. It is managed by (NSIC) National Small Industries Corporation. It registers all the MSE’s I.e. micro and small enterprises which is present in India under this Sprs scheme aka single point registration scheme which allows them to participate in the Gov. Purchases.
“Never dream of becoming something, if you dream, dream of doing something.”
These words are quoted by our honorable P.M. Sri Narendra Modi it has been the foundation for India’s start up campaign
Its slogan is: - “Startup India, Standup India.”
INTRODUCTION
Let’s first understand the meaning of start-up-
A start-up is basically a young company which is founded by a number of people who are called as “entrepreneurs”.
Now a company which is started by a single person is called sole proprietorship. Similarly we have partnerships, and private organizations as well.
Its main motive is to create a distinctive product or a service and launch it in our market.
Startup India is a bellwether of the government of India. This intends to activate the start-up culture & build a secure/ sustainable, and out-of-board ecosystem. In order to carry on a steady economic growth.
It mainly aims on generating large scale employment opportunities for the youth of India.
It was set in motion on 16th of January in the year 2016.
The startup India drive has enabled mounting of various programmers with the sole objective of furnishing support to the Young and budding entrepreneurs.
This has resulted in building a powerful start-up ecosystem which is directly transforming our country which was previously widely known as job seekers, into job creators.
Eligibility & Registration
A person must follow the below-mentioned steps that are important for the successful registration of their business under the Startup India scheme:—
•A start up is required to be either incorporated as a (pvt. Ltd. co.)”Private limited company” or be registered as a “partnership firm” or a “ Limited liability partnership”.
• Its turnover is expected to be less than INR hundred crores (1, 00, 00,000) during its previous financial years.
•it shall be considered as a startup only from 10 years of its embodiment.
• a person is required to log in to the official website of Startup India, where they are expected to fill in all the essential details of their business in the registration form given and upload the required documents as per their necessities.
•A letter of recommendation, & Registration Certificate and a description of the business are considered as some of the important documents which is essentially required for the registration purpose.
• a startup must be recognized by the (DIPP) Department of industrial policy and promotion. Additionally a certificate from Inter-Ministerial Board (IMB) is essentially important in order to be eligible for IPR benefits.
•Post Registration and verification of the document, Further you will be provided with a recognition number for your start-up along with the certificate of recognition.
Historical Legacy
Startup India scheme was a campaign Which was initially for the first time addressed by Our Honourable Prime Minister Narendra Modiji on 15th of August, 2015 At Red Fort in New Delhi. This was a campaign Started as a initiative/inventiveness By the government of India to develop over 75 startup support hubs across India initially.
Let’s look into some important information regarding the launch of startup scheme.
Startup India scheme was launched on 16th January, 2016.
Under the specific government of Ministry Called Ministry of industry and commerce.
It was launched under the Department of Department of promotion of industry and internal trade.
This scheme was launched by Arun Jaitley Who was also the former finance minister of India.
Startup schemes around the world
Now let’s look into the various start-ups schemes around the world and their success stories
SINGAPORE: - The first country we are going to look into is Singapore Here the startup scheme was launched in 2017 In order to unify the various support schemes of government. The aspects of the ecosystem includes Stakeholders. It also includes various Start up founders, investors, incubators, accelerators. The investment in Singapore has risen steeply since 2017 to 2019 from 2.3 billion to 8 billion
Israel AKA city that never sleeps: - Here the startups raised the amount of 8.3 billion Funds in the year 2019. The country of Israel ranks third in the number of AI start-ups across the globe we are also seeing more and more AI start-ups every passing year.
The Republic of Korea: - in the year 2017 the Ministry of SMEs was set up by the government to strengthen competitiveness and support the emerging start-ups. In the year 2019 we have noticed the countries funding so a rise of 25% compared to the previous year.
Kenya:-We’ve seen increasing start-ups in the continent of Africa over the recent years. In the year 2019 the investment in start-ups in the continent has passed over $2 billion.
Brazil: - São Paulo It’s a city in Latin America which ranks in walls top 30 global startup ecosystems.
Startup India Benefit
After the launch of the Startup India scheme, a new program was launched by the government named the I-MADE program which focused on helping the Indian entrepreneurs in Building a million mobile start-ups. The government of India also launched the (PMMY) Pradhan mantri mudra Yojana its aim is to provide financial support to the entrepreneurs from low socioeconomic backgrounds through low-interest rate loans. Some of the key benefits of Startup India are as follows:-
To promote start-ups across India.
To boost up finance sector or banking sector.
To limit the state policy dependency for new businesses
To promote women entrepreneurship.
The main objective here to generate employment opportunities for the job seekers.
To encourage the potential candidates to start up their own business.
How Successful Is PM Modi’s Startup India Programme? [1]
•Between 2016-2019, 15,113 startups were recognised under the Startup India programme across 492 districts in 29 states and six Union territories [1]
•55% of the recognised startups are from Tier 1 cities, 27% from Tier 2 cities, and 18% are from Tier 3 cities[1]
•13,176 recognised startups have reportedly created 1,48,897 jobs with an average of 11 employees per startup[1]
•45% recognised startups have at least one or more women directors[1]
•24 Indian states have introduced a startup policy[1]
•The government made 22 regulatory amendments and approved 1,275 patent rebates in the last three years[1]
•More than 288.16K registered users are there on the Startup India hub[1]
•Startup India Hub has addressed 121.83K queries and facilitated 673 startups[1]
•More than 233.27K have registered under the Startup India learning programme[1]
Conclusion
To start up India campaign is a very good start for the new emerging start-ups In India. But there hasn’t been property implementation of the scheme.
The reduction in the corporate taxes has increased possibilities and will surely as a young entrepreneurs in making their business successful conveniently.
Bibliography:-
1. inc42.com
Note:- any similarity with any of the website is truly coincidentally and will be corrected right away, if found .