Ministry of Commerce and Industry Schemes
Start Up India Scheme
- It aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive for growth of Start-ups.
- According to the scheme, an entity headquartered in India shall be considered as a Startup up to 7 years from the date of its incorporation/ registration.
- However, in the case of Startups in the Biotechnology sector, the period shall be up to 10 years.
- The annual turnover should also not exceed INR 25 crore in any preceding financial year and Entity should not have been formed by splitting up or reconstructing a business already in existence.
- It provides –
- Simple Compliance Regime for startups based on Self-certification.
- Single window clearance based on mobile App.
- Startup India Hub to handhold startups during various phases of their development
- Legal support and fast-track patent examination by reducing 80% of the patent cost.
- Faster exit for startups through modified new bankruptcy code ensuring 90 days exit window.
- Credit Guarantee Fund for startups through Small Industries Development Bank of India (SIDBI).
- Providing funding support through a Fund of Funds with a corpus of Rupees 10,000 crore
- Tax exemption on capital gains invested in Fund of Funds.
- Tax exemption to startups for 3 years.
- An ̳open sky agreement‘ (OSA) allows for airlines from the two countries to have an unlimited number of flights as well as seats to each other‘s jurisdictions.
- National Civil Aviation Policy 2016 allows India to enter into an OSA on a reciprocal basis with SAARC countries and countries located entirely beyond a 5000 km radius from New Delhi.
- Exemption from labour inspection for 3 years.
- Launch of innovation hub through Atal Innovation Mission (AIM) with Self –Employment and Talent
- Utilization (SETU) Program of NITI Aayog
- Harnessing private sector expertise for setting up incubators.
- No letter of recommendation from an incubator/industry association shall be required for either recognition or tax benefits.
- The 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,
- which is developed by Rural development ministry backed by MUDRA loans.
- The Swaniyojan Yojana will be funded by the existing National Rural Livelihood Mission of the rural development ministry.
Startup Academia Alliance Programme
- Startup India has recently launched the Startup Academia Alliance programme.
- It is a unique mentorship opportunity between academic scholars and startups working in similar domains.
- It aims to reduce the gap between scientific research and its industrial applications in order to increase the efficacy and impact of these technologies.
- The first phase of the programme was launched in partnership with Regional Centre for Biotechnology and TERI.
Integrate to Innovate Programme
- It is a 3-month corporate acceleration programme for energy startups housed at the corporate premises.
- The selected startups will receive a cash prize grant of upto Rs. 5 Lakh per startup along with an opportunity to pilot their product with corporates.
- The corporate would offer startups access to technology, technical and commercial mentorship and access to potential customers through the corporate network of partners.
- It is developed by Invest India and energy sector companies.
- It is a part of the 27 Mission Mode Projects (MMPs) under National e-Governance Programme.
- The platform is to improve the business environment in the country by enabling fast and efficient access to
- Government- to-Business (G2B) services through an customer-centric single window online portal.
- A business user can avail all services 24×7 online end-to-end services i.e., online submission of forms, attachments, payments, tracking of status.
- It will allow business users to obtain a customized list of licenses, permits, and regulations that they require or need to comply with across all levels of government i.e., Central, State and Local governments.
Scheme for IPR awareness
- A ‘Scheme for IPR awareness – Creative India; Innovative India’ has been launched by Cell for IPR Promotion and Management (CIPAM).
- It aims at raising IPR awareness amongst students, youth, authors, artists, budding inventors and professionals to inspire them to create, innovate and protect their creations and inventions across the country.
- Area of Coverage of the scheme – Pan India, including Tier 1, Tier 2, Tier 3 cities as well as rural areas.
- Total project Duration – 3 years (2017 – 2020).
- CIPAM – It is a professional body under the aegis of Department of Industrial Policy and Promotion.
- It works to take forward the implementation of the National IPR policy and creates public awareness about IPR in the country.
Revenue Insurance Scheme for Plantation Crops
- It is an insurance scheme available only to plantation crops, for which insurance can no longer be availed from PMFBY.
- Scheme will cover income loss arising out of yield loss due to non-preventable risks viz. drought, dry spells, flood, pest and diseases, hail storm etc and price fluctuation due to fall in international/domestic prices below the average price of last 5 years excluding the current year.
- The duration of the pilot scheme shall be one crop cycle commencing from the year 2016-17 which may spread over 2 years.
- RISPC is an improved form of the Price Stabilization Fund (PSF) Scheme.
- It covers small growers of Rubber, Tea, Coffee (Robusta and Arabica), Tobacco and Cardamom having 10 ha or less landholding.
- The scheme is compulsory for growers registered with the respective Commodity Boards (CBs) and it is implemented on pilot basis in 7 states.
- The scheme will operate on the principle of ‘Area Approach’ and Commodity Board in consultation with the concerned State Government shall designate an area as Insurance Unit (IU), which can be a village panchayat or any other equivalent unit.
- Losses arising out of war and nuclear risk, malicious damage and other preventable risks are excluded.
- Note – PSF for pulses and Agri-horticultural commodities is under Ministry of Consumer Affairs.
Niryat Bandhu Scheme
The objective of the Niryat Bandhu Scheme is to reach out to the new and potential exporters and mentor them to get into international trade and boost exports from India.
Schemes under Foreign Trade policy of India
Merchandise Exports from India Scheme (MEIS)
- MEIS aims to accelerate the export of manufactured products from India.
Vishesh Krishi and Gram Udyog Yojana (VKGUY)
- Under this scheme, Duty Credit Scrip benefits are granted with an aim to compensate high transport costs an to offset other disadvantages to promote exports of agricultural produce, minor forest produce etc.
- The duty credit scrip is a pass that allows the holder to import commodities by not paying a specified amount in import duties and the scrip can also be traded in the market.
- Exporters are given this duty exemption scrips pegged at a certain percentage of the total value of their exports.
- Focus Market Scheme
- It aims to increase the competitiveness of exports to global markets by reducing freight cost and other duties.
- The exporters will get duty credit scrip as an economic incentive.
- It is available only for the export of goods and not for services and only for specified markets.
Focus Product Scheme
- Focus Product Scheme incentivizes export of such products which have high export intensity / employment potential, in order to offset infrastructure inefficiencies and other associated costs involved in marketing of these products.
Served from India Scheme
- Served from India Scheme helps to accelerate growth in export of services.
- All Indian Service Providers who have free foreign exchange earning of at least Rs. 10 Lakhs and individual
- Indian Service providers with minimum foreign exchange earnings of Rs. 5 lakh in preceding financial year / current financial year shall qualify for Duty Credit Scrip.
- The Duty Credit Scrip will be equivalent to 10% of foreign exchange earned during current financial year.