Start-up India Innovation Week

The Department for Promotion of Industry and Internal Trade (DPIIT) is going to organise “Start-up India Innovation Week” during January 10-16, 2022.

Start-up India Innovation Week

• Start-up India Innovation Week is a virtual innovation celebration, to be organised with the aim of commemorating the 75th year of India’s independence.
• It has been designed to showcase the spread and depth of entrepreneurship in India.
• The programme is likely to bring together top policy makers, industry, investors, academia, all ecosystem enablers and start-ups from

Sessions during the week

Start-up India Innovation Week will comprise of the sessions on topics including:

1. Enhancing market access opportunities
2. Discussions with industry leaders
3. Best practices by states
4. Capacity building of enablers
5. Reverse pitching by incubators
6. Technology exhibitions
7. Corporate connects etc.

Background of Start-up India initiative

Start-up India campaign was first announced by Prime Minister Narendra Modi on August 15, 2015 at Red Fort. The campaign was introduced as an initiative of developing more than 75 start-up support hubs across India.

What is Start-up India Scheme?

Start-up India scheme was launched on January 16, 2016 with the aim of promoting and supporting the start-ups in India by providing bank finances. Scheme was inaugurated by the former finance minister, Arun Jaitley. It is organised by the Department for promotion of industry & internal trade. Scheme was started with the objective of discarding restrictive States Government policies including License Raj, Foreign Investment Proposals, Land Permissions and Environmental Clearances.

Three Pillars of Start-up India Scheme

The Start-up India scheme is based on three pillars:

1. Providing funding support & incentives to different start-ups of India.
2. Providing Industry-Academia Partnership and Incubation.
3. Simplification and Handholding.

Benefits of the scheme

Key benefits of the scheme include:

1.  It reduces the patent registration fees.
2. It improves the Bankruptcy Code and ensures a 90-day exit window.
3. It provides freedom from mystifying inspections and capital gain tax during first 3 years of operation.
4. It creates innovation hub under Atal Innovation Mission.
5. It also encourages entrepreneurship across India.

Month: Current Affairs - January, 2022

Category: Economy & Banking Current Affairs • Government Schemes Current Affairs