Highlighting the five pillars around which the Action Plan for start-ups has been developed, Shailendra Singh, Joint Secretary and Chief Vigilance Officer, Department of Industrial Policy and Promotion, Union Ministry of Commerce and Industry, said, “Registration of an undertaking is mandatory, but the process is found to be cumbersome. To ensure easy registration particularly under the Start-Up India initiative, a portal as also an app will be launched soon.”
The government is also in the process of urging the State departments to integrate their apps with the Centre so the budding entrepreneurs need not run from pillar to post. “It will be one form, one payment,” he added.
“To address compliance issues, there is a proposal to make self-certification of compliance once every three years. The advisory has already been issued by the Centre to all State governments,” he said.
“We are also working to make exit easy for start-ups, offering incentives – eligibility details of which are available on our site and promoting incubators,” Singh said.
Urging Institutes of Excellence and industries of repute to develop incubators, he said, “This will help handhold budding entrepreneurs and provide the required support.”
Singh was in the city to attend the session on ‘Start-Up India organised by Young Indian, Coimbatore Chapter, CII and the Indian Chamber of Commerce and Industry, Coimbatore.’
The RBI has provided Rs. 2,000 crore to SIDBI (Small Industries Development Bank of India) to set up the India Aspiration Fund.
“As of now, SIDBI has received proposals worth over Rs. 1,100 crore for venture funds (from venture capitalists) of which applications worth Rs. 600 crore have been approved and funding will start shortly,” Singh said.
“SIDBI will fund part of the proposal from the venture fund. A professional board in SIDBI decides on the quantum of fund,” Singh added.
Source: Business Line