Startup India Innovation Week (10th – 16th January 2023)

Current Affairs

  • Startup India Innovation Week will be organized from the 10th to the 16th of January to celebrate the Indian Startup Ecosystem and National Startup Day.
  • The innovation week is intended to foster a spirit of entrepreneurship and innovation in the country.

Workshop on Alternative Investment Funds:-

  • Department for Promotion of Industry and Internal Trade (DPIIT) organized a workshop on Alternative Investment and their Central role today, chaired by Anurag Jain, Secretary, DPIIT as part of the Startup India Innovation Week 2023 at Vanijya Bhawan, New Delhi. 
  • DPIIT has worked closely with the Ministry of Finance (MoF), the Insurance Regulatory and Development Authority of India (IRDAI), and the Ministry of Labour and Employment (M/o-L&E) to allow Alternative Investment Funds (AIFs) to invest in startups. 
  • The workshop focused on sensitizing representatives from the Small Industries Development Bank of India (SIDBI), the Insurance Regulatory and Development Authority of India (IRDAI), the Employees’ Provident Fund Organisation (EPFO), the Pension Fund Regulatory and Development Authority (PFRDA), Life Insurance Corporation of India (LIC), SIDBI to mobilize domestic capital into the startup ecosystem through AIFs.
  • The 2-hour workshop began with an overview of the startup investment landscape in India followed by sessions on Investments in AIFs, Regulatory Frameworks for AIFs, and opportunities for these organizations to invest in AIFs. Thereafter, Indian and Global success stories were shared. 

What is the Startup India Initiative?

  • Launched on 16th January 2016, the Startup India Initiative has rolled out several programs with the objective of supporting entrepreneurs, building a robust startup ecosystem, and transforming India into a country of job creators instead of job seekers.
  • These programs are managed by a dedicated Startup India Team, which reports to the Department for Industrial Policy and Promotion (DPIIT).
  • Under the Startup India initiative, eligible companies can get recognized as Startups by DPIIT, in order to access a host of tax benefits, easier compliance, IPR fast-tracking, etc.

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

  • Funding Support and Incentives: The scheme provides funding support and incentives to various start-ups in India.
  • Industry-Academia Partnership and Incubation: The scheme promotes partnerships and incubation between industry and academia to encourage innovation and entrepreneurship.
  • Simplification and Handholding: The scheme simplifies processes and provides support to start-ups to help them navigate the early stages of operation.

Benefits of the Scheme:-

  • Reduced patent registration fees.
  • Improved Bankruptcy Code with a 90-day exit window.
  • Freedom from inspections and capital gain tax during the first three years of operation.
  • The creation of an innovation hub under the Atal Innovation Mission.
  • Encouragement of entrepreneurship across India.

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