The government will be rolling out a mobile app on April 1, especially for startups. The procedure of setting up and registering for a startup will be simplified using this mobile app.
The Atal Innovation Mission has been announced to help incubate start-ups. It will grant seed funds and help strengthen existing incubation facilities. It will also offer pre-incubation training to entrepreneurs, among other things.
For patent protection, the government will be setting up a panel of legal facilitators that will help file patents. It will also make the process of filing for patents easier and transparent.
The Modi government plans to relax registration procedures for startups. Startups will get 90-days open window to close their businesses in case of failure. A fund of Rs 10,000 crore is planned for the growth and development of the startups.
The government has also announced credit guarantee fund worth Rs 500 crore per year.
To further promote startups, the government plans national and international startup fests.
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