How start-up India is different from Stand up India? Discuss the salient features of these initiatives.
Start-up India and Stand-up India are both initiatives by the government to usher in entrepreneurship.
“Stand Up India Scheme” is to promote entrepreneurship among SC/ST and Women entrepreneurs. Whereas Start Up India scheme is to promote new ventures/initiatives.
Some features of Stand up India are as follows:
The scheme is a part of Start-up India, Stand up India slogan to encourage entrepreneurial projects.
The scheme will facilitate two entrepreneurial projects on an average one for each category (Women and SC/ST) of entrepreneurs per bank branch.
The scheme will provide financial aid through SIDBI with an initial amount of Rs 10,000 crore.
A credit guarantee system would also be implemented under the scheme through the National Credit Guarantee Trustee Company (NCGTC), which will act as the operating agency for financial aids.
The scheme will also familiarise the entrepreneurs with factoring services, e-market places and registration with online platforms and other aspects of web entrepreneurship.
Features of Start-Up India are as below:
- Single Window Clearance with the help of a mobile application
- 10,000 crore fund of funds
- 80% reduction in patent registration fee
- Modified and more friendly Bankruptcy Code to ensure 90-day exit window
- Eliminating red tape
- Self-certification compliance
- Innovation hub under Atal Innovation Mission
- Encourage entrepreneurship