Year the scheme was introduced: 16th.January.2016.
Reason for implementation
This scheme was an initiative by our honourable Prime minister Mr. Narendra Modi to create a better environment for those new start-ups in India. As we all are aware that India is a land of talented people, and this program helps them accomplish their goals. This initiative was taken up by the Government of India to support entrepreneurs and transform our country into a country that creates jobs. This scheme also helps those who have creative ideas and the capacity to implement those ideas and establish their own business. This scheme can make India grow more substantial in terms of the economy and the Nation.
This is one such initiative by the Government of India to build a strong base for those innovative ideas in young minds. This scheme has launched several programs to support these ideas.
The leading reason for the introduction of this scheme are as follows:
1. This scheme takes the initiative of simplifying the work to those who are new to the book, which motivates them to work harder every day. To make their job more comfortable, they have started several online portals for registration.
2. Financial support such as special funds is provided to them, and also, they are provided with few exceptions during the first three years of the start-up, i.e., from the income tax for capital gains.
3. This also makes the registration steps easier for those who want to start their own business. Many times, people feel more difficulty in registering the business than setting up the place. So, this scheme helps them to write quickly.
4. Most of them wait for Government tenders because of higher payments and larger projects. These require a lot of experience, but this scheme allows those young people to get these government projects without any prior experience as those start-ups get priority.
5. They will be benefited from tremendous networking opportunities in both domestic and international level. The Government gives them this opportunity by conducting two fests annually.
This scheme has several products which are briefed as follows:
1. Many of them are in the imagination that start-ups mean coming up with new and innovative ideas. But start-ups are incomplete without bringing such plans to reality. This is not as easy as it sounds, and many fail in this stage of getting it executed.
2. The Government's view towards these start-ups is defined for a straightforward path, which might have adverse effects in the long run.
3. The rate of failure in start-ups is comparatively more compared to the other organization. They always take faster steps to reach the goal of success, which does not support them in the long run.
4. They lack a skilled workforce due to a lack of financial support in the earlier stages.
This Scheme helps India create job opportunities for the Indian youth, and also this scheme creates a platform to showcase their innovative ideas and entrepreneurship skills. This also allows them to show their talent to the rest of the world. On the whole, if we could conclude, then we can say that this is a tremendous imitation by the Indian Government to the youths for getting them employed.