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www.bankersguru.org
(General Awareness)
A Startup India Hub for collaboration
The Startup India Hub will serve as a single point of contact for start up ecosystem players, and
will function in a hub and spoke model with central and state governments, Indian and foreign VCs,
angel networks, banks, incubators, legal partners, consultants, universities and R&D institutions.
The hub will assist startups in obtaining financing, and organise mentorship programs to encourage
knowledge exchange.
Relaxed norms of public-procurement
The Central Government, State Government and PSUs will exempt startups in the manufacturing
sector from the criteria of "prior experience/ turnover" as long as they have their own manufacturing
facility in India, and have the requisite capabilities and are able to fulfil the project requirements.
Faster exits for startups
Startups may be wound up within a period of 90 days from making of an application for winding
up on a fast track basis, as per the recently tabled Insolvency and Bankruptcy Bill 2015, which has
provisions for voluntary closure of businesses.
This process will respect the concept of limited liability.
Atal Innovation Mission to encourage entrepreneurship and innovation
The Atal Innovation Mission will establish sector specific incubators and 500 'Tinkering Labs' to
promote entrepreneurship, provide pre-incubation training and a seed fund for high growth
startups.
Three innovation awards will be given per state and union territory, along with three national
awards, as well as a Grand Innovation Challenge Award for finding ultra-low cost solutions for
India.
Innovation focused programs for students
An innovation core program targeted at school kids aims to source 10 lakh innovations from five
lakh schools, out of which the the best 100 would be shortlisted and showcased at an Annual
Festival of Innovations, to be held in Rashtrapati Bhavan.
A Grand Challenge program called NIDHI (National Initiative for Developing and Harnessing
Innovations) shall be instituted through Innovation and Entrepreneurship Development Centres
(IEDCs) to support and award INR 10 lakhs to 20 student innovations.
Uchhattar Avishkar Yojana, a joint MHRD-DST scheme has earmarked Rs. 250 crore annually to
foster "very high quality" research amongst IIT students.
An annual incubator grand challenge
The government will identify and select ten incubators, evaluated on pre-defined Key Performance
Indicators (KPIs) as having the the potential to become world class, and give them Rs.10 crore
each as financial assistance to ramp up their infrastructure.
Date of Release -20-Jan-16 SUBJECT: GA www.bankersguru.org
(General Awareness)
A Startup India Hub for collaboration
The Startup India Hub will serve as a single point of contact for start up ecosystem players, and
will function in a hub and spoke model with central and state governments, Indian and foreign VCs,
angel networks, banks, incubators, legal partners, consultants, universities and R&D institutions.
The hub will assist startups in obtaining financing, and organise mentorship programs to encourage
knowledge exchange.
Relaxed norms of public-procurement
The Central Government, State Government and PSUs will exempt startups in the manufacturing
sector from the criteria of "prior experience/ turnover" as long as they have their own manufacturing
facility in India, and have the requisite capabilities and are able to fulfil the project requirements.
Faster exits for startups
Startups may be wound up within a period of 90 days from making of an application for winding
up on a fast track basis, as per the recently tabled Insolvency and Bankruptcy Bill 2015, which has
provisions for voluntary closure of businesses.
This process will respect the concept of limited liability.
Atal Innovation Mission to encourage entrepreneurship and innovation
The Atal Innovation Mission will establish sector specific incubators and 500 'Tinkering Labs' to
promote entrepreneurship, provide pre-incubation training and a seed fund for high growth
startups.
Three innovation awards will be given per state and union territory, along with three national
awards, as well as a Grand Innovation Challenge Award for finding ultra-low cost solutions for
India.
Innovation focused programs for students
An innovation core program targeted at school kids aims to source 10 lakh innovations from five
lakh schools, out of which the the best 100 would be shortlisted and showcased at an Annual
Festival of Innovations, to be held in Rashtrapati Bhavan.
A Grand Challenge program called NIDHI (National Initiative for Developing and Harnessing
Innovations) shall be instituted through Innovation and Entrepreneurship Development Centres
(IEDCs) to support and award INR 10 lakhs to 20 student innovations.
Uchhattar Avishkar Yojana, a joint MHRD-DST scheme has earmarked Rs. 250 crore annually to
foster "very high quality" research amongst IIT students.
An annual incubator grand challenge
The government will identify and select ten incubators, evaluated on pre-defined Key Performance
Indicators (KPIs) as having the the potential to become world class, and give them Rs.10 crore
each as financial assistance to ramp up their infrastructure.
Date of Release -20-Jan-16 SUBJECT: GA www.bankersguru.org
