Page 14 - MMI - MayJune2022 small-single

od of three to five years from
the date of incorporation.
• Fast-tracking and Rebate on
Applications for Intellectual
Property: Startups are eligi-
ble for an 80 percent rebate
in patent filing fees and 50
percent on trademark filing
fees. Additionally, startups
are also provided the facility
Source: Magic Wand Media patent applications to reduce
of expedited examination of
the time taken in granting
patents. Also, ‘Support for In-
ternational Patent Protection
in E&IT (SIP-EIT)’, launched
Design-centric approach ical, and tools support to by the Department of Elec-
is a must existing and new manufac- tronics and Information
The key to consistent novelty turing units, enabling them Technology (DeitY), provides
The Govern- and creativity are design and to embrace world-class man- financial support for interna-
ment has innovation for any sector. Ev- ufacturing processes and tional patents.
launched ery startup and MSME must technology in their startups • Access to `10,000 Crore
Credit have a design-centric approach to manufacture the best-in- Fund of Funds: To provide
Linked Capi- to solve the problems of their class products. equity funding support for
tal Subsidy niche. To encourage and inspire • Startup Recognition and Tax the development and growth
Scheme that
provides small businesses to experiment Exemption: Startups incor- of innovation-driven enter-
financial and try out new designs for porated on or after April 01, prises, the Government has
assistance their products, the Ministry of 2016, can apply for income set aside a corpus fund of
to MSMEs to Micro, Small, and Medium En- tax exemption. The recog- `10,000 crore managed by
upgrade terprises has created a Design nized startups that are grant- SIDBI. This Fund of Funds
their tech- Clinic to induce design-related ed an Inter-Ministerial Board implies that the Government
nology and expertise for startups and MS- Certificate are exempted from participates in the capital
implement MEs. Under this scheme, the income tax for three consec- of SEBI registered Venture
avant-garde Government will provide up to utive years out of 10 years Funds, which invest twice
technological `60,000 aid for attending design since incorporation. the amount in startups.
platforms in seminars and up to `3.75 lakh or • Government Public Procure-
their busi-
ness. 75 percent of the cost of a sem- ment Eligibility: The Govern- The Government is not only
inar, wherein the entrepreneur ment of India has authorized promoting these schemes to
and their team can learn and its ministries, departments, help the present group of start-
implement design theories for and public sector undertak- ups benefit from them but also
their startups. ings to relax norms in all pub- motivating budding entrepre-
lic procurements. Startups can neurs, startups, and students
Schemes to further benefit avail of an exemption on prior from all domains who intend
startups turnover, prior experience, to be independent and lead the
Other Government certifica- and an earnest money depos- vision of ‘Atmanirbhar Bharat’
tions and eligibility-specific it. DPI recognized startups can forward. These initiatives have
schemes to benefit from are as now get listed as sellers on the been introduced for the devel-
follows: Government of India’s largest opment of the Indian startup
• ZED Certification: This is a e-procurement portal Govern- ecosystem. The country now
step toward the quality as- ment e-Marketplace (GeM). seems to be heading towards
sessment of the products to • Self-Certification under the golden era of entrepre-
ensure better quality so that Labor and Environmental neurship, where if things go
the exported goods are nev- Laws: Startups are allowed to as planned, India may host as
er returned. This Zero Defect self-certify their compliance many successful startups as the
and Zero Effect certification under six Labor and three USA or any other leading na-
offer financial, technolog- Environment laws for a peri- tion by 2030.

14 | May-June 2022 Modern Manufacturing India