| |DECEMBER 202119scheme, the government will also provide some rebate on the patent cost and the entire process that goes behind the registration of patent will be faster for these startups. Also, the government pays the fees of the facilitator to obtain these patents for the startups.SAMRIDH scheme will further accelerate the growth of the startup ecosystem in India. The startup ecosystem of India has witnessed the emergence of 63 unicorns, in the recent years. Generally, unicorn term is used for the private startups that are valued at over $1 billion. With a total valuation of $168 billion, the Indian startup ecosystem is now the third largest unicorn hub.BENEFITS IN INCOME TAXBenefits of tax relaxation are also given to startups. The government exempts their three years income tax post their year of incorporation. These startups will also get benefit of tax exemption on capital gains in case they invest money in specified funds. This initiative simplifies the work for the new entrants and motivates them.BENEFITS IN REGISTRATIONIt is a well-known fact that the incorporation and registration process of the business are very difficult and time taking as the files of applicant startup company goes from one department to other for the approval. This whole process consumes a lot of time of the startup owner. But under this scheme, there will be a single application to facilitate the registration of startups. In this way lot of crucial time can be saved.Also, there is a huge networking opportunity provided by government for the startups to meet with various stakeholders annually. The government will provide opportunity and conduct two startups fests on domestic as well as international level every year. This scheme will also conduct Intellectual property awareness workshops and awareness for the startups to guide them in the right direction.THE WAY FORWARDExperts believe that government can help sustain momentum in these spaces by mentoring the startups which will ultimately drive economic growth and create large scale employment opportunities in the country. SAMRIDH will create a conducive platform for Indian startups to enhance their products and secure investments for scaling their business. India is the second largest populated nation in the world. So, if a product or service manages to reach even quarter of the total population, nobody can stop India from becoming a global icon.
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