"Start-up India, Stand-up India" Action Plan

1. Which of the following statements is not correct regarding "Start-up India, Stand-up India" action plan, unveiled by the Prime Minister recently?
   1. Start-up profits would be tax free for 5 years
   2. No  Labour inspection for 3 years
   3. Fast-track mechanism for start-up patent applications with 80% cost rebate
   4. Exits for start-ups within 90 days (under proposed bankruptcy and insolvency law)
       
2. Consider the following statements regarding the action plan and mark the correct statement
   1. Tax exemption would be provided on capital gains
   2. Government would provide Rs 10,000 cr funding over 5 years
   3. Compliance with 9 environment and labour laws would be allowed on the basis of self-certification
   4. Rs 500 crore Credit Guarantee Mechanism is to be established
   5. All are correct
       
3. Which of these is not correct regarding Atal Innovation Mission (AIM)?
   1. It is set up under NITI
   2. It will be an Innovation Promotion Platform involving academics, entrepreneurs, and researchers drawing upon national and international experiences to foster a culture of innovation, R&D in India
   3. The platform will also promote a network of world-class innovation hubs and grand challenges for India.
   4. Initially a sum of Rs.1000 crore wail be earmarked for this purpose
       
4. Which of these statements is /are correct in context of Self Employment & Talent Utilization (SETU)
   1. It is set up under NITI Aayog
   2. SETU will be a Techno-Financial, Incubation and Facilitation Programme to support all aspects of start-up businesses, and other self-employment activities, particularly in technology-driven areas.
   3. An amount of Rs.1000 crore is being set up initially in NITI Aayog for SETU.
   4. All are correct

 

Answers

1. a, 3 years
2. e
3. d, 150 cr (The action plan includes establishing500 tinkering labs, 35 public-private sector incubators, 31 innovation centres at national institutes, 7 new research parks and 5 new bio-clusters under AIM)
4. d