Government Support for Entrepreneurs — Flashcards
ICSE · Class 11 · Entrepreneurship
30 flashcards for Government Support for Entrepreneurs (ICSE Class 11 Entrepreneurship) to test yourself on key terms and facts.
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What is entrepreneurship, and why does government support matter for it?
Answer
Entrepreneurship means starting and running a business by using new ideas, skill, and risk-taking. Government support matters because many entrepreneurs face problems such as lack of funds, limited gu…
What is the Startup India Initiative?
Answer
Startup India is a Government of India initiative launched on 16 January 2016 to build a strong ecosystem for innovation and entrepreneurship. It supports startups through regulatory simplification, f…
Who manages the Startup India Initiative?
Answer
Startup India is managed by the Department for Promotion of Industry and Internal Trade, also called DPIIT. DPIIT handles the initiative and helps in its implementation and support activities.
What are the eligibility conditions for Startup India recognition?
Answer
An enterprise must be a private limited company, partnership firm, or LLP. It must be not more than 10 years old from incorporation, and its annual turnover should not exceed ₹100 crore. It should als…
What financial benefits are available under Startup India?
Answer
Eligible startups get income tax exemption for three consecutive years out of the first ten years since incorporation. A ₹10,000 crore Fund of Funds for Startups has also been created to support fundi…
How does Startup India reduce legal and compliance burden?
Answer
Startups can self-certify compliance with six labour laws and three environmental laws. This reduces inspection pressure and makes it easier for new businesses to focus on growth instead of paperwork.
What is the role of the Startup India Portal and MAARG Mentorship Platform?
Answer
The Startup India Portal is a digital platform where startups can register, access resources, apply for benefits, seek mentorship, and track compliance. MAARG is a dedicated mentorship platform that c…
What are Atal Incubation Centres under Startup India?
Answer
Atal Incubation Centres are startup incubators in academic and research institutions. More than 60 incubation centres have been established to provide physical infrastructure, mentoring, business supp…
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