Visakhapatnam: At a time when the Port City is emerging as a hub for startups in Andhra Pradesh, entrepreneurs are hoping that the Startup India campaign will encourage more people to start their own firms in the coming days. More than 150 startups have already launched their operations in the city in the last couple of years.
Entrepreneurs have opined that the central government has planned a Rs 10,000-crore fund for supporting startups, mobile application for launching a startup in one day, fast track mechanism of patent applications, 80% rebate on filing of patent applications and tax exemption for three years for startups in a bid to give a boost to emerging startups.
Speaking to TOI, founder of Unihalt Services, Ravi Teja said, “All the benefits announced are very good for startups. The major ones include credit guarantee scheme for loans, which will make it easier to apply for loans without giving documents for collateral. Also, no tax for three years is a really good announcement for startups.”
He also said, “With no inspection for three years, it’ll be easier for startups to focus on their business. Usually, when you start up your own company, the hiring process will be different than that of MNCs and we won’t be aware of many laws and the policy announced by the government will help us build our firms.”