A web portal for startups and their registration process will be launched by the government next week. This will not only encourage aspiring entrepreneurs but also promote the ease of doing business.
Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said, “Start-up India is an important initiative and steps have already been taken to execute the action plan announced by the government.” Recently, DIPP has issued the definition of startups and is also making it easier for them to file Intellectual Property Rights (IPR).
“We are also working with state governments to ensure that self-certification work in case of labor and skill development laws are put in place for startups,” Abhishek added.
The government has announced a number of initiatives in the Budget 2016-17. 100 per cent tax exemption for three years was one of them.
A special patent regime has been proposed with a 10 per cent rate of tax on income from worldwide exploitation of patents developed and registered in India to promote innovation.
Under the ‘Start Up India Action Plan’, funding support was provided through ‘Fund of Funds’ which intends to raise INR 2,500 crore annually for four years to finance startups.
The country is home to over 18,000 startups, making it the third-largest in the world after the US and England. Soon it will be reaching to new heights with the help of new initiatives proposed by the government for the startups.