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Joint Secretary within the Division for Promotion of Business and Inside Commerce (DPIIT) Sanjiv additionally mentioned that the federal government is within the means of formulating a normal working process (SOP) to look at and fast-track purposes to grant eligibility certificates which allows startups to say tax exemptions.
As on December 31, 2023, 1.17 lakh startups have been recognised by the DPIIT.
“We’re planning to have an SOP the place we’ll put up all types of points which come earlier than the inter-ministerial board and attempt to type it out,” he mentioned, including that the federal government has an inside goal of March 31, earlier than which round 1,500 purposes pending eligibility certificates, can be completed.
He mentioned that conferences can be held each month and the federal government goals to vary your complete course of to facilitate ease of doing enterprise for startups so {that a} lack of eligibility certificates doesn’t impression them.
When requested concerning the authorities’s assist on the mental property rights entrance, the joint secretary mentioned that as many as 1,800 patents are granted to the budding entrepreneurs.On the dip in funding in startups, he mentioned now there’s a shift in funding as they’re additionally debt funds.“Funding in fairness might have decreased however that doesn’t imply the system is just not getting cash. Not many startups are taking the fairness route…they could be taking the IPO route,” he mentioned.
