The government has gone all guns blazing to promote startups, but certain initiatives need a relook to reduce the pain points
The numbers are staggering. The department for promotion of industry and internal Trade (DPIIT, earlier called DIPP) has recognised 18,861 startups until May, while the 10,000-crore fund of funds managed by the Small Industries Development Bank of India (Sidbi) has committed 2,570 crore to 45 venture funds.
Getting recognised by DPIIT has its benefits. Eligible startups can not only avail tax benefits, file patents at a subsidised rate, wind up operations within 90 days of applying for insolvency and even self-certify compliance with certain labour and environmental laws, but they can also do business with the government through the government marketplace. About 1,862 startups have received 7,697 orders worth 275 crore till April.
According to industry experts, there are two aspects to the government’s initiatives to legitimise and promote startups: One, building the ecosystem, and two, simplifying regulations. A DPIIT recognition eases regulatory hurdles for fledgling businesses.
A Startup India status report for 2018 says the Startup India hub, set up to “resolve queries and provide handholding support” to startups, claims to have handled about 1.14 lakh queries. An interactive online learning and development module for startups has received 2.3 lakh applications. Besides, 5,441 schools have been identified to set up tinkering labs under the Atal Innovation Mission. A total of 54 crore has been disbursed to 22 institutes to set up incubation centres. Also, the government is setting up eight research parks to promote industry-academia partnership at a cost of 600 crore. As many as 4,257 startups have benefited under the Startups Intellectual Property Protection Scheme, availing rebates on patent and trademark filing fees.
This story is from the July 5, 2019 edition of Forbes India.
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This story is from the July 5, 2019 edition of Forbes India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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