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Government Implementing Startup India Measures at a Faster Pace: DIPP

Government Implementing Startup India Measures at a Faster Pace: DIPP

By Press Trust of India | Updated: 1 April 2016 13:35 IST

Moving on a fast-track to implement the 'Startup India' programme, several ministries, including labour and environment, have put in place mechanisms to ensure speedy clearances, a senior official said Thursday.

"We are moving ahead with a faster pace" to implement the measures, Joint Secretary in the Department of Industrial Policy and Promotion (DIPP) Shailendra Singh told reporters in New Delhi.

Talking about the implementation of measures announced in the action plan for startups, he said that Labour Ministry has issued the advisory regarding self-certification to all the states. Similarly, the Environment and Forest Ministry too has issued the circular.

He said the DIPP has also identified a panel of lawyers who would provide assistance and support to startups on subjects like intellectual property rights and the fees for that service would be paid by the government.

"Startups have to pay only the statutory fees, which is very miniscule," he said adding the startup hub would start working from tomorrow.

The hub will act as a single point of contact for the entire startup ecosystem and enable knowledge exchange and access to funding.

For faster exit from a business, Singh said the bankruptcy Bill is in Parliament. Funds of Fund was already declared in the Budget and accordingly Rs. 2500 crores each year would be released over four years to SIDBI.

All the tax benefits will be extended to the budding entrepreneurs after the passage of the Finance Bill.

On organising startup fest for showcasing innovation, he said at the national level it would be organised in June and at the international level in November.

Singh said that the details and guidelines of Atal Innovation Mission is expected to be released in April by NITI Aayog.

To ensure professional management of government sponsored/funded incubators, government is in the process of to create a policy and framework for setting up of incubators across the country.

In January, Prime Minister Narendra Modi unveiled a slew of incentives to boost start-up businesses, offering them a tax holiday and inspector raj-free regime, capital gains tax exemption and Rs. 10,000 crore corpus to fund them.

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