Minister of State (Commerce and Industry) C R Chaudhary said on Tuesday that 67 startups have so far been approved for availing tax benefits. Speaking at the second ‘State Startup Conference’, Mr. Chaudhary said “3,576 startups have been recognised as on September 7 and tax benefits have been given to 67 innovative startups.” He said startups need strong and effective support to channelise their ideas and creativity, adding that the government was committed to help them.
Speaking on the occasion, Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek said the Centre has asked States to extend the compliance regime based on self-certification to five years. This is aimed reducing the regulatory burden on startups so that they can in turn focus on their core business. As per the government, the Labour and Employment Ministry had increased the tenure of compliance of self-certification under six labour laws from three to five years. However, only nine States — Haryana, Jharkhand, Madhya Pradesh, Maharashtra, Tamil Nadu, Telangana, Uttarakhand, Rajashtan and Karnataka — have confirmed compliance with new advisory, it had said last month.
Mr. Abhishek said there was a need to encourage more women entrepreneurs. He said 15 states have brought out startup policies, adding that startups needs support in funding, marketing and infrastructure. The official said finding of Rs 1,587 crore have been given to startups so far, adding that intellectual property rights related benefits were extended to 639 such entities. He said the government is in the process of setting up a Rs 2,000 crore credit guarantee fund, adding that the proposal was “about to go to (the Union) Cabinet soon”.