Changing the rules, promoting startups in India says Ramesh Abhishek
The government has said it is making changes in the regulations that force startups to incorporate their units overseas.“We are changing regulations that are forcing startups to incorporate abroad. Some changes have been made and the rest should be done this year,” Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said. He said this while replying to questions on twitter. For example, large startup owners like those of Flipkart has got their company registered in Singapore.
The government is taking a lot of steps to promote budding entrepreneurs in the country. As part of the Startup India initiative, of which SheThePeople.TV is a partner, it has announced several benefits. Some of these benefits include the following:
The Department of Industry headed by Secretary Ramesh Abhishek is very keen to bring more women entrepreneurs in its fold and encourage them to engage with the government.
and compliance under 9 environmental & labour laws
STARTUP PATENT APPLICATION
fast track & up to 80% rebate in filling patents
fast track under the criteria of “prior experience/turnover” for startups in all Central Government ministries/departments
WINDING UP COMPANY
in 90 days under insolvency & Bankruptcy code 2016
INR 10,000 CRORE FUND
of funds for investment into startups through Alternate Investment Funds
INR 2,000 CRORE CREDIT
guarantee fund for startups through National Credit Guarantee Trust Company / SIDBI over 4 years
on Income tax for 3 years
on capital gains & on Investments above Fair Market Value
Replying to questions on access to funds to startups, on twitter, the secretary said the DIPP was planning to set up a Rs 2,000 crore credit guarantee fund. The idea he says is to provide easy funding facilities to startups. He said it is a challenge to get funds in India as the costs is high but the government was working on ways to reduce that cost.