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Andhra Pradesh Tops in Ease of Doing Business, Delhi Fails

11Jul By Gauri SinghNo Comments

INDIA

Andhra Pradesh Tops in Ease of Doing Business, Delhi Fails

Andhra Pradesh is on the lead in the Indian government’s ‘ease of doing business’ index for the states. Andhra Pradesh scored 98.42 percent in the third edition of Department of Industrial Policy and Promotion’s (DIPP’s) Business Reforms Action Plan, beating Telangana. The state has improved in various fields such as taxes, protecting minority investors, issuing construction permits, providing new electricity connections, among others that helped a lot to reach this position. Also, Andhra Pradesh has successfully brought in 90 percent of the reforms listed in construction permits. Other reforms that the state implemented involves the establishment of a dedicated conflict resolution mechanism for land and construction permits, implementing a system to allow approval based on third-par...

Indian VC Industry Urged to Submit Papers On Issues Around Startup Ecosystem

9Apr By Lavina TolaniNo Comments

News

Indian VC Industry Urged to Submit Papers On Issues Around Startup Ecosystem

India's enterprise capital business has been urged to submit a white paper with policy recommendations to regulators that could help in addressing issues raised by stakeholders within the startup landscape. Indian Private Equity and Venture Capital Association (IVCA) is a nodal body designated for Risk capital sector in India. The development has come right after a roundtable organised by Startup India, an initiative organised by Ministry of Commerce and chaired by Suresh Prabhu that witnessed participation of representatives from Department of Industrial Policy and Promotion (DIPP), market controller Securities and Exchange Board of India (SEBI) , Small Industries Development Bank of India(SIDBI) and Department of Revenue and Economic Affairs. SIDBI Chairman, Mohammed Mustafa stated...

6Apr By Lavina TolaniNo Comments

INDIA

Only 88 Out of 8,756 DIPP Recognized Startups Received Tax Benefits in India

The Government has decided to extend tax benefits of 88 startups out of 8,765 that have been recognized by the Department of Industrial Policy and Promotion as reported by a top official today. Prime Minister, Narendra Modi had introduced a spectrum of incentives on January 2016 to encourage startup growth in the country which included a provision of a tax holiday, exemption from capital gains and an inspector raj free regime as a part of the action plan. Starting January 2016, 88 startups out of 8756 have been identified for claiming the tax exemption, said DIPP Secretary Ramesh Abhisheikh. These startups are from different sectors that include: IT Services (15 percent) Education (7 percent) Healthcare and Life Sciences (12 percent) Agriculture (4 percent) ...

DIPP Cancels Certification of Companies Posing as “Startups”

3Apr By Lavina TolaniNo Comments

INDIA

DIPP Cancels Certification of Companies Posing as “Startups”

Department of Industrial Policy & Promotion (DIPP) has put an end to some certifications and issued warnings to organizations seeking to avail exemptions by categorizing themselves as "startups". In a recent meeting of Inter-Ministerial Group on Startups held on March 15, certificates of recognition and that of eligibility given to two entities- Riot Solutions and JVS Flow Control PC were revoked on account of failing to give a report on whether they were subsidiaries of some companies or working as individual organizations. A government official reported, "These organizations were sent queries by IMG a few months back but have not responded yet. Hence, IMG has revoked certifications issued to them. It should serve as a warning to others." IMG has come to know that certain fir...

DIPP Announces Its 7-Pillar Framework To Rank States on Startup Development

7Feb By RishabhNo Comments

INDIA

DIPP Announces Its 7-Pillar Framework To Rank States on Startup Development

With its goal to encourage states to take proactive steps to encourage startup ecosystem, Department of Industrial Policy and Promotion (DIPP) has launched the awaited ranking framework, that includes 7 pillars with 38 pointers to rank states/UT based on measures they have taken to promote and nurture entrepreneurship. The online dashboard for State/UT Startup Ranking 2018 was launched by Minister of commerce and Industry, Sri Suresh Prabhu. The Framework DIPP aims to promote competitiveness amongst the Indian states and Union Territories to act proactively when it comes to startup and entrepreneurs. According to the report that DIPP released today, there are a total of 6,875 recognized startups and 82 startups have been given tax exemption. DIPP has also assigned 7 p...

No Decision Yet on Apple’s Demand For Concessions: DIPP

6Feb By Press Trust of IndiaNo Comments

INDIA

No Decision Yet on Apple’s Demand For Concessions: DIPP

The government has not taken a final decision yet on the concessions being sought by US iPhone maker Apple for setting up a manufacturing unit in India, a top official said today. Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said that Apple has submitted certain demands for the government's consideration. "We had a meeting of all the concerned ministries and departments (on those demands) and we have asked them to look at those issues and take a view. No ministry has yet taken a final decision on any of those. But we are in touch with them," Abhishek told reporters here. He said the government supports all manufacturing, including value manufacturing, in the country by companies. "So we would definitely like to promote this. So we are coord...

“4 Din Mai Bano Karobari (Businessman)” – PM Modi’s New Business Mantra

20Dec By PriyankaNo Comments

INDIA, News

“4 Din Mai Bano Karobari (Businessman)” – PM Modi’s New Business Mantra

Aiming to break into top 50 best countries to do business in, the government has identified areas requiring doing away with complex rules and simplifying procedures to enable businesses to start in four days flat. With India ranked poorly at 130th among 190 nations on the World Bank's Ease of Doing index, Finance Minister Arun Jaitley yesterday held a meeting to identify areas to improve the business climate and the country's ranking by cutting down on steps required to start a venture and make easy credit available. An eBiz portal will provide one-stop shop for dealing with matters related to the Ministry of Corporate Affairs as well as registrations of PAN/TAN and employee provident fund/employee insurance. "The Ministry of Corporate Affairs, CBDT, the Ministry of Labour and Employment ...

Amazon Launchpad For Startups- Register For Rs 5000 and Sell Your Product Worldwide

6Dec By AnkitaNo Comments

News

Amazon Launchpad For Startups- Register For Rs 5000 and Sell Your Product Worldwide

E-commerce giant Amazon today rolled out its global programme 'Launchpad' in India to provide startups in the country a platform to market, sell and deliver products across the globe. India is the seventh country where Amazon Launchpad has been made available, and the platform, "tailormade" for startups, is available for a fee of Rs 5,000 a month. Launchpad is already available in the US, UK, China, Germany, France and Mexico. Through the Launchpad page startups and entrepreneurs can sell products on a global scale, overcoming general marketplace challenges like requirements of large investments to get noticed and loss of margins in channels, the company said. Amazon Launchpad will offer startups and small enterprises access to custom pages where sellers can showcase their products th...

LIC, Pension Funds Must Step in To Fund Startups: DIPP Secretary

7Oct By Press Trust of IndiaNo Comments

News

LIC, Pension Funds Must Step in To Fund Startups: DIPP Secretary

Life Insurance Corporation of India and other pension funds "must step in" to fund startups, Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said on Friday. "LIC and other pension funds must step in... definitely that money needs to be leveraged," Abhishek said here at the India Economic Summit, jointly organised by CII and WEF. Speaking at a session on startups, founder of Pinstorm and Seedfund Mahesh Murthy stated that big companies like LIC and cigarette firms are found wanting as far as funding of start-ups is concerned. "I am taking note (of this suggestion)," Abhishek said, adding that the government is engaging with start-ups to resolve issues to give a push to budding entrepreneurs. On the Rs 10,000-crore Fund of Funds, the secretary s...

DIPP to Hire Consultants to Push Startup India

29Sep By Press Trust of IndiaNo Comments

News

DIPP to Hire Consultants to Push Startup India

The commerce and industry ministry is looking to engage consultants to promote the government's Startup India campaign for budding entrepreneurs. The department of industrial policy and promotion (DIPP), under the ministry, has issued an advertisement for engaging a senior consultant and two consultants for the Startup India initiative. It has invited applications from eligible candidates for "engagement as senior consultant/consultant on contractual basis." It said the job responsibilities for the senior consultant include assessment of the existing startup ecosystem in the country, identifying the national and international best practices, making recommendations to facilitate growth of startups and monitoring implementation of action plans, schemes and programmes. Those of th...

Indian Govt Allows 100% FDI in Marketplace Model of E-commerce

29Mar By Press Trust of IndiaNo Comments

INDIA, News

Indian Govt Allows 100% FDI in Marketplace Model of E-commerce

The government permitted 100% foreign direct investment (FDI) in the marketplace format of e-commerce retailing with a view to attract more foreign investments. The norms on FDI in the sectors of e-commerce, and IT and ITeS are expected to be part of detailed guidelines, which would be rolled out soon by the government, sources said. Last week, a group of senior officials from departments of DIPP, corporate affairs and economic affairs, among others, discussed these matters in great detail. According to sources, the DIPP has suggested that 100% FDI should be allowed in “marketplace model e-commerce” activities. In such a model, the e-commerce company provides an online platform for buyers and a sellers. At present, global e-tailer giants such as Amazon and Ebay are operating onlin...

4Mar By Press Trust of IndiaNo Comments

INDIA

Indian Government To Launch Web Portal For Startups By Next Week

NEW DELHI: Government will launch a portal for startups by next week and begin the registration process with a view to encourage budding entrepreneurs and promote ease of doing business, a top official said today. Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said that 'Start-up India' is an important initiative and steps have already been taken to implement the action plan announced by the government. Recently, DIPP has issued the definition of startups and is also making it easier for them to file intellectual property rights (IPR), he said. "In another week's time, we are going to start the startup portal and the process of registration of also," he said here at a Ficci function. "We are also working with state governments to ensur...