Friday, November 22

Tag: Nirmala Sitharaman

India China standoff: Indian Ministry proposes restrictions on Neighbors Countries Investment
22Jun By Press Trust of IndiaNo Comments
INDIA

India China standoff: Indian Ministry proposes restrictions on Neighbors Countries Investment

New Delhi, Jun 22nd, 2020: Amid growing tensions between India and China, the finance ministry has proposed putting restrictions on pension fund investments from any of India's bordering countries. Foreign investment in pension funds regulated by the Pension Fund Regulatory and Development Authority (PFRDA) is capped at 49 per cent under the automatic route. According to a draft notification circulated for comments on Friday, "A government approval would be required for the investing entity or individual from any of the bordering countries including China. The relevant provisions of FDI policy issued from time to time would apply in all such cases." Any foreign investment from these countries will be subject to approval from the government. The restriction would be applicable f...
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DPIIT Registered Startups Exempt from Angel Tax: Indian Finance Minister
25Aug By AnkitaNo Comments
INDIA

DPIIT Registered Startups Exempt from Angel Tax: Indian Finance Minister

The Indian government exempted all startups that are registered with the DPIIT from the so-called 'angel tax', which will help resolve difficulties faced by the fledgling businesses and their investors. "To mitigate genuine difficulties of startups and their investors, it has been decided that Section 56(2)(viib) of the IT Act shall not be applicable to a startup registered under DPIIT," Finance Minister Nirmala Sitharaman told Pixr8 News. She added that while the said section will continue to be part of the Income Tax Act, it will not be applicable to the startups registered with the Department for Promotion of Industry and Internal Trade (DPIIT). Besides, a dedicated cell, headed by a member of the Central Board for Direct Taxes (CBDT), will be set up to address concerns faced b...
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Indian Govt Proposes Exclusive Channel for Startups
5Jul By NitishNo Comments
INDIA

Indian Govt Proposes Exclusive Channel for Startups

India's Finance Minister Nirmala Sitharaman proposed to set up an exclusive television channel for start-ups that will serve as a platform for discussing issues affecting their growth, funding requirement and tax planning. Presenting the Budget for 2019-20, Sitharaman proposed to start a television program exclusively for start-ups that will be executed by start-ups themselves. "This shall serve as a platform for promoting start-ups, discussing issues affecting their growth, match-making with venture capitalists and for funding and tax planning. This channel shall be designed and executed by start-ups themselves," she said. Commenting on the announcement, the Commerce and Industry Ministry said that it would be within the DD (national broadcaster) bouquet of channels. The chann...
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Nirmala Sitharaman Asks MPs to Consider Setting up Co-working Space or Incubators in Their Constituency
29Jun By Press Trust of IndiaNo Comments
INDIA

Nirmala Sitharaman Asks MPs to Consider Setting up Co-working Space or Incubators in Their Constituency

Commerce and Industry Minister Nirmala Sitharaman has urged the Members of Parliament (MPs) to consider setting up co-working spaces or incubators for startups in their constituency. In a letter to the MPs, the minister has asked utilising the Members of Parliament Local Area Development Scheme (MPLADS) funds for such initiatives. "This step will promote the startup ecosystem in the country and help startups in their constituency make rapid strides towards establishing themselves and also create jobs," a commerce ministry statement said quoting Sitharaman. The 'Startup India' envisions building a strong ecosystem for nurturing innovation in the country and empowering the budding entrepreneurs to grow through innovation and design. She said the government has been making all-out...
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Indian Government Approved a Start-up Incubation Centre for Mangaluru
18Jun By AnkitaNo Comments
INDIA

Indian Government Approved a Start-up Incubation Centre for Mangaluru

The Indian government has approved a start-up incubation centre for Mangaluru to provide basic facilities for people intending to set up self-employment units, Union Minister Nirmala Sitharaman said. The Centre would start functioning within four months with an investment of Rs 1.18 crore, she said. Facilities would be provided to 60 start-up companies at the centre in the initial phase, the Minister of state for for Commerce and Industry said after inspecting the site identified for the centre here last evening. The start-up companies could function here for a specified term and required facilities would be provided in the second floor of the corporation sub office. Kanara Chamber of Commerce and Industry, Nitte  University, National lnstitute of Technology, Karnataka  (NIT-K)...
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India, Russia to Set Up $1 Billion Business Fund
18Mar By Press Trust of IndiaNo Comments
News

India, Russia to Set Up $1 Billion Business Fund

India and Russia are setting up a USD 1 billion fund to promote mutual investments in infrastructure and technology projects, Commerce and Industry Minister Nirmala Sitharaman has said. Both the countries would contribute USD 500 million to the fund, Sitharaman said while addressing India-Russia Business Forum at the ongoing International Engineering Sourcing Show (IESS) here yesterday. While the Russian funds would be channeled through Russian Direct Investment Fund (RDIF), Indian contribution will be accrued from National Investment and Infrastructure Fund. Sitharaman elaborated upon other measures being taken by Russia and India to scale up their economic engagement and to boost bilateral trade and investment. As part of these initiatives, the India Russia CEO Forum will hol...
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Online Vendors Meet Commerce Minister Nirmala Sitharaman on AskMe Payment Issue
6Sep By Press Trust of IndiaNo Comments
INDIA, News

Online Vendors Meet Commerce Minister Nirmala Sitharaman on AskMe Payment Issue

Corporate Affairs Ministry has assured Commerce Minister Nirmala Sitharaman of taking up the pending payment issue of cash-strapped e-commerce firm AskMe on priority basis. Representatives of All India Online Vendors Association (AIOVA) today met Sitharaman on the issue of pending payment from askmebazaar.com. Since the issue raised by AIOVA pertained to Ministry of Corporate affairs, Sitharaman spoke to Corporate Affairs Secretary. "Corporate Affairs (Secretary) assured Sitharaman that he shall take up the issues raised by AIOVA on a priority basis," the commerce and industry ministry said in a tweet. Hit by a cash crunch, e-commerce company AskMe has decided to shut shop, leaving 4,000 staffers jobless.
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Extend Tax Holiday For Startups From 3 yrs to 7 yrs: Nirmala Sitharaman to FinMin
30May By Press Trust of IndiaNo Comments
INDIA

Extend Tax Holiday For Startups From 3 yrs to 7 yrs: Nirmala Sitharaman to FinMin

The Finance Ministry should consider raising tax holiday for startups to 7 years from the current 3 years to encourage budding entrepreneurs, Commerce and Industry Minister Nirmala Sitharaman today said. Nirmala Sitharaman said lots of inputs from startups have been received and "recommendations have gone to the Finance Ministry for extending the 3-year tax holiday to 7 years". "We shall pursue it and there shall now be lots more interactions with them," she told reporters while briefing them on the initiatives taken by her ministry during the last two years. The minister said she would visit different co-work spaces of these new age companies to see the ground picture and infuse fresh energy. Several startups have pitched for increasing the tax holiday period from the ...
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Indian Minister Nirmala Sitharaman Will Visit The Co-working Place in Delhi Today
16Apr By AdityaNo Comments
News

Indian Minister Nirmala Sitharaman Will Visit The Co-working Place in Delhi Today

To take stock of Start-up India action plan, Commerce and Industry Minister Nirmala Sitharaman today have an open chat with budding entrepreneurs at a centre that provides basic facilities to new-age ventures. "Rather than budding entrepreneurs coming to the ministry to raise their grievances and share feedback on the action plan, the minister has decided to visit the co-working office of young entrepreneurs and have an open chat with them about their expectations and experience," an official said. The exercise is aimed at giving a thrust to budding entrepreneurs, he said. As many as 50 start-up companies and over 70 budding entrepreneurs are expected to participate in the interaction with the Minister. Prominent ones include Velmenni Lifi, Fitternity, Glance, DeliveryTrack, ...
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Reduce The Size of The ‘Government’, But Do Not Compromise on the ‘Governance’- Nirmala Sitharaman at SRCC Business Conclave
3Feb By NitishNo Comments
INDIA

Reduce The Size of The ‘Government’, But Do Not Compromise on the ‘Governance’- Nirmala Sitharaman at SRCC Business Conclave

New Delhi- SRCC Business Conclave 2016, first day has been concluded.  Session's about the new skill set and mindset of the entrepreneurs, entering the world of Start-ups was discussed including founder's like Mr. Ankit Bhatt (Founder, MapMyIndia), Mr. Kashyap Deorah (Author, ‘Golden-tap’), Mr. Rajesh Gupta (CEO, Fresh Falsabzi), Mr. Ankur Warikoo (Founder, Nearbuy), Mr. Saurabh Kochar (CEO of FoodPanda). The most heavyweight Panel Discussion was followed by an interactive session between Mr. Rajdeep Sardesai and Mrs. Nirmala Sitharaman, throwing light on the government’s role in galvanizing new ideas, and encouraging start-ups. Saurabh Kochar, CEO of FoodPanda - "India has more than 3 crores of small and new businesses, all they need to think about is whether their ideas are big enou...
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Government working to make start, exit easy for startups, says Nirmala Sitharaman
16Jan By Press Trust of IndiaNo Comments
INDIA

Government working to make start, exit easy for startups, says Nirmala Sitharaman

The government is working to make it easy for budding entrepreneurs to start a business or exit from it, giving boost to the Indian startup ecosystem, Union Minister Nirmala Sitharaman said at Startup India Event. "I understand that starting a startup is as much important as somebody wants to exit from it. The government is working to make the exit also (easy)," Sitharaman said at the 'Startup India' conference. On the eve of #StartupIndia launch, here's a message from @CimGOI Smt. @nsitharaman . @standup_startup pic.twitter.com/FjplrmrqgI— CIM India@GOI (@CimGOI) January 15, 2016 She said Finance Minister Arun Jaitley is working "hard" on the Bankruptcy Code. The Insolvency and Bankruptcy Code 2015, which seeks to provide an easy exit option for insolvent and sick compa...
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