Startups are flourishing in India, with more startups making their presence felt now then ever before. During the recent “Startup India, Standup India” PM Modi announced slew of initiatives to boost growth of startups in the country and provide them a comfortable environment to develop.
In order to encourage more entrepreneurs, the Government has now decided to launch a web portal designed to improve the startup environment. The portal will be active sometime next week and entrepreneurs will be able to register their start-ups on the portal as well.
A post-budget meet up was organised by Federation of Indian Chambers of Commerce and Industry, where Ramesh Abhishek, Secretary of Department of Industrial Policy and Promotion (DIPP), said, “In another week’s time, we are going to start the startup portal and the process of registration of start-ups also. We are also working with state governments to ensure that self-certification work in case of labour and skill development laws are put in place for start-ups.”
During the “Start-up Stand Up India’ program in January, the Government decided to finalise a definition of a startup. Detailed points were listed down to differentiate established companies from startups, even if the companies are not profitable yet.
As per the definition, a company that is less than 5 years old and has a turn-over of less than 5 crores a year can officially be called a startup!
The start-up portal sounds exciting and will help entrepreneurs in doing business easily as compared to previous year. The new reforms also provide start-ups with tax-free first three years. DIPP and the Government together want to focus on ‘Make in India’ first and setup industries in India for local development.
Now the major question still remains unanswered, whether the Indian start-ups will register themselves in India with all the promotions from the Government and keep the money they made here itself. We have seen some companies flocking to other countries where rules are relaxed and there is ease of doing business.
Stay tuned for more announcements next week!
[…] DIPP to Launch Start Up Focused Web Portal Next Week! […]