Government recognises 50,000 startups across India
NEW DELHI: The government has recognised 50,000 startups across the country —helping them avail of benefits across a range of laws and regulations —with as many as 10,000 getting a seal of approval over the last six months.
The pace of recognising startups has picked up after the department for promotion of industry and internal trade (DPIIT) tweaked the norms a few years ago, which also enable them to get fiscal and infrastructural support.
A startup registered with DPIIT, for instance, enjoys a simplified compliance structure, 80% reduction in the cost of filing patents, tax exemptions and can wind up its business within 90 days of its application to do so.
While many more startups would have been set up, the recognition by the government is part of a special programme to incentivise entrepreneurs. In fact, the Covid-19 pandemic does not seem to have dampened the spirit in any way with record recognitions given last year (see graphic).
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