LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Small Business News

Start-ups will now need only DIPP certificate for IPR benefits: Nirmala Sitharaman

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Start-ups will now need only DIPP certificate for IPR benefits: Nirmala Sitharaman
Union Minister of State for Commerce & Industry Nirmala Sitharaman addresses a press conference regarding achievements of Ministry of Commerce during the last two years, in New Delhi on May 30, 2016. Image Source: IANS/PIB
Written By: PTI
Updated: Sat, Jul 23, 2016
06:01 pm
New Delhi , PTI
RELATED NEWS
Will consolidation be the key to unlocking profitability of startups? Will consolidation be the key to unlocking profitability of startups?
What's better for startups, a private limited company or an LLP? What's better for startups, a private limited company or an LLP?
571 aspiring startups file applications with DIPP for tax benefits 571 aspiring startups file applications with DIPP for tax benefits
New kids on the block: Here are 12 new startups to watch out for New kids on the block: Here are 12 new startups to watch out for
Singapore's U2opia Mobile to invest $3 million in startups programme Singapore's U2opia Mobile to invest $3 million in startups programme

To improve ease of doing business, Commerce and Industry Minister Nirmala Sitharaman on Saturday said a start-up would now need only a certificate of recognition from the government to avail IPR-related benefits.

Earlier, a budding entrepreneur had to go through an elaborate process of approaching an inter-ministerial board to procure the Intellectual Property Rights (IPR) benefits.

"A start-up would now require only a certificate of recognition from the Department of Industrial Policy and Promotion (DIPP) and would not be required to be examined by the inter-ministerial board, as was being done earlier. This is one rapid change that we have brought in," she said at the 'Start-up India States' Conference.

Under the 'Start-up India' action plan, the government has announced three-year tax holiday and other benefits to these entrepreneurs.

She also said that the ministry has lined up a series of meetings with different stakeholders, including investors to resolve start-up issues. She will also meet investors, industry and journalists soon.

Commenting on views of some critics about interference of government in implementing the action plan for start-ups, particularly on extending tax holiday, Sitharaman said the government is committed to facilitate young entrepreneurs.

"...Many questions are being raised about 'minimum government and maximum governance'. I want to ensure that the government is only facilitating you," she said.

However, she said, "As and when money has to be spent, it will have to be looked into. All of us are duty-bound to be accountable and transparent...Accountability and transparency warrants that if tax breaks have to be given, in cases when the government defers, postpones or foregoes, we have to have some kind of accountability system. Therefore, there has to be an inter-ministerial board".

The Minister also said that seven proposals for research parks, 16 for TBIs (Technology Business Incubators) and 13 proposals for Start-up Centres have been recommended by the National Expert Advisory Committee formed by the Human Resource Development Ministry.

"These proposals will be implemented in the current financial year itself," she added. 

To obtain tax and IPR related benefits, a start-up shall be required to be certified as an eligible business from the inter-ministerial board of certification. The board consists of DIPP Joint Secretary, representative of Department of Science and Technology; and Department of Bio-technology.

Sitharaman asked all the stakeholders to regularly provide inputs to further improve the start-up ecosystem to give it an impetus.

India is ranked third in the world, behind the US and the UK in terms of number of start-ups. Close to 4,400 technology start-ups exist in India and the number is expected to reach 12,000-plus by 2020, driven by a young and diverse entrepreneurial ecosystem, she said.

On the rate of success of start-ups, she said, "World-over, the success rate is not very high. But that is the nature of the business. Rate of success is beyond the government. What the government, however, can do is to give a chance to every idea to reach some stage and give facilitation and tax breaks," she said.

She also said that the DIPP has written to top 50 companies requesting them to support the initiative under their CSR activities by setting up new incubators in collaboration with educational institutes.

Five states including Rajasthan, Kerala, Telangana, Karnataka gave detailed presentation about their initiatives to boost start-up ecosystem.

"Every state is working for start-ups and it's not like these five states only are working," Sitharaman said.

In January, Prime Minister Narendra Modi unveiled a slew of incentives to boost start-up businesses, offering them a tax holiday and inspector raj-free regime, capital gains tax exemption and Rs 10,000 crore corpus to fund them.

Meanwhile, Startup India, an intiative started by the Government of India, has uploaded the video of Sitharaman on Facebook addressing the first 'Start-up India States' Conference at The Taj Mahal Hotel in New Delhi on Saturday:

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
StartupsNirmala SitharamanNarendra ModiIntellectual Property Rights (IPR)Department of Industrial Policy and Promotion (DIPP)Ease of Doing BuisnessStart-up IndiaRajasthanKeralaTelangana
RELATED NEWS
Will consolidation be the key to unlocking profitability of startups? Will consolidation be the key to unlocking profitability of startups?
What's better for startups, a private limited company or an LLP? What's better for startups, a private limited company or an LLP?
571 aspiring startups file applications with DIPP for tax benefits 571 aspiring startups file applications with DIPP for tax benefits
New kids on the block: Here are 12 new startups to watch out for New kids on the block: Here are 12 new startups to watch out for
Singapore's U2opia Mobile to invest $3 million in startups programme Singapore's U2opia Mobile to invest $3 million in startups programme

LATEST NEWS

West Bengal election 2021: LIVE UPDATES! 75.93% voter turnout recorded till 5:24 pm; 4 people killed, 4 injured in firing incidents

FD fraud: SBI issues alert for customers, says avoid THESE things or else you will lose money

Mid Cap Picks with Anil Singhvi: Bombay Burmah, Fine Organic and Gujarat Alkalies are Jay Thakkar's top recommendations

$100 mn investment proposal in Hero Fincorp secured debt: What International Finance Corporation said?

Bihar schools, colleges and other educational institutes to remain closed till THIS date—what Nitish Kumar said

Daily Covid-19 cases spike to new record, nears 1.5 lakh infection; Uddhav Thackeray calls all-party meet to review corona situation in Maharashtra

Gold Price outlook, correction, resistance and target—EXPLAINED! This is what Experts say about yellow metal in near to medium term

Stock Market Outlook: Nifty, Bank Nifty support range REVEALED; Anil Singhvi says global cues, corona cases and FIIs data will be crucial

7th pay Commission: This is what Centre said about pending DA installments; staffers to get it by 'this' month

MP Board Class 10, Class 12 admit card 2021 released; Know how to get it, correction window and other important details

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved