Goa summit attracted strong interests

The Government is planning to set up a Credit Guarantee Fund (CGF) for encouraging start-up companies and funding related facilities in the country, parliament was told on 7 Jan 2019.

The scheme has yet to be made operational, added Minister of State of Commerce and Industry, C. R. Chaudhary, in a written reply to the house.

The Department of Industrial Policy and Promotion (DIPP) has recognized 8,993 startups in 2018.

Incentives being provided to Startups under Startup India initiative are:

Self-Certification under 6 Labour Laws & 3 Environmental Laws;
Relaxations in Public Procurement Norms;
Faster exit under the Bankruptcy Code;
Rebates on Patent & Trademark filing fees, support from facilitators and expedited examination of Patent application;
Income Tax exemption;
Exemption from Income Tax on investments received above fair market value;
Funding support under the Fund of Funds for Startups;
Guidance and facilitation support from Startup India Hub

The DIPP’s Startup India Global Venture Capital Summit 2018, held 7 Dec 2018 in Goa, attracted strong attention of investors.

Global fund managers, limited partners, Government officials and innovative startups attended the summit, he said.

The dialogue focused on the huge return-generating potential of India’s vast and diverse market monetized through cutting-edge technologies supported by investor-friendly regulations, said the Minister. fiinews.com