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Tag: Ministry of Commerce & Industry

UP Recognized 1566 Startups But Only 5 Invested In @Rs 47.61 Crore

[New Delhi]UP Recognized 1566 Startups But Only 5 Invested In Rs 47.61 Crore .UP is among Top Five States in the country with highest number of recognized Startups under Startup India Initiative.This information was given by the Minister of Commerce and Industry, PiyushGoyal, in a written reply in the Rajya Sabha
Start-up India initiative launched on 16thJanuary 2016, consists of 19 Action Points that act as a guiding document for the initiative.
Since its inception,
19,351 Startups across the country have been recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) as on 24.06.2019.
Government of India has established Fund of Funds for
Startups (FFS) with corpus of Rs. 10,000 crore, to meet the funding needs of startups. DPIIT is the monitoring agency and Small Industries Development Bank of India (SIDBI) is the operating agency for FFS. The total corpus of Rs. 10,000 crore is envisaged to be provided over the 14th and 15th Finance Commission cycles based on progress of the scheme and availability of funds. SIDBI has committed Rs 3123.20 crore to 49 SEBI registered Alternative Investment Funds (AIFs). These funds have raised a corpus fund of INR 27,478 crore. INR 483.46 crore have been drawn from Fund of Funds for Startups. Further, the AIFs have invested a total of Rs. 1,625.73 crore into 247 startups. State/UT-wise

Only One Startup Invested @Rs 14.50 Cr in Prosperious Punjab

[New Delhi] Only One Startup Invested @Rs 14.50 Cr in Prosperious Punjab In The State 142 Startups Are Recognised
As per Ministry of Commerce & Industry 19351 Startups Are recognised In 36 States of India
out of which In Punjab 142 Startups are recognised and Only One Startup Invested In The Prosperous State
AIf Invested 14.50 Croes Only
Total 247 Startups Have Invested in states To the Tune of Rs 1625.73
This information was given by the Minister of Commerce and Industry, PiyushGoyal, in a written reply in the Rajya Sabha
Start-up India initiative launched on 16thJanuary 2016,.
Since its inception, 19,351 Startups across the country have been recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) as on 24.06.2019.
Government of India has established Fund of Funds for Startups (FFS) with corpus of Rs. 10,000 crore, to meet the funding needs of startups. DPIIT is the monitoring agency and Small Industries Development Bank of India (SIDBI) is the operating agency for FFS.
The total corpus of Rs. 10,000 crore is envisaged to be provided over the 14th and 15th Finance Commission cycles based on progress of the scheme and availability of funds.
SIDBI has committed Rs 3123.20 crore to 49 SEBI registered Alternative Investment Funds (AIFs). These funds have raised a corpus fund of INR 27,478 crore. INR 483.46 crore have been drawn from Fund of Funds for Startups. Further, the AIFs have invested a total of Rs. 1,625.73 crore into 247 startups.

702 Startups Exempted From Taxation

[New Delhi]702 Startups Exempted From Taxation
Startups receiving investments from Ventures Capital Fund are exempt from taxation as per provision of Section 56, (2) (vii b) of Income Tax Act 1961 (Act). Angel Fund is sub category of Ventures Capital Fund under Category-I Alternative Investment Fund (AIF), hence, eligible for the same exemption.
Department of Revenue had earlier issued an advisory on 24th December, 2018 based on representations received from various startup companies that no coercive measures to recover the outstanding amount should be taken for startup companies
DPIIT accepts applications and declarations from Startups applying for Angel Tax Exemption and on the receipt of the same DPIIT forwards these applications to CBDT. As on 21st June, 2019 a total of 944 applications for Angel Tax Exemption have been received. Thirty-nine applications have been found to be incomplete, and 203 applications were repeat or modified applications. CBDT has exempted 702 startups under this provision.
This information was given by the Minister of Commerce and Industry, PiyushGoyal, in a written reply in the Lok Sabha today.

Only 1 Compulsory Licence Granted Till Date By Controller:Patents Act

[New Delhi]Only One Compulsory Licence Granted By Controller :Patents Act
Till date, one Compulsory Licence has been granted by the Controller of Patents under Section 84 of the Patents Act 1970 to M/s. NATCO Pharma, Hyderabad on 9-3-2012 for Indian Patent No. 215758 (Carboxyaryl substituted diphenyl ureas) which was granted to M/s. Bayer Corporation on 03-03-2008.The drug covered under this patent is “Sorafenibtosylate” and sold under the brand name “NEXAVAR”, isused for the treatment of kidney and liver cancer.
Compulsory licences are granted according to the provisions of the Patents Act, 1970 and the term ‘Mandatory Licence’ is not used under the Act.
As per Minister of State of Commerce and Industry, C. R. Chaudhary, in a written reply in the Lok Sabha today., Compulsory Licences are issued as per the provisions in the Patents Act, 1970. There is no specific proposal pending at present before the Government for the grant of a compulsory licence.

Startup India Venture Capital Summit on 7th Dec in Goa to Mobilize Innovation

[News Delhi] Startup India Summit in Goa to Mobilize Global Capital for Innovation in India
The Department of Industrial Policy and Promotion (DIPP) in the Ministry of Commerce and Industry and the Government of Goa, is hosting the annual Startup India Venture Capital Summit in Goa on December 07, 2018.
The theme of the Summit is ‘Mobilizing Global Capital for Innovation in India.’
The event will showcase the Indian startup opportunity for funds from around the world. The summitaims to attract more global capital into the country.
India has the world’s third largest startup base with more than 14,000 recognized Startups. More than 8,200 startups were recognized by DIPP in 2018 alone, leading to the creation of more than 89,000 new jobs this year, taking the total job creation contribution of recognized Startups to 1,41,775.
Government of Goa is focused on building a vibrant startup ecosystem in the state. It aims to make the state, one of the most preferred start-up destinations in India, and ensure that Goa features in the top 25 start-up destinations in Asia by 2025
file photo

Month long Startup India – Maharashtra Yatra from 3rd Oct

[New Delhi] Month long Startup India – Maharashtra Yatra from 3rd Oct
Month long Startup India – Maharashtra Yatra will be launched on the 3rd of October, 2018 by Union Minister for Commerce & Industry and Civil Aviation, Suresh Prabhu, at Raj Bhawan, Mumbai. Maharashtra Governor, C. Vidyasagar Rao, Chief Minister of the State, Devendra Fadnavis, and Minister for Labour and Skill Development, Sambhaji Patil Nilangekar will grace the occasion.
Startup India Yatra van, equipped with facilities for individuals and Startups to pitch their ideas, is scheduled to travel to 16 Districts, with 23 Van Stops and 14 Boot Camps, and will conclude at a Grand Finale in Nagpur on 3rd of November, 2018.

Modi’s Prabhu to Take up Questions From Startups Tommorrow

[New Delhi]Modi’s Prabhu to Take up Questions From Startups Tommorrow
Union Minister of Commerce and Industry, Suresh Prabhu will address the Start up community by answering questions on Startup India.
The objective of the live session is to address concerns and elaborate on the support which they can seek from Startup India.
The live session will be held on Wednesday, 16th May at 4.30 pm on Suresh Prabhu’s social handles – Twitter and Facebook, along with Startup India’s social handles – Twitter, Facebook and YouTube.
As per Ministry ,Participants need to use the hash tag #AskPrabhu and put their questions across before the live session. Select questions will be answered by Suresh Prabhu.

Govt Recognises Only 8,625 Startups

[New Delhi] Govt Recognises Only 8,625 Startups
As per the data available with Startup India, a total of 8,625 Start-ups have been recognised as on 30 March, 2018.
2711 start-ups where incorporated in 2017-18. This information was given by Minister of State of Commerce & Industry, Shri C. R Chaudhary in a written reply in the Rajya Sabha today.
The Minister said that the ‘State Startup Ranking Framework’ is spread across 7 areas of interventions with a total of 38 action points and overall score of 100 marks.
The areas of interventions include
Startup policy and implementation,
incubation support,
seed funding support,
venture funding support,
simplified regulations,
ease of public procurement and
awareness and outreach.

1.72 Lakh Patents Waiting For Disposal

[New Delhi]1.72 Lakh Patents Waiting For Disposal .Patent offices working in Delhi, Chennai, Kolkata and Mumbai
Department of Industrial Policy and Promotion (DIPP) has taken multipronged approach to increase disposal of patent applications. The pendency of patent applications at examination stage has come down from 2.04 lakh as on 31st March 2017 to 1.72 lakh as on 28th of February this year.
This information was given by the Minister of State of Commerce and Industry, C R Chaudhary, in a written reply in the Lok Sabha today.
He said that 6235 applications were examined in February 2018 as against 3925 during the corresponding period during last year.
The Minister informed that the manpower has been augmented for examination and disposal patent applications, 495 Examiners of Patents and Designs have been recruited and 84 new posts of Examiners and 95 posts of controllers have been sanctioned for patent offices.

Prabhu Invites Inc Collaboration for New India:CII Conference

 Union Minister Suresh Prabhu

Union Minister Suresh Prabhu

[New Delhi] Suresh Prabhu Invites Inc Collaboration for New India
Government and Indian Incis required to work as a team for translating the vision of New India into reality.
A plan where people and government work together on a single platform has to be put in place with collaborative efforts and shared responsibilities, said Suresh Prabhu, Union Minister for Commerce & Industry, Government of India while addressing the CII Northern Region Annual Conference on New India: Translating Aspirations into Reality at New Delhi, today.
Manufacturing sector’s contribution to GDP stands at 16% at present as against the desired target of 20%. To enhance contribution of manufacturing to GDP, path breaking initiatives have been taken by the Government. Some of these initiatives include pumping in unprecedented Rs.3.75 lakh crores into Indian Railways, investments in infrastructure, strengthening of Ease of Doing Business, comprehensive policy for air cargo, etc.
Capt Abhimanyu, Minister for Finance, Government of Haryana hailed CII for playing a key role in unleashing competitive and cooperative federalism amongst states and made them realise of their potential and unique advantages.
Ms Shobana Kamineni, President, CII, said “, India has the potential for 8% growth rate in the coming few years..Reforms such as GST, Bank Recapitalization, Insolvency and Bankruptcy Code, etc. have provided impetus to investments.”
Chandrajit Banerjee, Director General, CII, said that CII would continue to work closely with the Central and state governments in realising Hon’ble Prime Minister’s vision of creating a ‘New India’ by 2022.
Sumant Sinha, Chairman, CII Northern Region, said, “We believe that it is imperative to identify certain parameters and work on those in a time-bound manner to take India to a higher and sustainable growth trajectory. While Central Government is giving a vision and working towards creating a necessary ecosystem, the real action is in the states. Support and backing of the citizens is imperative to bring major transformation.”