The startup ecosystem has truly taken off, and India is one of the fastest growing startup countries now. Since the launch of ‘Startup India’initiative last year, many startups have come up with inventions, making our life easier and indeed becoming our intelligent personal assistants.
Therefore, the main objective of the fest is to stimulate the startup ecosystem and bring about a 360 degree visibility to the burgeoning entrepreneurs in India.
The Department of Industrial Policy and Promotion (DIPP) has requested Prime Minister Narendra Modi to inaugurate the event, officials said.
As many as 571 budding entrepreneurs have filed applications as on June 24, with the DIPP for recognition as innovative startups to avail tax breaks and other benefits.
Realising the potential of startups in India, Prime Minister came out with a slew of incentives in January to boost the Indian startup ecosystem by offering a tax holiday and inspector raj-free regime for a period of three years, capital gains tax exemption and INR 10,000 Cr corpus to fund them.
India has the third largest number of startups globally. To boost financing, a 20 per cent tax on capital gains made on investments by entrepreneurs after selling own assets as well as government-recognised venture capitalists is also exempted.
Commerce and Industry Minister Nirmala Sitharaman has asked the Finance Ministry to consider raising tax holiday for startups to seven years to encourage budding entrepreneurs.
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Source – Inc42