Moneycontrol
Jun 19, 2017 07:56 PM IST | Source: Moneycontrol.com

Govt launches Startup India Hub, plans a Saarc level startup meet

About 1,333 startups have been recognized and just about 39 have been given tax exemptions since January 2106 under the Start Up India initiative, the government said.

The government on Monday claimed that it has provided Rs 960 crore in fund commitment through its Startup India fund and close to 3,385 startups have benefited from the same.

The government released this data on the launch of the Startup India Hub, a centralised portal which will provide access to investors, mentors, founders and government authorities on a single platform.

According to the data, 1,333 startups have been recognized and about 39 have been given tax exemptions since January 2106 under the Start Up India initiative.

Out of the Rs 960 crore funding corpus, Small Industries Development Bank of India (SIDBI) committed Rs 623.5 crores to 65 startups through funds of funds while 350 startups have benefited from Rs 154 crores committed by DBT India, the government said.

"We have seen that the number of applications saw a 3x jump ever since the definition of a startup was simplified last month," said Rajiv Aggarwal, Joint Secretary in the Department of Industrial Policy and Promotion (DIPP).

The government has revamped the definition of a startup and has now included companies which were incorporated seven years ago from five years ago, in earlier definition.

Department of Industrial Policy & Promotion's request for a credit guarantee investment scheme has also been approved by the Finance Ministry.

“DIPP has asked for Rs 2000 crores for three years, for collateral-free loans for up to Rs 5 crores,” Ramesh Abhishek, Secretary, Department of Industrial Policy & Promotion.

“It’ll get cabinet approval by July end,” Abhishek added.

The government is also planning a SAARC level startup meet in South Asia this year, Nirmala Sitharaman, Minister of State (Independent Charge) for Commerce & Industry said on the launch.
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