DIPP amends the definition of a startup companies existence up to 7 years
Posted on:26 May 2017 16:56:58
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26 May 2017 Current Affairs:
The Department of Industrial Policy and Promotion (DIPP) amended the definition of startup companies in India and will now consider existence up to seven years from the date of its incorporation or registration.
As per the new definition, an entity will be considered as a Start-Up if its turnover is less than Rs 25 crore.
In the case of biotechnology startups, the period will be up to 10 years from the date of incorporation.
Start-up India was launched by Prime Minister Narendra Modi on 16 January 2016 to promote innovation and enhance economic growth and employment opportunities.
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