26 July 2016 Current Affairs: The Department of Industrial Policy and Promotion (DIPP) is organizing a day-long conference on Startup India in New Delhi with an aim To improve ease of doing business,Commerce and Industry Minister Nirmala Sitharaman said a start-up would now need only a certificate of recognition from the government to avail IPR-related benefits.Earlier ,a budding entrepreneur had to go through an elaborate process of approaching an inter-ministerial board to procure the Intellectual Property Rights (IPR) benefits.
“A start-up would now require only a certificate of recognition from the Department of Industrial Policy and Promotion (DIPP) and would not be required to be examined by the inter-ministerial board, as was being done earlier. This is one rapid change.
Under the ‘Start-up India’ action plan, the government has announced three-year tax holiday and other benefits to these entrepreneurs.
Close to 4,400 technology start-ups exist in India and the number is expected to reach 12,000-plus by 2020, driven by a young and diverse entrepreneurial ecosystem, she said. On the rate of success of start-ups, Nirmala Sitharamansaid: “World-over, the success rate is not very high.
The Minister also said that seven proposals for research parks, 16 for TBIs (Technology Business Incubators) and 13 proposals for Start-up Centres have been recommended by the National Expert Advisory Committee formed by the Human Resource Development Ministry.
In January, Prime Minister Narendra Modi unveiled a slew of incentives to boost start-up businesses, offering them a tax holiday and inspector raj-free regime,capital gains tax exemption and Rs 10,000 crore corpus to fund them.