2024-01-15 16:36:09
Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv also said that the government is in the process of formulating a standard operating procedure (SOP) to examine and fast-track applications to grant eligibility certificates which enables startups to claim tax exemptions.
As on December 31, 2023, 1.17 lakh startups have been recognised by the DPIIT.
“We are planning to have an SOP where we will put up all kinds of issues which come before the inter-ministerial board and try to sort it out,” he said, adding that the government has an internal target of March 31, before which around 1,500 applications pending eligibility certificate, would be finished.
He said that meetings would be held every month and the government aims to change the entire process to facilitate ease of doing business for startups so that a lack of eligibility certificate doesn’t impact them.
When asked regarding the government’s support on the intellectual property rights front, the joint secretary said that as many as 1,800 patents are granted to the budding entrepreneurs.On the dip in funding in startups, he said now there is a shift in funding as they are also looking at debt funds.“Funding in equity may have reduced but that does not mean the system is not getting money. Not many startups are taking the equity route…they may be taking the IPO route,” he said.
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