Startup India has been one of the flagship initiatives by the current government at the centre. The aim of promoting the startup initiative is to create more and more job opportunities for the huge young populace of the country. Developing a culture where business can grow and thrive is what has led to the creation of Startup India initiative.
Taking this further, DIPP has announced inclusion of 5350 startups as part of its recognition program. Providing an update on the expenditure of the Startup India programme, DIPP has stated that a total of 5,350 startups have been recognized by the department as of December 1, 2017. Seems, the startup recognition is going at an aggressive rate, since, the number of DIPP recognized startups have now gone up to 5,898, as of today.
DIPP has received 975 applications so far under the Startups Intellectual Property Protection (SIPP) scheme. The scheme helps startups get 80% waiver in funding over the Intellectual property claims / patents.
DIPP has stressed upon the fact that the 5,350 recognized startups have successfully created almost 40,000 jobs in the country. However, the government is clearly far behind what it originally promised that the Fund of Funds to Startups would create 1.8 million jobs till 2020 under the Startup India programme.
Under the Fund of Funds for startups, 75 have received funding to the tune of USD 52 million, while a total of 74 startups have been recognized to avail tax exemption under Section 80 IAC of the Income Tax Act. The Startup India Hub, claims to have resolved 75,643 queries pertaining to starting a business, access to incubation and raising funds since its inception. The hub further claims to have more than 15,000 active users.
With all these developments taking place, it is only safe to say that the year to come might prove to be a good year for the startups in the making and also the ones that have already made their mark.