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New government policy for start-ups soon

  • The government is
    working on a new start-up policy that will focus on manufacturing, seeking to
    promote innovation and also offer tax incentives to small unlisted firms,
    reported the
    Mint.
  •  
  • The aim, a government
    • The government is
      working on a new start-up policy that will focus on manufacturing, seeking to
      promote innovation and also offer tax incentives to small unlisted firms,
      reported the
      Mint.
    •  
    • The aim, a government
      official familiar with the matter told the
      Mint,
      is to build an entire “ecosystem”, not merely offer incentives. The policy will
      focus on other issues as well, such as the ease of doing business, compliance
      and exits.
    •  
    • Minister of State for
      Finance Jayant Sinha is slated to hold an inter-ministerial meeting soon to
      come up with a definition of a start-up. Several tech entrepreneurs are
      expected to attend the meeting.
    •  
    • The definition is
      important to understand who will “come under the ambit” of the policy, the
      government official said.
    •  
    • The policy will be
      unveiled by Prime Minister Narendra Modi in January. It is being prepared by
      the Department of Industrial Policy and Promotion, or DIPP.
    •  
    • Speaking at a
      start-up event at San Jose, California,
      on September 27, Modi had said he sees start-ups, technology and innovation as
      exciting and effective instruments for India’s transformation, and for
      creating jobs for its youth.

     

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