The Department for Promotion of Industry and Internal Trade (DPIIT) has planned to implement a comprehensive vision document for startups that have proposed series of steps for emerging entrepreneurs, reported ET, citing an official.
In order to implement the document, the DPIIT is set to seek cabinet’s approval, the official said.
The official further added that the DPIIT, under the Startup India Vision 2024, has proposed measures like easing regulatory requirements for startups such as reducing tax compliance time to just one hour per month and facilities of debt financing, the of financing.
While, other proposals, placed by the DPIIT, include setting up of 500 new incubators and accelerators, creating innovation zones in urban local bodies, deployment of entire corpus of INR 10,000 crore fund of funds, operationalise credit guarantee scheme, and establishment of a seed fund.
“We are trying to take a consolidated view on startups – as in what sort of policy is required for them, what benefits we can give, how each ministry needs to deal with them, and how to reduce their compliance burden,” the official added.
Also, the vision document has proposed providing work orders and pilot projects from government, ranking of ministries and central public sector undertakings for their increased engagement with startups, and organising a global startup event in the country.
Furthermore, Startup India is the flagship initiative of the government, launched in January 2016, which intends to build a strong ecosystem for the growth of startup businesses, to drive sustainable economic growth and generate employment opportunities.
The Startup India action plan provides tax and other incentives.