Home / Knowledge / News / Textiles / India's startup eco-system
India's startup eco-system
19
Jan '16
The Government's new policies and initiatives announced last week will make it easier for investors and startup founders to incubate their ventures in the country. Many startup founders had expressed their wishes in the run up to the event, and would find many potential game changers in the new policies announced in the action plan.

According to the Startup India Action Plan, for a startup to be recognized as one, it must be an entity registered/incorporated as a Private Limited Company under the Companies Act, 2013; or Registered Partnership firm under the Indian Partnership Act, 1932; or Limited Liability Partnership under the Limited Liability Partnership Act, 2008.

Five years must not have elapsed from the date of incorporation/registration.

Annual turnover (as defined in the Companies Act, 2013) in any preceding financial year must not exceed Rs. 25 crore.

Startup must develop an innovative product which should add to the value of customers and should be commercial. It must get approval from DIPP that the company is innovative.

It must have a recommendation letter by incubator in post-graduate Indian college or be supported by an incubator which is funded (in relation to the project) from the Government of Indian as part of any specified scheme to promote innovation; or be supported by a recommendation (with regard to innovative nature of business), in a format specified by DIPP, from an incubator recognized by the government; or be funded by an Incubation Fund/Angel Fund/Private Equity Fund/Accelerator/Angel Network duly registered with SEBI that endorses innovative nature of the business; or has a patent granted by the Indian Patent and Trademark Office related to the nature of business being promoted.

The Startup India Action Plan seeks to build a new eco-system for startups also. To make things easier for startups, the plan includes special features such as a compliance regime based on self-certification, a single point of contact for the entire startup ecosystem and rolling out of a Mobile App & Portal – Starting a Startup in 1 day on a Mobile App.

Among the highlights of the Startup India Action Plan are a fast track mechanism of Startup patent applications, relaxed norms of public procurement for startups, faster exit for startups,Rs 10,000 crore Fund of Funds for funding support, Credit Guarantee Fund for startups, tax exemption on Capital Gains, tax exemption to startups for 3 years (for startups registering after April 1, 2016) and tax exemption on investment above fair market value. (SH)

Fibre2Fashion News Desk - India


Must ReadView All

Luis Quijano

Textiles | On 17th Jul 2018

US varsity student cultivates bacterial cellulose in lab

Luis Quijano, a student at the Liberty University in Lynchburg,...

APTMA decries duties on cotton imports in Pakistan

Textiles | On 17th Jul 2018

APTMA decries duties on cotton imports in Pakistan

The All Pakistan Textile Mills Association has termed the...

India world's 6th-largest economy, beats France

Textiles | On 17th Jul 2018

India world's 6th-largest economy, beats France

India, with a gross domestic product (GDP) of $2.597 trillion last...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search