The government has recognised 50,000 startups across the country, allowing them to take advantage of benefits under a variety of laws and regulations, with 10,000 of them receiving approval in the previous six months.
After the Department of Promotion of Industry and Internal Trade (DPIIT) modified the rules a few years ago, the rate of startups being recognised has increased, allowing them to get financial and infrastructure support.
For example, a startup registered with DPIIT benefits from a simpler compliance structure, an 80% decrease in the cost of submitting patents, tax exemptions, and the ability to close its doors within 90 days of completing its application.
While many more startups would have been formed if the government had recognised them, the acknowledgment is part of a unique programme designed to encourage entrepreneurs. In fact, with record recognitions handed last year, the Covid-19 epidemic does not appear to have dampened the spirit in the least.
Separate statistics from the Ministry of Corporate Affairs showed a 27 percent increase in the number of new businesses formed in 2020-21, totaling over 1.5 lakh, with an additional 42,000 limited liability partnership entities being established throughout the year.
There are at least one startup in each of the 623 districts, with at least one in each state and union territory (UT). While the states with the most startups include Maharashtra, Karnataka, New Delhi, Uttar Pradesh, and Gujarat, 30 states and UTs have established particular policies to help them.
A company must be incorporated and registered in India for at least 10 years from the date of incorporation, and have an annual turnover of not more than Rs 100 crore for the financial years since registration to be eligible for registration under Startup India, a government initiative launched in 2016 to strengthen the domestic startup ecosystem.
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Hello, my name is Anuj Boruah. I am quite interested in writing about current events in business, finance, and the economy. I work as a newswriter at Reviewminute.