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Last Updated Sunday September 15 2019 04:14 PM IST

Commerce minister to get feedback from startups today

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Nirmala Sitharaman Nirmala Sitharaman. File photo

New Delhi: Commerce and Industry Minister Nirmala Sitharaman will have an open chat with budding entrepreneurs at a centre that provides basic facilities to new-age ventures on Saturday.

"Rather than budding entrepreneurs coming to the ministry to raise their grievances and share feedback on the action plan, the minister has decided to visit the co-working office of young entrepreneurs and have an open chat with them about their expectations and experience," an official said.

The exercise is aimed at giving a thrust to budding entrepreneurs, he said.

As many as 50 start-up companies and over 70 budding entrepreneurs are expected to participate in the interaction with the Minister. Prominent ones include Velmenni Lifi, Fitternity, Glance, DeliveryTrack, FoodTalk, Chakar, BabyBug Step and Marketing Masala.

Some angle investors like Singapore angel will also be present.

In the Budget, Finance Minister Arun Jaitley announced a slew of initiatives, including 100 per cent tax exemption for three out of five years for startups set up during April 2016 to March 2019 aimed at facilitating growth for these new businesses.

Similarly to promote innovation, a special patent regime has been proposed with a 10 per cent rate of tax on income from worldwide exploitation of patents developed and registered in India.

Under the 'Startup India Action Plan,' the government also announced incentives including tax holiday and Inspector Raj-free regime besides capital gains tax exemption and Rs 10,000 crore corpus to fund them.

The commerce minister has recently said that the startup action plan has generated a buzz among budding entrepreneurs and several of them have been able to successfully attract funds from angel and other investors.

The ministry is also launching a "Twitter Seva," where in specified nodal officers of the ministry would respond to the issues being thrown up by startups or exporters on the micro blogging site.

(With agency inputs)

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