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Last Updated Wednesday July 17 2019 05:00 AM IST

Startup action plan generates buzz among entrepreneurs

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Nirmala Sitharaman Union Commerce and Industry Minister Nirmala Sitharaman. File photo

New Delhi: Commerce and Industry Minister Nirmala Sitharaman 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.

She said that several of them have even called up to say that they have found angel and other investors.

“The incentives announced in the action plan and the Budget are all yielding results,” the minister added.

The minister also said that ministries including Science and Technology and Human Resource Development are working together to set up incubators to help budding entrepreneurs.

IIT Madras has taken the lead and the Indian Institute of Science, Bangalore, too is working on this, she added.

"ITIs are being given the skills to set up for themselves and have the incubators to start certifying people for start ups," the minister said.

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 announced incentives including tax holiday and Inspector Raj-free regime besides capital gains tax exemption and Rs 10,000 crore corpus to fund them.

(With agency inputs)

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