DIPP recognises 5,350 start-ups to avail benefits under start-up India initiative
The commerce and industry ministry on Wednesday said that a total of 5,350 start-ups have been recognised by the department […]
Sarabjit Kaur December 21, 2017
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The commerce and industry ministry on Wednesday said that a total of 5,350 start-ups have been recognised by the department of industrial policy and promotion (DIPP) for availing benefits under the start-up India initiative. Under the fund of funds for start-ups (FFS), 75 startups have received funding to the tune of Rs 337.02 crore. Further, 74 start-ups have been recognised to avail tax exemption under the Income Tax Act, it added. “Under DIPP-recognised 5,350 start-ups, at least 40,000 people have been employed,” the ministry said. It further said that start-up India hub has been established as a single point of contact for the entire start-up ecosystem to enable knowledge exchange and access to funding. As per the statement, the hub has resolved 75,643 queries pertaining to starting a business, access to incubation, and raising funds, among other things. Under the FFS, Rs 500 crore was released to SIDBI in 2015-16 and Rs 100 crore in 2016-17.