New Delhi: The Department for Promotion of Industry and Internal Trade (DPIIT) has officially recognized 1,14,902 entities as startups as of October 31, 2023. Commerce and Industry Minister Piyush Goyal highlighted that these eligible firms are entitled to seek fiscal incentives under the Startup India Action Plan, launched in January 2016.
Startup India Action Plan Incentives:
The action plan encompasses 19 items, including Income-Tax exemption for three years, simplification and handholding, funding support, incentives, and industry-academia partnership and incubation. Minister Piyush Goyal addressed questions in the Lok Sabha, shedding light on the comprehensive support framework for startups.
Challenges Faced by Gems and Jewellery Export Industry:
In response to a separate inquiry, Minister of State Anupriya Patel acknowledged challenges in the gems and jewellery export industry. Subdued demand in major export destinations like the US, Hong Kong, the Middle East, and China, coupled with raw material availability concerns, were cited as hurdles faced by the industry.
These developments underscore the government’s commitment to fostering a conducive environment for startups while acknowledging and addressing challenges in key export sectors.
