With all the hype that surrounded around StartUp India, it so happens that when the official figures have been released, only 1 startup of all the 728 applicants has been accepted by the government to be eligible for the benefits of the program.
Following up on the notification released on February 17 earlier this year, there was a total of 728 applications that were registered for the tax and other benefits out of the startup India program. After a tight filtering process, the government has finally signed off these benefits for only 1 startup. Though, the name of the startup which got selected is not available at the moment to be mentioned.
Out of all the applicants, the government recognized 180 of these applications to be startups. 16 of all these selected applicants seem to have applied after the stipulated deadline so they might not be able to avail the tax benefits. For the startups(Both companies and LLPs) registered between the time period of April 1st, 2016 to March 31st, 2019, there is a tax exemption for 3 years under the Finance Act. All seems to be good or not soo bad for the StartUp India initiative.
The same cannot be said about the StandUp India initiative which seems to be running smooth and great. The StandUp India initiative has been launched to empower the Dalit and women entrepreneurs. Out of the ₹ 1360.11 crores released for the purpose of loans, a 13.7% of the amount has been set aside for the Scheduled Castes whereas the rest is being utilised for the women and Scheduled Tribes. Any person belonging to this category with a real good business plan is eligible for funding among other tax benefits.
Each bank rests with the power to sanction loans to at least one SC, 1 ST and 1 woman of amounts from 10 lakhs to 1 crore to fund their own startups in any of the services or manufacturing domain. This initiative, launched on April 5th this year, seems to be working wonders for the Dalits, who are being subjected to a large number of atrocities around in the country.”StartUp India and StandUp India are the examples of the initiatives which help the Dalits and the women of this country thanks to our Prime Minister Shri Narendra Modi and there are no politics at play here but a simple translation of Dr Ambedkar’s vision to reality”Said BJP Lead speaker Mr.Sahasrabuddi at a press meet.
Apart from this, sticking to his 2015 independence day speech, the Prime Minister is overseeing things and making sure of a lot going on to build a great, effective and strong innovation ecosystem for startups in the country.
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