Govt Recognises 1,14,902 Entities as Startups as on October 31. (Shutterstock)
These startups are allowed to hunt fiscal incentives underneath the Startup India Action Plan, which was launched in January 2016, and that features earnings tax exemption for 3 years
The authorities has recognised 1,14,902 entities as begin-ups as on October 31, Parliament was knowledgeable on Wednesday. These eligible companies are allowed to hunt fiscal incentives underneath the Startup India Action Plan, which was launched in January 2016, and that features earnings tax exemption for 3 years.
The motion plan contains 19 objects spanning throughout areas such as simplification and handholding, funding assist and incentives and business-academia partnership and incubation, stated Commerce and Industry Piyush Goyal in a reply to a question within the Lok Sabha.
The Department for Promotion of Industry and Internal Trade (DPIIT) “has recognised 1,14,902 entities as startups as on 31st October 2023”, he stated.
Three flagship Schemes applied underneath Startup India initiative are Startup India Seed Fund Scheme (SISFS), Fund of Funds for Startups (FFS) Scheme, and Credit Guarantee Scheme for Startups (CGSS).
Replying to a separate query, Minister of State for Commerce and Industry Anupriya Patel stated subdued demand in main export locations such as the US, Hong Kong, the Middle East and China and availability of uncooked supplies at aggressive charges had been among the challenges confronted by the gems and jewelry export business. Export of gem and jewelry throughout 2022-23 was at USD 38.11 billion, a decline of two.95 per cent in comparison with the earlier yr’s export of USD 39.27 billion, she knowledgeable.
The sector constituted 8.45 per cent within the whole merchandise exports throughout 2022-23 and the business employs round 5 million expert and semi-expert workforce. In one other reply, she stated that to make sure items imported are usually not of substandard high quality, the customs authority follows a danger-primarily based framework to intelligently stop entry of non-compliant items on the borders.
“A task force has also been constituted in CBIC (Central Board Of Indirect Taxes and Customs) for enforcing national standards,” Patel stated. She added that as far as imported items such as TVs and tyre, are involved, the commerce information signifies that there are a number of classes of import of such merchandise the place there was appreciable discount in imports.
Citing sure examples, she offered information that confirmed imports of various dimension of TV units, liquid crystal show tv set, and completely different sorts of tyres declined throughout April-October this fiscal. Imports of tv units of display screen dimension exceeding 54 cm however not exceeding 68 cm dipped to USD 0.02 million throughout April-October this fiscal from USD 0.25 million in 2021-22.
Similarly, imports of radial tyres utilized in buses/lorries declined to USD 1.01 million through the seven-month interval of this fiscal as towards USD USD 16.92 million in 2021-22. “The Department of Commerce has been regularly monitoring and sensitizing line ministries and other stakeholders from time to time and at various levels on the issue of imports,” she stated.
Sensitization is occurring in areas such as addressing home provide rigidities and home manufacturing alternatives /enhancement of capability; well timed use of commerce treatment choices; Quality Controls; implementing guidelines of origin; tariff measures /inverted obligation correction; and import monitoring.
(With PTI Inputs)
