Startups are flourishing in India, with more startups making their presence felt now than ever before. During the recent “Startup India, Standup India” PM Modi announced a number of initiatives to boost growth of startups in the country and provide them a comfortable environment to develop.
In order to encourage more entrepreneurs, the Government has now decided to launch a web portal designed to improve the startup environment. The portal will be active sometime this week and entrepreneurs will be able to register their startups on the portal as well.
In a post-budget meet organised by the Federation of Indian Chambers of Commerce and Industry, Ramesh Abhishek, Secretary of Department of Industrial Policy and Promotion (DIPP), said, “In another week’s time, we are going to start the startup portal and the process of registration of startups also. We are also working with state governments to ensure that self-certification work in case of labour and skill development laws are put in place for start-ups.”
During the “Start-up Stand Up India’ programme in January, the Government decided to finalise a definition of a startup. Detailed points were listed down to differentiate established companies from startups, even if the companies are not profitable yet.
As per the definition, a company that is less than five years old and has a turnover of less than Rs 5 crores a year can officially be called a startup.
The startup portal sounds exciting and will help entrepreneurs in doing business easily as compared to previous year. The new reforms also provide startups with tax-free first three years. DIPP and the Government together want to focus on ‘Make in India’ first and setup industries in India for local development.