News:The Finance Minister has proposed setting up of ‘Investment Clearance Cell’ for young entrepreneurs.
About Investment Clearance Cell:
- The Investment Clearance cell will be a pan-India single-window clearance system for entrepreneurs.
- It will be setup by the Department for Promotion of Industry and Internal Trade(DPIIT).
- The cell will give investors free investment advisory, land banks and facilitate clearances even at state level.
- It will onboard all central government related procedures and clearances in a single online form.
Budget on Startups:
- Government has proposed to come up with a policy on the setting up of Private Centre Data Parks which will provide a major lift to startups that bank heavily on consumer data for their businesses.
- Startups with turnover of up to Rs 100 crore can claim 100% deduction on their profit for computing tax liability for three consecutive years out of 10 years since its incorporation.
- Government will soon set up a digital platform to ease registration of Intellectual Property Rights(IPRs) developed by entrepreneurs and startups.
- The Knowledge Translation Clusters are to be set up under new and emerging sectors as well. It will design, fabricate and validate proof of concept.
- Government will directly provide seed funding to support ideation and development of early-stage startups in India.