Budget 2020:Investment Clearance Cell

News:The Finance Minister has proposed setting up of ‘Investment Clearance Cell’ for young entrepreneurs.

Facts:

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. 

Additional information:

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.
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