News: Union Minister of Commerce has inaugurated the ‘Prarambh: Startup India International Summit’.
- Prarambh: Startup India International Summit: The summit has been organized by the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry.
- The summit is organized as a follow-up to the announcement made by the Indian Prime Minister at the 4th BIMSTEC Summit held in Nepal in 2018. During the occasion, India committed to host the BIMSTEC Startup Conclave.
- The focus of the Summit: Enhancing multilateral cooperation and engagement with countries from around the globe to collectively develop and strengthen the startup ecosystems.
- Significance: With participation from over 25 countries and more than 200 global speakers, the Summit is the largest Startup India International Summit organized by the Government of India since the launch of the Startup India Initiative.
- Startup India Initiative: It was launched in 2016 with the objective of supporting entrepreneurs, building a robust startup ecosystem and transforming India into a country of job creators instead of job seekers.
- Managed by: The programs under the initiative are managed by a dedicated Startup India Team which reports to the Department for Industrial Policy and Promotion (DPIIT).
- Key Pillars: The Key Pillars of Support for Startups under the Startup India Initiative are:
- Simplification and Handholding: Easier compliance, easier exit process for failed startups, legal support, fast-tracking of patent applications and a website to reduce information asymmetry.
- Funding & Incentives: Exemptions on Income Tax and Capital Gains Tax for eligible startups; a fund of funds to infuse more capital into the startup ecosystem and a credit guarantee scheme.
- Incubation & Industry-Academia Partnerships: Creation of numerous incubators and innovation labs, events, competitions and grants.
Further Reading on BIMSTEC: http://bit.ly/3qpVuLJ