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Government Amends Definition of Start-Ups

The Department of Industrial Policy and Promotion (DIPP), which is the nodal body for Start-up India, has amended the definition of a start-up. As per the new definition, an entity will be considered as a Start-Up if its turn over is less than Rs 25 crore and has not completed seven years from the date of its incorporation/registration. In the definition, the change is with respect to the time period which is currently five years. The new definition has increased it to 7 years taking into the consideration the long gestation period involved in establishing start-ups.

Other Salient Amendments

The scope of definition of start-up will also be widened to include scalability of business model with potential of employment generation or wealth creation. 

An entity that has completed 7 years from the date of its incorporation or if its turnover exceeds Rs 25 crore, it will cease to be a start-up.

The process of recognition of an entity as a start-up will be through an online application made over the mobile app/portal set up by the DIPP.

For the Start-Ups in the biotechnology sector, they will be considered as start-ups for a period of up to 10 years from the date of incorporation/registration.

Start-ups will not require a letter of recommendation from an incubator or an industry association to get tax benefits under the Start-up India action plan. However, the entities should obtain a certificate of an eligible business from an inter- ministerial board of certification as constituted by the DIPP to claim tax benefits.

An entity will be deemed as a start-up if it is working towards innovation, development or improvement of products/processes/services, or if it is a scalable business model with potential for employment generation or wealth creation.

Significance

The new definition and amendments will help to ease of starting new business and will promote the start-up ecosystem. The tweak in the definition will also help the entities to avail government sponsored venture funding and tax and other benefits. It will create more jobs and promote entrepreneurship under the Start-up India scheme.

Start-up India was launched by Prime Minister Narendra Modi on 16 January 2016 to promote innovation and enhance economic growth and employment opportunities.

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Union Government launches IPR Enforcement Toolkit for Police

The Union Commerce and Industry Minister Nirmala Sitharaman launched an Intellectual Property Rights (IPR) Enforcement Toolkit for Police.

This toolkit will be provided to all state police departments across the nation to assist them in dealing with the cases relating to Trademarks and Copyrights infringements.

Key Facts
  • The toolkit has been jointly developed by the Cell for IPR Promotion and Management (CIPAM) and Federation of Indian Chambers of Commerce and Industry (FICCI).
  • It will act as a ready reckoner for police officials across the country for dealing with crimes related Intellectual Property rights (IPR) infringement, specifically Trade Marks counterfeiting and Copyrights piracy.
  • In addition it will provide details of offences under various laws, checklists for registering a complaint and conducting search and seizures case of IP crimes.

About CIPAM

The CIPAM is nodal agency under the aegis of the Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry. It is working to ensure effective implementation of the National IPR Policy 2016. It has undertaken several measures to strengthen the IP ecosystem in the country.

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Union Government revises North East Industrial and Investment Promotion Policy

The Department of Industrial Policy & Promotion (DIPP) has revised North East Industrial and Investment Promotion Policy (NEIIP), 2007.

The revision of policy stipulates mandatory disbursal of subsidies payable to all industrial units in northeast through Direct Benefit Transfer (DBT) mechanism by Chief Controller of Accounts (Industry).

Key Facts
  • Industrial units which had commenced production on or after December 1, 2014 and on or before March 31, 2017 will be eligible for incentives as per the revised norms of subsidy.
  • It will also include existing units which go in for substantial expansion and commence commercial production on or before March 2017.
  • For this purpose, the industrial units need to get themselves registered on the e-payment portal by providing required bank details.
  • The subsidy for the existing and new industrial units going for substantial expansion will be limited Rs 3 crore per industrial unit operating in services sector and Rs 5 crore per industrial unit operating in manufacturing sector.
  • The limit for automatic approval of subsidy at the rate of 30% of the investment in plant and machinery will continue to be upto Rs 1.5 crore per unit.
  • In case for grant of capital investment subsidy higher than Rs 1.5 crore and upto a maximum of Rs 5 crore will be approved by empowered committee chaired by Secretary, DIPP.

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