Startup India: 40,000+ startups recognized by DPIIT

According to the government data, the startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) have crossed the 40,000 mark, recording a 63.4% jump over 12 months from 24,927 startups recognized by DPIIT as of November 17, 2019. It added that 26 startups are being recognized by DPIIT every day.  MyGovIndia had recently said in a tweet that each recognized startup employs an average of 12 people. IT added that DPIIT startups under the Startup India programme had led to the createion of 1,54,558 jobs in 2019, rising from 95,338 jobs in 2018 and 49,648 in 2017.

Those startups that are recognised by DPIIT are entitled to self-compliance under three environmental and six labour laws, exemption from paying income tax for three consecutive years along with exemption on capital gains and investments above fair market value. They enjoy benefits like 80% rebate in filing patents and winding up within 90 days under Insolvency and Bankruptcy Code, 2016. In order to gain this recognition, startups need to apply separately to avail other benefits such as access to intellectual property services, relaxation in public procurement norms, easy winding of company, access to SIDBI Fund of Funds.