Startup India: Govt approves only 10 firms for availing tax benefits

The government has approved only 10 start-ups for availing tax benefits since the launch of Startup India programme in January 2016, Parliament was informed on Wednesday.

Commerce minister Nirmala Sitharaman. Photo: Pradeep Gaur/Mint

As on 9 March, the government received 1,835 applications for seeking recognition under the Startup India programme and out of this, 713 have been recognized.

Commerce and industry minister Nirmala Sitharaman said “146 applications could be considered for tax benefits, out of which 10 start-ups have been approved by the inter-ministerial board for availing tax benefits”.

Also, 267 start-ups have been facilitated by providing advisory on business plans, pitching support, mentoring support and 104 applicants have received the benefit of 80% rebate in patent fees, she said in a written reply to the Rajya Sabha.

Replying to a separate question on foreign direct investment, the minister said the government reviews FDI policy on various sectors, including retail, on an ongoing basis. “Significant changes are made in the FDI policy regime, from time to time, to ensure that India remains increasingly attractive and investor-friendly investment destination,” she added.

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