Government may soon introduce added incentives for new start-ups in form of tax holiday, temporary reduction or an elimination of tax alongwith a 3-months exit procedure for firms which fail to continue.
This information was provided by Minister of State for Prime Minister Office Personnel Jitendra Singh while addressing a gathering after inaugurating the 4th India International MSME & Startup Expo on August 24 at Pragati Maidan in New Delhi.
The Minister said the State governments should encourage blooming start-ups with “added assistance” to promote traditional art-forms that have been passed from generations to generations.
The MoS said that Prime Minister Narendra Modi led government is running the ambitious ‘Startup India’ programme to build and nurture an entrepreneurial ecosystem in the nation. In line with the programme, he urged state politicians to help the start-ups with sustainability and asked the state departments to add value to the start-up events.
As per current start-up scenario in India, it may take upto 3 years for a start-up to shut operations as court approval is needed for a winding down procedure, which the government is planning to cut short to three months, Singh informed.
In order to boost MSMEs and start-up, MSME Development Forum has organised the 4th India International MSME & Startup Expo from August 24 to 26. The three-day event is hosting a platform for exhibitions and speaker sessions to exhibit and highlight the Central government’s key initiatives like ‘Make in India’, ‘Startup India’ for the MSME sector and start-up ecosystem. The forum also aims to address various challenges faced by small and medium entrepreneurs through various sessions.
