Start-up in India is one of the most powerful brands created by the Indian Prime Minister today. To add to the momentum, Commerce and Industry Minister Nirmala Sitharaman said a start-up would now need only a certificate of recognition from the government to avail IPR-related benefits.
An entrepreneur had to go through a tedious process of approaching an inter-ministerial board to procure the Intellectual Property Rights (IPR) benefits.
“A start-up would now require only a certificate of recognition from the Department of Industrial Policy and Promotion (DIPP) and would not be required to be examined by the inter-ministerial board, as was being done earlier. This is one rapid change that we have brought in,” she said here at the ‘Start-up India States’ Conference’.
In addition to that, under the ‘Start-up India’ action plan, the government has also announced three-year tax holiday and a number of other benefits to entrepreneurs in India.
Nirmala Sitharaman also added, “As and when money has to be spent, it will have to be looked into. All of us are duty-bound to be accountable and transparent…Accountability and transparency warrants that if tax breaks have to be given, in cases when the government defers, postpones or foregoes, we have to have some kind of accountability system. Therefore, there has to be an inter-ministerial board”.