31. Consider the following statements about Start-up in India.
1 The Department of Industrial Policy and Promotion (DIPP), is the nodal body for Start-up India.
2. An entity will be considered as a Start-Up if its turn-over is less than Rs. 25 crore.
3.An entity will be considered as a Start-Up if it has not completed seven years from the date of its incorporation/registration.
Which of the above statement(s) is/are incorrect?
31. Consider the following statements about Start-up in India.
1 The Department of Industrial Policy and Promotion (DIPP), is the nodal body for Start-up India.
2. An entity will be considered as a Start-Up if its turn-over is less than Rs. 25 crore.
3.An entity will be considered as a Start-Up if it has not completed seven years from the date of its incorporation/registration.
Which of the above statement(s) is/are incorrect?
The correct option is D All of the above
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 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 was five years. The new definition has increased it to 7 years taking into the consideration the long gestation period involved in establishing start-ups.
More Detail:
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.
For the exceptional areas like 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.
The new definition and amendments will help to ease of starting new business and will promote the start-up ecosystem.
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 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 was five years. The new definition has increased it to 7 years taking into the consideration the long gestation period involved in establishing start-ups.
More Detail:
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.
For the exceptional areas like 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.
The new definition and amendments will help to ease of starting new business and will promote the start-up ecosystem.
