Credit Guarantee Fund for encouraging start-ups

New Delhi, Jan 7 (KNN) The Government is planning to set up a Credit Guarantee Fund (CGF) for encouraging start-up companies with a view to providing funding facilities in the country, according to a release by Ministry of Commerce & Industry.

The scheme is yet to be made operational.

Incentives being provided to startups under Startup India initiative are-self-certification under 6 Labour Laws and 3 Environmental Laws, relaxations in Public Procurement Norms, faster exit under the Bankruptcy Code, rebates on patent and trademark filing fees, support from facilitators and expedited examination of patent application.

Other incentives include income tax exemption, exemption from income tax on investments received above fair market value, funding support under the fund of funds for startups and guidance and facilitation support from Startup India Hub.

This information was given by the Minister of State of Commerce and Industry, C. R. Chaudhary, in a written reply in the Lok Sabha.