Telangana, July 5 (KNN) The Commerce and Industry Ministry has plans to organise a ‘Startup Festival’ in Hyderabad this September with a view to showcase innovation and provide a collaboration platform.

The main objective of this fest is to galvanise the start-up ecosystem and to provide national and international visibility to the budding entrepreneurs in India.

As per an official statement by the Department of Industrial Policy and Promotion (DIPP), PM Narendra Modi has been requested to inaugurate the programme.

The Startup Action Plan announced by the Prime Minister talked about such fests in order to bolster the ecosystem in India. The government has proposed to introduce startup fests at national and international stages.

In January, this year  the Prime Minister unveiled a slew of incentives to boost start-up businesses, offering them a tax holiday and inspector raj-free regime for three years, capital gains tax exemption. Rs 10,000 crore corpus under ‘Fund of Funds for Start-ups’ was also approved in the last month.

As many as 571 budding entrepreneurs have filed applications as on June 24, with the DIPP for recognition as innovative startups to avail tax breaks and other benefits.

To boost financing, a 20 per cent tax on capital gains made on investments by entrepreneurs after selling own assets as well as government-recognised venture capitalists is also exempted.

Apart from all of these sops to startups, Commerce and Industry Minister Nirmala Sitharaman has asked the Finance Ministry to consider rising tax holiday for startups to seven years to encourage budding entrepreneurs.

Considering the fact that, India has the third-largest number of start-ups globally such fests are bound to prove timely providers of national and international visibility to budding Indian entrepreneurs. (KNN/ GK)