DPIIT Plans to Streamline Startup Funding, Reduce Compliance Burden

ENA Sectors 2024-06-17 15:19:09 New Delhi, Jun 17 (KNN) The Department for Promotion of Industry and Internal Trade (DPIIT) is set to implement a comprehensive 100-day action plan aimed at enhancing the startup ecosystem and ease of doing business in India, according to a senior official. Key objectives of the plan include facilitating early-stage funding for startups, reducing the compliance burden on businesses, and lowering overall logistics costs. The DPIIT, operating under the Ministry of Commerce and Industry, is also developing a policy for deep-tech startups, addressing nine critical areas to foster a more conducive environment. Consultations for the policy are ongoing, and we are at an advanced stage of discussion, the official stated, adding that input has been gathered from 18 ministries. The department's initiatives extend to reforms spanning the entire business lifecycle, from establishment to closure. Additionally, discussions are underway regarding a potential public-private partnership model of governance. Efforts are being made to further decrease the compliance burden through the second edition of the Jan Vishwas (Amendment of Provisions) Bill. The initial bill, passed last year, resulted in the elimination or simplification of over 40,000 compliances. A significant emphasis is being placed on decriminalising various laws in its upcoming iteration. The SCALE (Steering Committee for Advancing Local Value-add and Exports) Committee, under the DPIIT's purview, has been tasked with identifying sectors that may require manufacturing incentives. While some incentive schemes may be incorporated into the 100-day agenda, others are likely to be included in the department's five-year plan. Strategic plans are being formulated for several flagship schemes, including ONDC (Open Network for Digital Commerce), PM GatiShakti, and the Production-Linked Incentive (PLI) scheme, the official revealed. India has introduced PLI schemes across 14 sectors, such as electronics, white goods, textiles, and pharmaceuticals, with a total outlay of Rs 1.97 lakh crore. These schemes were launched in 2020 during the Covid-19 pandemic to bolster domestic manufacturing and exports. The action plan also proposes linking institutions like the National Institute of Design with the Quality Council of India. As the DPIIT moves forward with its ambitious agenda, the focus remains on creating a robust ecosystem that supports innovation, reduces bureaucratic hurdles, and promotes sustainable economic growth. (KNN Bureau) 38233 https://knnindia.co.in/news/newsdetails/sectors/dpiit-plans-to-streamline-startup-funding-reduce-compliance-burden 2024-06-17 15:19:09 knnindia.co.in DPIIT Plans to Streamline Startup Funding, Reduce Compliance Burden