Government Nears Goal Of Registered Start-Ups In Every District

ENA Sectors 2024-06-26 16:37:36 New Delhi, Jun 26 (KNN) The Indian government is on track to achieve its objective of having at least one registered start up in each of the country's 785 districts within the next year, according to officials from the Department for Promotion of Industry and Internal Trade (DPIIT). Currently, only 20-25 districts remain without a registered start up, a significant improvement from the more than 100 districts lacking start-ups as of March 31, reported ET. The remaining districts without registered start-ups are primarily located in remote areas of north-eastern states, including Arunachal Pradesh, Mizoram, Manipur, and Sikkim, as well as in regions affected by left-wing extremism in states such as Madhya Pradesh, Chhattisgarh, and Telangana. To address this gap, the DPIIT has been collaborating with academic institutions, local administrations, start-up accelerators, and seed funds to promote entrepreneurship across the country. The department aims to enhance economic activity through the launch of start-ups in these areas. Under the Start-up India scheme, over 100,000 start-ups have been recognised by the DPIIT. To qualify for registration, a company must be less than 10 years old and have an annual turnover not exceeding Rs 100 crore in any financial year since its incorporation, among other criteria. Registered start-ups can access various incentives, including tax exemptions and financial support. DPIIT Joint Secretary Sanjiv stated, Our endeavour is to have entrepreneurs and start-ups in every village of the country. To begin with, we are working very hard to be present in all districts of the country. Challenges in achieving this goal include security concerns, geopolitical issues, and lack of awareness in certain regions, particularly in the Northeast. The creation of new districts has also presented hurdles, with Rajasthan's district count increasing from 33 to over 50 last year due to a delimitation exercise. Between January 1, 2019, and December 31, 2023, approximately 117,000 start-ups were registered with the DPIIT. Maharashtra led in start-up registrations, followed by Karnataka, Delhi, Uttar Pradesh, and Gujarat. The Union Territories of Lakshadweep and Ladakh, along with the states of Sikkim, Mizoram, and Arunachal Pradesh, recorded the lowest number of start-up registrations during this period. As part of its 100-day plan following the formation of the new government, the industry department is expected to focus on facilitating early-stage funding for start-ups, reducing compliance burdens on businesses, and lowering overall logistics costs. (KNN Bureau) 38360 https://knnindia.co.in/news/newsdetails/sectors/government-nears-goal-of-registered-start-ups-in-every-district 2024-06-26 16:37:36 knnindia.co.in Government Nears Goal Of Registered Start-Ups In Every District