Search Result for : Start Ups

The Dollar Business Bureau  Suresh Prabhu, who assumed the charge as Commerce and Industries Minister this week, assured the Government’s support to start-ups and help in eliminating hurdles for promoting the sector in India. In a video message via Twitter to the promising entrepreneurs on Wednesday, the minister assured that the Government has set up a Rs.10,000 crore corpus and has taken a decision to provide guarantees to the amount of Rs.2,000 crore. The Government is in the course of creating a credit guarantee fund of Rs.2,000 crore with the purpose of giving funds to start-ups. “We are committed to promoting start-ups in India. We are committed to removing obstacles, and help you move forward. You will get tailwinds. Earlier you were getting headwinds,” ...

The Dollar Business Bureau The start-up hub Nexus, an American Government-funded platform to enable and encourage start-ups in India, has chosen New Delhi to host its activities as the country’s capital has ‘all the right components’ required for such type of initiatives, said Erik Azulay, Director, Nexus. “Delhi has all the right components, you have the entrepreneurs, the funders, the government, the capital and other complementary factors. We saw an ecosystem here which was needed for starting this initiative,” Azulay told PTI. Azulay, who moved to New Delhi from Austin (Texas) to establish and run the centre, said that New Delhi is the pilot and now the vision is to enhance the presence to other parts of the country and South Asia. “We did look at ...

The Dollar Business Bureau Commerce and Industry Minister Nirmala Sitharaman on Friday announced that she will contribute Rs.1.18 crore to a start-up incubation centre to be established in Mangaluru (Karnataka) from her MP Local Area Development fund. The Kanara Chamber of Commerce and Industry (KCCI) and Dakshina Kannada district administration are planning to establish the incubation centre in order to boost ecosystem for start-ups in Mangaluru. “The first start-up incubation centre for Dakshina Kannada will come up in the next four months,” Sitharaman said while speaking to reporters. The Minister said that the 6,000 sq ft facility at Mangaluru City Corporation (MCC) building in Mallikatta in the city could have accommodation for 60 seats. She further stated that the Central government would provide basic infrastructure ...

Sairaj Iyer Government contracts could be a great avenue for start-ups and MSMEs, but many perceive it to be a complicated route, similar to a confusing chakravyuh. Lt. Gen Ravi Thodge, ASVM, SM, VSM and Master General Ordinance with the Indian army (retd.) highlighted that this chakravyuh is fast disappearing. Speaking to a gathering of MSMEs at the World Trade Center, he shared that a defence-MSME partnership would not only help start-ups, but also offer the army indigenized products and local support. Speaking about how the initiative has been lacking over the past few years he said, “The basic desire to work with the army is lacking. In the past 2 years, I have been travelling and interacting with various MSMEs, and ...

The Dollar Business Bureau  The Union Budget 2017 will bring some relief for small tax payers and infrastructure sector. The Centre, in a major step, announced a 2% reduction on non-cash turnover of small businesses for presumptive tax from 8% to 6%. Under the scheme, small businesses below the annual turnover of Rs.2 crore are not required to maintain detailed books of accounts for purpose of Income Tax but pay a presumptive tax. This relaxation, as per Finance Minister Arun Jaitley, will give a boost to small merchants and ease them from financial burdens.  In addition, the Centre also announced a 5% reduction in corporate taxes with an annual turnover up to Rs.50 crore, reducing tax from 30% to 25%.  Applauding the ...

Sneha Gilada With 'startups' and 'venture capitalism' having become buzz words in the business environment, the government jumped onto the band wagon in 2016, and initiated a slew of measures to boost the startup ecosystem in India. One year ago, in January 2016, The 'Startup India' initiative was launched with the intent of incentivising startups through tax exemptions and funding support. A three-year tax holiday for newly founded businesses was one of the most cheered moves of Budget 2016-17. India's fiery entrepreneurial spirit has made the country the third largest breeding ground for startups in the world, after USA and England. With Budget 2017-18 fast approaching, stakeholders anticipate many more tax and non-tax sops to make the business environment more friendly for incubations. Minister of Commerce and Industry, Nirmala Sitharaman has also ...

Sairaj Iyer Finance and technology have become so intertwined that many financial organizations would aver they are not a financial company per se, but a technology company rendering financial services.  Moreover, factors such as demonetization, digital India and a plethora of digitization campaigns are only testimony to the growing importance of technology. It is obvious that when India is going gaga over digitization a state like Andhra Pradesh headed by a tech savvy Chief Minister cannot be left behind. If the official comments of the secretary of the state government of Andhra Pradesh are to be believed, the state is fast on its way to carve the world’s 6th largest startup hub. Officials close to the development delved into the details of ...

The Dollar Business Bureau Amid a legal fight against the latest norms by the state for app-based taxi-aggregators, Priyank Kharge, IT Minister of Karnataka said on Sunday that these firms should follow the norms but also pitched for policy changes in line with emerging businesses such as e-commerce. “There are certain laws that need to be followed. If you are a facilitator or an aggregator, and if you are making money from that platform, you are responsible for safeguarding passengers or customers,” Kharge told PTI in Bengaluru while responding to a query on how state government would address the concerns raised by the companies.The Minister, however, said that the central as well as state governments should change their present policies and ...