As the DIPP’s state startup ecosystem rankings come close, the states are also in a rush to draft startup-related policies and implement them. While the major states have already introduced their startup policies, the effort is now towards fine-tuning the policies.
At the central level, while PM Modi interacted with MUDRA and Startup India beneficiaries on the NaMo App, the income tax department, in a notification, said that under the conditions laid down by the DIPP, angel investors too will be eligible for the tax exemption.
Interacting with entrepreneurs through the NaMo App, Modi said, “His government has tried to bring the startup innovation culture down to Tier II and Tier III cities and even to rural areas, which so far was limited to Tier I cities only.”
“India is a young country where 65% of the population is aged less than 35 years, and we are enabling them to think of innovative solutions. Further, we have tried to localise the startup innovation culture and you will be surprised to know that till now 44% of the startups are found in Tier II and Tier III cities, today. These startups have been founded across the 419 districts of India. Moreover, almost 45% of the startups are founded by women entrepreneurs.”
While interacting with the beneficiaries of the MUDRA scheme on June 5, Modi said that the Mudra Yojana has become a job multiplier. “the initiative has helped in relieving the entrepreneurs from the vicious cycle of moneylenders and middlemen. It has opened up new opportunities for the youth, women, and those who wanted to start or expand their businesses,” said Modi.
Let’s take a look at last month’s policy updates.