Reiterating its commitment to invest $100 Bn by 2024 in the areas of energy and oil, Prime Minister Narendra Modi, while speaking at Saudi Arabia’s annual investment forum, promised to continue to work towards a transparent policy regime and ease of doing business.
“Indian startups are acing everything, from food delivery to transport, to hospitality, to medical treatment, to tourism,” – PM Narendra Modi
Led by PM Modi, the Indian delegation to Saudi Arabia signed numerous MoUs including Letter of Intent between Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia and Atal Innovation Mission (AIM), NITI Aayog.
Meanwhile, commerce minister Piyush Goyal has yet again assured that the startups will no longer be harassed by income tax officials. On recent notices served to Indian startups, he said, “Few investments which are genuine in startups possibly got notice probably seeking some information. I think there is no harm in giving that information.”
DPIIT Seeks Approval Of Startup India Vision 2024
While Budget 2019 snubbed the ruling party BJP’s manifesto of Startup India Vision 2024, which promised the creation of 50K new startups, 100 innovation zones in urban local bodies, 500 new incubators and accelerators by 2024, the Department for Promotion of Industry and Internal Trade (DPIIT) has now sought necessary approval for the Vision’s implementation.
As the new vision document about the Startup India programme is being rolled out, the DPIIT must look into the implementation of Startup India 1.0. Besides the basic achievements such as state-wise policy adoption, startups recognition, and awareness, the Startup India failed miserably in terms of fund disbursal, angel tax abrogation, innovation-led policy implementation and many more to count.
To name a few, e-cigarettes ban, drone policy implementation in tortoise steps, pendulum-like ecommerce policies, and no policy at all for crypto, the Modi government promises a lot, fulfils less. Hopefully, DPIIT will take an account of the existing sector-wise issues and challenges before announcing just another grand Vision 2024 with grand numbers.
Related Article: With Economy In Slowdown, Modi Pins Growth Hopes On Startups
L2Pro India IP Learning Platform Launched
DPIIT’s Centre for Innovation, Intellectual Property and Competition, National Law University in Delhi has announced the launch of the L2Pro India IP e-learning platform in collaboration with Cell for IPR Promotion & Management (CIPAM), DPIIT and Qualcomm.
According to CIIPC blog update, the L2Pro (Learn to Protect) India IP online learning platform intends to educate startups, MSMEs and innovators on protection and enforcement of their intellectual property. The programme offers interactive introductory and summary videos, e-text with detailed explanation on concepts, brainteasers, practical information, and assessments to grade the learner’s knowledge.
Andhra Pradesh Plans Skill Development University
Andhra Pradesh has announced plans to set up first skill development university in the state to improve the learning among students pursuing industrial training, polytechnic, engineering and other technical courses.
The state chief minister Jagan Mohan Reddy stated that the government will be setting up a college in each electoral constituency to make it within reach for everyone. These 25 new colleges will be affiliated to each university and provide employment-oriented courses.
All state government departments would be coordinating with the university to facilitate better results. The state’s finance department will be generating funds for skill development and employment opportunities after the course. To give students practical experience, an apprenticeship will be given to them for a year, which can also be extended for six months more, if necessary.
MP Proposes Grant, Cheap Land For MSMEs
As part of its Ease of Doing Business policy, Madhya Pradesh has launched a scheme for small businesses that would focus on attracting investment and encouraging job creation among MSMEs in the state.
According to reports, under the scheme Madhya Pradesh MSME Protsahan Yojana, 2019, the government would provide 40% grant for setting up businesses in the state along with a provision of acquiring cheap land by providing 70% of employment to locals and representation of STs, SCs, and OBCs.
The initiative is also being widely criticised for allowing 70% reservation based on caste. This will not encourage rather discourage the best fit talents available in the state which will have a countereffect on MSMEs business.
The scheme was implemented on October 1.
Kerala Signs MoU With Bahrain
In order to promote fintech, ICT and other emerging technologies in Kerala as well as Bahrain, Kerala government’s startup body Kerala Startup Mission (KSUM) and the Bahrain Economic Development Board (EDB), the investment promotion agency for the Kingdom of Bahrain have signed an MoU that will help entrepreneurs to engage in each other’s market at multiple levels.
The scope of cooperation also includes the facilitation of delegation visits to Bahrain and India, as well as collaboration on knowledge exchange and best practices regarding education programmes and curricula, including facilitating and enhancing cooperation between relevant parties such as financial and technological institutions, universities and research institutions, technology experts, and government agencies, reported Business Standard.