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Hans India
11 hours ago
- Business
- Hans India
India now has 1.76 lakh registered startups, 118 unicorns: FM Sitharaman
New Delhi: The number of registered startups has reached 1.76 lakh in the last 11 years, with 118 unicorns (startups with $1 billion valuation and above), thus fueling youth entrepreneurship, Finance Minister Nirmala Sitharaman said on Friday. In a post on social media platform X, the Finance Minister said that "youth in India are building startups and creating jobs". This is "a glimpse of the work done for the youth in the last 11 years under the guidance of Prime Minister Narendra Modi", she posted. Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, said in a separate X post that in the last 11 years, seven new IITs have been opened, along with eight new IIMs and 16 new AIIMS. "1.6 crore+ youth trained under PMKVY (Pradhan Mantri Kaushal Vikas Yojana) and 17.6 lakh+ direct jobs created from 1.6 lakh startups. Nearly 30,000 vocational education schools established, with more than 30 lakh students enrolled," the minister said. In the last 11 years, "52.5+ crore collateral free Mudra loans disbursed to small businesses and up to Rs 33 crore loans worth Rs 1 lakh+ crore given. Under the PM Internship Scheme, internship opportunities were provided to 1 crore youth in the top 500 companies. About 490 new universities were established to spread higher education in every corner of the country", Puri mentioned. Last month, the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry, notified the expansion of the Credit Guarantee Scheme for Startups (CGSS), which increases the ceiling on guarantee cover per borrower from Rs 10 crore to Rs 20 crore. According to the government, the extent of guarantee cover provided has also been increased to 85 per cent of the amount in default for loan amounts up to Rs 10 crore and 75 per cent of the amount in default for loan amounts exceeding Rs 10 crore. In line with PM Modi's vision for transforming India into an innovation-driven self-reliant economy, the notified expansions aim to address the financing needs of innovation-driven startups. The expanded scheme will further reduce the perceived risks associated with lending to startups in established financial institutions, enabling greater financial flow and runway for startups to undertake research and development experimentation, and create cutting-edge innovation and technologies.
Business Standard
20-05-2025
- Business
- Business Standard
IndusInd Bank signs MoU with Department for Promotion of Industry and Internal Trade
IndusInd Bank today announced that it has signed a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT) to nurture innovation and entrepreneurial growth in India. This strategic partnership brings together the strengths of DPIIT's Startup India initiative and IndusInd Bank's financial expertise to create opportunities for startups, innovators, and entrepreneurs nationwide. The collaboration offers start-ups, innovators and entrepreneur tailored banking solutions, including cash management, working capital, and credit facilities. A key feature is enhanced support under the Credit Guarantee Scheme for Startups (CGSS), allowing collateral-free loans with a raised guarantee cover of up to ₹20 crore for DPIIT-recognised start-ups. Additionally, the guarantee fees for debt funding in 27 Champion Sectors has been reduced to further ease access to credit. These measures help start-ups mobilise capital and invest in advanced technologies and manufacturing.
Business Upturn
20-05-2025
- Business
- Business Upturn
IndusInd Bank signs MoU with DPIIT to boost India's startup ecosystem
IndusInd Bank has entered into a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT) to support startups and promote entrepreneurship in India. The agreement aligns with the objectives of the Government of India's Startup India initiative. Under this partnership, IndusInd Bank will offer a range of customized financial services to DPIIT-recognised startups, including: Advertisement Cash management services Working capital solutions Credit facilities tailored to startup needs A major feature of this collaboration is improved access to funding through the Credit Guarantee Scheme for Startups (CGSS). The scheme enables eligible startups to secure collateral-free loans with a raised guarantee cover of up to ₹20 crore. In addition, guarantee fees for debt funding have been reduced in 27 Champion Sectors, helping reduce the cost of capital and improve credit accessibility for businesses in key industries. The initiative aims to strengthen the financial ecosystem for startups, enabling easier access to credit and financial tools. This collaboration is expected to help early-stage ventures invest in advanced technologies and manufacturing processes. This MoU represents a focused approach to bridging the gap between policy support and financial infrastructure for startups in India.
Mint
15-05-2025
- Business
- Mint
Govt approves 187 startups for tax exemption under revamped Section 80-IAC framework
New Delhi: The Department for Promotion of Industry and Internal Trade (DPIIT) has approved 187 startups for income tax exemption under the revamped Section 80-IAC of the Income Tax Act. The move aims to provide crucial fiscal relief to emerging businesses, encouraging innovation and supporting job creation across the country. As per a commerce ministry statement, the approvals came during the 79th and 80th meetings of the Inter-Ministerial Board (IMB), with 75 startups cleared in the 79th meeting and 112 in the 80th, held on 30 April. With these latest approvals, over 3,700 startups have now benefited from the scheme since its launch. Under the revised framework, eligible startups can claim a 100% income tax deduction on profits for any three consecutive years within a ten-year period from their date of incorporation. The Union Budget 2025–26 extended the eligibility window, allowing startups incorporated up to 1 April 2030, to avail of this benefit, it said on Thursday. To qualify, startups must be recognized by the DPIIT, operate as a private limited company or limited liability partnership, and have an annual turnover not exceeding ₹ 100 crore in any previous financial year. The DPIIT has also simplified and sped up the application process, ensuring that complete applications are reviewed within 120 days. Startups that were not approved in this round are encouraged to review and strengthen their applications, focusing on technological innovation, market potential, scalability, and their contribution to employment and economic growth. These steps underline the government's ongoing commitment to nurturing a vibrant, innovation-led startup ecosystem in India. Earlier on 9 May, the government doubled the guarantee cover under its Credit Guarantee Scheme for Startups (CGSS), raising the limit per borrower from ₹ 10 crore to ₹ 20 crore, a move aimed at easing credit access for startups and fueling innovation in priority sectors. The revised scheme, notified by the DPIIT on Friday, also increases the guarantee cover to 85% for loans up to ₹ 10 crore and 75% for loans above that threshold. The government is positioning the expanded coverage as a way for startups to secure working capital, term loans, and venture debt, key to sustaining R&D and product development. As of December 2024, the DPIIT had recognized 157,000 entities as startups. Since the launch of the Startup India initiative on 16 January 2016, these startups have generated over 1.55 million direct jobs, according to a government statement. Industry experts have welcomed the move. 'This will give startups much-needed breathing room to innovate and scale up without the immediate pressure of tax burdens,' said Vinod Kumar, president, India SME Forum. 'Combined with improved access to credit, these measures create a supportive environment that can help Indian startups compete globally,' said Kumar.
India Gazette
14-05-2025
- Business
- India Gazette
Piyush Goyal reviews Invest India operations to boost investment, MSMEs, and manufacturing
New Delhi [India], May 14 (ANI): Union Commerce and Industry Minister Piyush Goyal held a comprehensive review meeting and assessed the performance of union government's Invest India, the country's national investment promotion a post on social media platform X, Union Minister stated that the focus was on enhancing the organisation's effectiveness and efficiency to attract greater investments. In addition, the Key discussions included strategies for strengthening investor engagement, empowering MSMEs, and accelerating growth in the manufacturing sector. India is the National Investment Promotion and Facilitation Agency of the Government of India, set up in 2009 as a not-for-profit company under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry. Supported by a unique partnership between the central and state governments and industry associations, Invest India serves as the first point of contact for global and domestic investors. It provides comprehensive, end-to-end support across all stages of the investment lifecycle--ranging from pre-investment advisory and facilitation to aftercare and expansion support--with a strong emphasis on enabling manufacturing through the Make in India initiative. The agency focuses on promoting investments in high-impact sectors such as Electronics & Semiconductors, Renewable Energy, Electric Vehicles, Capital Goods, Textiles, Food & Agriculture, Pharmaceuticals, Chemicals & Critical Minerals, and Infrastructure. The Union Government has been actively concentrating on innovation in the manufacturing sector, aiming to make India a manufacturing hub. Government recently revised Credit Guarantee Scheme for Startups (CGSS) to boost domestic manufacturing. Under the CGSS, the government has revised the Credit Guarantee Scheme for Startups (CGSS), and doubled the maximum guarantee cover from Rs 10 Crore to Rs 20 Crore and increased guarantee coverage to up to 85 per cent of the loans up to Rs 10 Crore. The Annual Guarantee Fee has also been halved to 1 per cent for the 27 champion sectors, reducing the cost of borrowing. Government is also focusing on Micro, Small and Medium Enterprises (MSME) sector which has emerged as a highly vibrant and dynamic sector within the Indian economy. MSME sector with more than 6.30 crore enterprises provide employment to more than 24.14 crore people, as per the official data. The Central Government in its Union Budget 2025, announced an increase in investment and turnover limits for the classification of MSMES and introduced customised credit cards with a limit of Rs 5 lakh. (ANI)
