KGS Organized Panel Discussion on ‘DIPP Recognition & Benefits for Startups in India’
Invest India is transforming the country’s investment climate by simplifying the business environment for investors.
In December 2017, KGS Advisors concluded a panel discussion on "DIPP Recognition & Benefits for Startups in India". Eminent Leaders at the event included diverse group of individuals including youth leaders, ministry officials, entrepreneurs etc.
KGS is a financial advisory firm. KGS has a distinctive platform providing advisory services to SMEs / Startups in India as well as foreign companies looking to establish presence in India. The range of services are tailor-made for the unique requirements within the wide array of Accounting, Auditing, Taxation, Legal, Business advisory, Market research, Human resource management and B2B Handling services etc. They also assist Companies in raising funds (equity as well as debt).
Department of Industrial Policy & Promotion was established in the year 1995, and in the year 2000 Department of Industrial Development was merged with it. It is working under the Ministry of Commerce and Industry, Government of India. This department is responsible for formulation and implementation of promotional and developmental measures for growth of the industrial sector. It is also responsible for facilitating and increasing the FDI flows to the country.
Invest India is transforming the country’s investment climate by simplifying the business environment for investors. Its experts, specializing in different countries, Indian states and sectors, handhold investors through their investment lifecycle - from pre-investment to after-care. Invest India’s specialists provide multiple forms of support such as market entry strategies, deep dive industry analysis, partner search and location assessment policy advocacy with decision makers.
DIPP defines Startup as an entity, incorporated or registered in India:
Not prior to seven years, however for Biotechnology Startups not prior to ten years,
With annual turnover not exceeding INR 25 crore in any preceding financial year, and
Working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation
To promote growth and help Indian economy, many benefits are being given to entrepreneurs establishing startups.
Reduction in cost
Easy access to Funds
Tax holiday for 3 Years
To elaborate more on such talking points, the panel discussion was organized through KGS' knowledge sharing platform DIGIkNOW with aim of creating awareness through a creative and stimulating conversation on 'Community leaders - Hurdles and Success stories'.
Below is the opinion of all the speakers participated in the panel:
Ms. Tripti Shinghal, CEO, KGS Advisors LLP (Moderator) addressed the gathering and discussed importance and how DIPP Recognition & Benefits in startup India are shaping up.
Ms. Aastha Grover, Manager- Invest India, Startup India Team, DIPP, Ministry of Commerce said, “Startup India is the flagship initiative of the govt. of India, invented to build a strong ecosystem and promote innovation. Through sessions like this, it is a great opportunity for us to know on ground realities. We have heard now startups have benefited through recognition and feedback for improvement.”
Mr. Dev Bharadwaj, Founder & CEO- Agro Farm Ventures Private Limited raised questions of integrating GST process with Startup recognition, incorporation of a company as Pvt. Ltd. and the benefits & consequences of doing so.
Mr. Dewansh Poddar, Head of Corporate & External Affairs-E-CELL JSS Academy of technical education talked about TDP - millennium alliance, accessing funds of funds, SIDBI role of intensity and in help with VC's and banks, commercializing the patents, state policies (e.g. stipend by states to startups), patents by embassies, GST involvement with startups, Business model certification.
Ms. Divya Rajput BD Advisor-Technology Development Board added, “Technology development board invests in startups, growing and mature companies, where there is technology adoption or commercialization”.
Ms. Khusbhu Verma, Associate-Invest India, Startup mentioned, “Government has so many benefits for startups being a part of startup India, we are central point of contact for the entire startup ecosystem in the country.”
Mr. Saurabh Jhamb, CEO/Founder-Occipital labs, “Great initiative for proliferation of DIPP & Govt. initiatives & inclusion of GST as tax benefits for startups would be great addition. Patent filing as provisional extends protection for 1 year in 165 countries and that provides enough opportunity/time to do thorough justice.”
Mr. Shivam Dhawan, Founder-Arbunize Digital Media Pvt. Ltd., “Factual and actual results out of the DIPP program should continually increase and communicated. Startup programs internationally accommodate applications after you have a government vetted business plan. So in terms of expansion to other territories it becomes more credible if you have a recognition certified and a business plan vetted by DIPP’’
Mr. Uttam Rao, CEO-Sevadal, “Delhi is a hub of innovation-key to progress and prosperity.” He raised concerns of coordination within government and entrepreneurs to build technology.
Mr. Vikas Jain, Founder & CEO-Adhyan, “It was a very fruitful discussion covering actionable points’ and he would utilize the same in near future. He also delivers talks at various startup events, he would be able to dissipate the information to manner.”
Mr. Yash Arya, CEO & Founder-Freewill Training Pvt. Ltd, “Invest India is doing a good job towards developing robust startup investor mentor ecosystem”.
Sujata Sangwan, Senior Correspondent, BW Businessworld asked questions from ministry officials like how they are utilising Rs. 10,000 crore fund, in how many companies they have invested so far, what type of startups they choose for investment etc. and also suggested few ideas to foster innovation and to help startup ecosystem.
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