The government has approved only 10 startups for availing tax benefits since the launch of Startup India program in January 2016, Parliament was informed today.
As on March 9, the government received 1,835 applications for seeking recognition under the Startup India program and out of this, 713 have been recognised.
Commerce and Industry Minister Nirmala Sitharaman said that "146 applications could be considered for tax benefits, out of which 10 startups have been approved by the inter-ministerial board for availing tax benefits".
Also, 267 startups have been facilitated by providing advisory on business plans, pitching support, mentoring support and 104 applicants have received the benefit of 80 per cent rebate in patent fees, she said in a written reply to the Rajya Sabha.
Replying to a separate question on foreign direct investment, the minister said the government reviews FDI policy on various sectors, including retail, on an ongoing basis.
"Significant changes are made in the FDI policy regime, from time to time, to ensure that India remains increasingly attractive and investor-friendly investment destination," she added.