Lok Sabha Question No. 601 (UNSTARRED), answered on 2022-07-20
Subject: Startup Companies in Maharashtra
Ministry: COMMERCE AND INDUSTRY
Asked by: Sunil Baburao Mendhe

## GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT FOR PROMOTION OF INDUSTRY AND INTERNAL TRADE LOK SABHA

UNSTARRED QUESTION NO. 601.

TO BE ANSWERED ON WEDNESDAY, THE 20 TH  JULY, 2022.

## STARTUP COMPANIES IN MAHARASHTRA

## 601.   SHRI SUNIL BABURAO MENDHE:

Will the Minister of COMMERCE AND INDUSTRY be pleased to state:

वाणिज्य

## एवं उद्योग मंत्री

- (a) the district-wise number of Startup companies launched in Maharashtra during the last two years;
- (b) the total funds raised by these Startup companies so far and the details of profit made by them;
- (c) whether  there  is  any  proposal  with  the  Government  to  ease  the  regulatory regime for Startup companies and if so, the details thereof; and
- (d) the details of other steps taken by the Government to promote Startup India programme in other States of the country, particularly in Maharashtra?

## ANSWER

## वाणिज्य एवं उद्योग मंत्रालय में राज्य मंत्री ( श्री सोम प्रकाश ) THE MINISTER OF STATE IN THE MINISTRY OF COMMERCE & INDUSTRY (SHRI SOM PARKASH)

- (a): Under Startup India Initiative, entities are being recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) as startups as per eligibility conditions prescribed under G.S.R. notification 127 (E) dated 19th February, 2019. The district-wise detail of startups recognized by the DPIIT in the State of Maharashtra, in the last two years is placed at Annexure-I.
- (b) There is no centralized compilation of information on the total amount of funds raised and profitability established by startups.
- (c) The  Government  has  taken  various  measures  to  enhance  ease  of  doing business, raising capital and reducing compliance burden. In this regard, a list of the 52 key regulatory reforms undertaken for startup ecosystem is placed at Annexure-II .
- (d) The  measures  taken  by  the  Government  to  promote  Startup  India  initiative across the country, including the State of Maharashtra are placed at Annexure-III. All the initiatives under the Startup India are inclusive and are implemented across States, cities, towns and rural areas.

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## ANNEXURE-I

## ANNEXURE REFERRED TO IN REPLY TO PART (a) OF THE LOK SABHA UNSTARRED QUESTION NO. 601 FOR ANSWER ON 20.07.2022.

The  district-wise  detail  of  startups  recognized  by  the  DPIIT  in  the  State  of Maharashtra, in the last two years is as under:

| S. No.   | Districts       | 2020   | 2021   |
|----------|-----------------|--------|--------|
| 1        | Ahmednagar      | 21     | 35     |
| 2        | Akola           | 4      | 18     |
| 3        | Amravati        | 8      | 20     |
| 4        | Aurangabad      | 40     | 85     |
| 5        | Beed            | 2      | 10     |
| 6        | Bhandara        | 6      | 5      |
| 7        | Buldhana        | 10     | 17     |
| 8        | Chandrapur      | 4      | 14     |
| 9        | Dhule           | 6      | 8      |
| 10       | Gadchiroli      | 4      | 1      |
| 11       | Gondia          | 9      | 13     |
| 12       | Hingoli         | 0      | 4      |
| 13       | Jalgaon         | 17     | 29     |
| 14       | Jalna           | 2      | 9      |
| 15       | Kolhapur        | 28     | 47     |
| 16       | Latur           | 8      | 10     |
| 17       | Mumbai          | 749    | 1,001  |
| 18       | Mumbai Suburban | 245    | 287    |
| 19       | Nagpur          | 124    | 162    |
| 20       | Nanded          | 10     | 18     |
| 21       | Nandurbar       | 2      | 6      |
| 22       | Nashik          | 82     | 122    |
| 23       | Osmanabad       | 1      | 9      |
| 24       | Palghar         | 39     | 32     |
| 25       | Parbhani        | 5      | 7      |
| 26       | Pune            | 775    | 1,022  |
| 27       | Raigad          | 69     | 97     |
| 28       | Ratnagiri       | 7      | 8      |
| 29       | Sangli          | 15     | 32     |
| 30       | Satara          | 13     | 25     |
| 31       | Sindhudurg      | 3      | 5      |
| 32       | Solapur         | 18     | 26     |
| 33       | Thane           | 350    | 520    |
| 34       | Wardha          | 3      | 8      |
| 35       | Washim          | 3      | 1      |
| 36       | Yavatmal        | 3      | 8      |
|          | Total           | 2,685  | 3,721  |

## ANNEXURE-II

## ANNEXURE REFERRED TO IN REPLY TO PART (c) OF THE LOK SABHA UNSTARRED QUESTION NO. 601 FOR ANSWER ON 20.07.2022.

52 key regulatory reforms undertaken for startup ecosystem are as under:

## Reserve Bank of India

1.  Startup  enterprises  permitted  to  access  loans  under  External  Commercial Borrowing Framework up to USD 3 million. (Oct, 2016)
2.  A  Securities  and  Exchange  Board  of  India  (SEBI)  registered  Foreign  Venture Capital  Investor  (FVCI)  may  contribute  up  to  100%of  the  capital  of  an  Indian company engaged in any activity  mentioned  in  Schedule  6  of  Notification  No. FEMA 20/2000, including startups irrespective of the sector in which it is engaged, under the automatic route. (Aug, 2017)
3.  An Indian startup having an overseas subsidiary, may open a foreign currency account with a bank outside India for the purpose of crediting to it foreign exchange earnings out of exports/ sales made by the said entity and/ or the receivables, arising out of exports/ sales, of its overseas subsidiary. (June, 2016)
4.  SOFTEX form filed by software exporters moved online. (Feb, 2019)
5.  Under FDI Policy, tenure of Startup has been aligned with DPIIT Notification dated 19th  February,2019  for  the  purpose  of  definition  of  convertible  notes.  (March 2022)

## Securities and Exchange Board of India (SEBI)

6.  Lock in period for investments made by an Angel Fund reduced to 1 year from 3 years  as  amended  by  the  SEBI  (Alternative  Investment  Funds)  (Amendment) Regulations,2016, w.e.f. 04-01-2017.
7.  Angel Funds are allowed to invest in overseas venture capital undertakings upto 25% of their investible corpus in line with other AIFs as provided by the SEBI (Alternative  Investment  Funds)  (Amendment)  Regulations,  2016,  w.e.f.  04-012017.
8.  The upper limit for number of angel investors in a scheme is increased from forty nine  to  two  hundred  as  amended  by  SEBI  (Alternative  Investment  Funds) (Amendment) Regulations, 2016,w.e.f. 04-01-2017
9.  The  requirements  of  minimum  investment  amount  by  an  Angel  Fund  in  any venture  capital  undertaking  is  reduced  from  fifty  lakhs  to  twenty  five  lakhs  as amended  by  SEBI  (Alternative  Investment  Funds)  (Amendment)  Regulations, 2016,w.e.f. 04-01-2017
10.  'Operating Guidelines for Alternative Investment Funds in International Financial Services Centres' issued by SEBI. (Nov, 2018)
11.  Under  AIF  Regulations,  definition  of  Startup  has  been  aligned  with  DPIIT Notification  dated  19 th   February,2019  for  the  purpose  of  investment  by  Angel Funds in Startups (5 th  May,2021)
12.  The SEBI (Alternative Investment Fund) (Second Amendment) Regulations 2021 removes the list of restricted activities or sectors from the definition of Venture Capital Undertaking i.e. Category 1 AIFs can now invest in NBFCs.  (5 th  May 2021)

## Ministry of Corporate Affairs

13.  The financial statement, with respect to private company (if such private company is a start-up) may not include the cash flow statement. (June, 2017)
14.  A private company, which is considered as a start-up for a period of five years from the date of its incorporation, is also allowed to accept deposits from members without any restriction on the amount. (Sep, 2017)
15.  Startup defined for the purpose of Companies Act, 2013: As per the definition, a start-up company means a private company incorporated under the Companies Act, 2013 and recognised as a 'start-up' in accordance with the notification issued by the Department for Promotion of Industry and Internal Trade. (June, 2017)
16.  Exemption from procedural compliance (e.g. such as issue of an offer circular or creation of a deposit repayment reserve) for raising deposits from shareholders. (June, 2017)
17.  In relation to a private company (if such private company is a startup), the annual return shall be signed by the Company Secretary, or where there is no Company Secretary, by the Director of the company. (June, 2017)
18.  A private company (if such private company is a startup) is required to conduct at least one meeting of the Board of Directors  in each half of a calendar year and the gap between the two meetings is not less than ninety days. (June, 2017)
19.  Name Reservation for Company incorporation: Rule 8, Companies (Incorporation) Rules, 2014 substituted with Companies (Incorporation) 5th Amendment Rules, 2019,which  provides  for  new  regulations  on  resemblance  with  an  existing company name, new categories of undesirable names of a company and list of words which can be used only after obtaining approval. (May, 2019)
20.  Amendment  in  Companies  (Share  Capital  and  Debentures)  Rules,  2014:  The Ministry of Corporate Affairs issued a notification on 16th August, 2019 increasing the period in which ESOPs could be granted to promoters and directors (holding more than 10% equity) of Startups, from 5 years to 10 years from the date of incorporation and thereby aligned the provisions of the Companies (Share Capital and Debentures) Rules with the provisions referred to in the DPIIT notification dated 19th Feb, 2019.

The notification also enhanced the limit on shares with Differential Voting Rights in  the  Company from 26% of the total post-issue paid  up equity  capital  of  the Company to 74% of the total voting power. Further, the condition for the company to have consistent track record of distributable profits for the last three years for issue of DVR shares has been removed. (August 2019)

21.  Corporate  Social  Responsibility  Funds:  In  reference  to  section  135  of  the Companies Act 2013, Schedule VII has been amended to include  Contribution to incubators funded by Central Government or State Government or any agency or Public  Sector  Undertaking  of  Central  Government  or  State  Government,  and contributions to public funded Universities, Indian Institute of Technology (IITs), National Laboratories and Autonomous Bodies (established under the auspices of Indian  Council  of  Agricultural  Research  (ICAR),  Indian  Council  of  Medical

Research (ICMR), Council of Scientific and Industrial Research (CSIR), Department  of  Atomic  Energy  (DAE),  Defence  Research  and  Development Organisation (DRDO), Department of Science and Technology (DST), Ministry of Electronics  and  Information  Technology)  engaged  in  conducting  research  in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs). (October 2019).

22.  As part of Government of India's Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs has launched a new integrated Web Form christened 'SPICe+' replacing the existing SPICe form. SPICe+ would offer 10 services by 3 Central Govt Ministries & Departments (Ministry of Corporate Affairs, Ministry of Labour  &  Department  of  Revenue  in  the  Ministry  of  Finance)  and  One  State Government(Maharashtra), thereby saving as many procedures, time and cost for Starting  a  Business  in  India  and  would  be  applicable  for  all  new  company incorporations w.e.f.23rd February 2020. SPICe+ has two parts: Part A-for Name reservation for new companies and Part B offering a bouquet of services viz. (i) Incorporation (ii) DIN allotment (iii) Mandatory issue of PAN (iv) Mandatory issue of TAN (v) Mandatory issue of EPFO registration (vi) Mandatory issue of ESIC registration (vii) Mandatory issue of Profession Tax registration(Maharashtra) (viii) Mandatory Opening of Bank Account for the Company and (ix) Allotment of GSTIN (if so applied for) (February 2020)
23.  Amendment  in  Companies  (Share  Capital  and  Debentures)  Rules,  2014:  The Ministry of Corporate Affairs issued a notification on 05th June, 2020 increasing the period in which Sweat Equity shares, from 5 years to 10 years from the date of  incorporation  and  thereby  aligned  the  provisions  of  the  Companies  (Share Capital  and  Debentures)  Rules  with  the  provisions  referred  to  in  the  DPIIT notification dated 19th Feb, 2019. (June 2020)
24.  Amendment in Companies (Acceptance of Deposits) Rules, 2014: The Ministry of Corporate Affairs issued a notification on 07th September, 2020 increasing the period of issuance of convertible note, from 5 years to 10 years from the date of issue  and  thereby  aligned  the  provisions  of  the  Companies  (Acceptance  of Deposits) Rules, 2014 with the provisions referred to in the DPIIT notification dated 19th Feb, 2019. (September 2020)
25.  Amendment in Companies (Acceptance of Deposits) Rules, 2014: The Ministry of Corporate  Affairs  issued  a  notification  on  07th  September,  2020  whereby  the maximum limit in respect of deposits to be accepted from members by a private company shall not apply to a start-up company for 10 years from the date of its incorporation, instead of 5 years. (September 2020)
26.  Incorporation  of  One  Person  Companies  (OPCs)  by  allowing  OPCs  to  grow without any restrictions on paid up capital and turnover, allowing their conversion into any other type of company at any time, reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allow NonResident Indians (NRIs) to incorporate OPCs in India. (February 2021)

## Ministry of Finance Department of Revenue

27.  In the case of a domestic company, where its total turnover or the gross receipt in the previous year does not exceed two hundred and fifty crore rupees, income tax shall be charged at the rate of 25 percent of the total income. (Feb, 2018)
28.  Definition of eligible business as stated in Section 80-IAC aligned with Startups definition. (April, 2018)
29.  Introduction of Section 54EE in the Income Tax Act, 1961: Exemption from tax on long-term capital gain if such long-term capital gain is invested in a fund notified by Central Government. The maximum amount that can be invested is Rs 50 lakh. (May, 2016)
30.  Amendment in Section 54GB of Income Tax Act: Exemption from tax on capital gains arising out of sale of residential house or a residential plot of land if the amount of net consideration is invested in prescribed stake of equity shares of eligible Startup for utilizing the same for purchase of specified asset. (Feb, 2016)
31.  Minimum  Alternate  Tax  credit  allowed  to  be  carried  forward  up  to  fifteenth assessment years instead of ten assessment years. (2017)
32.  Exemption under section 80-IAC of Income Tax Act: Exemption to eligible Startup for any 3 consecutive assessment years out of 7 years (earlier 5 years) beginning from the year in which such eligible Startup is incorporated.(April, 2018)
33.  Exemption from tax under the provisions of section 56(2)(viib) to Startups for issue of shares above fair market value on the basis of a self-declaration to the Central Board of Direct Taxes. The aggregate amount of paid up share capital and share premium of the startup after issue or proposed issue should not exceed Rs. 25 Crore (Feb, 2019)
34.  Taxation of convertible notes - Period for which a bond, debenture, debenturestock or deposit certificate was held prior to conversion shall be considered for determining the period of holding of such shares or debentures acquired upon conversion. (March, 2016)
35.  Amendment in Section 54GB of Income Tax Act w.e.f 1 st  April 2020: (August 2019)
- i. The condition of minimum holding of 50% of share capital or voting rights in the start-up relaxed to 25%
- ii. Extension of period under which benefit under section 54GB from for sale of residential property can be availed up to 31st March, 2021
- iii. Condition  restricting  transfer  of  new  asset  being  computer  or  computer software is to relaxed from 5 years to 3 years w.e.f. 1-4-2020
36.  Amendment in Section 79 of Income Tax Act (August 2019): Eligible Startups to carry forward their losses on satisfaction of any one of the two conditions:
- i. Continuity of 51% shareholding/voting power or
- ii. Continuity of 100% of original shareholders carrying voting power
37.  Pass through of losses allowed to Investment Funds i.e. Category I and II AIF similar to pass through of income. These amendments will take effect from the 1st

April, 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent assessment years (August 2019)

38.  The investment made by Venture Capital Fund of Category-I AIF in a startup was exempted from the applicability of the provisions of section 56(2)(viib) of the IT Act. This exemption has been extended to all sub-categories of Category-I AIF and Category-II AIF via introduction of 'specified funds' in the said section (August 2019)
39.  The Finance Act 2020 provides for amendment in section 80-IAC of the Incometax Act relating to special provision in respect of specified business. The provisions of section 80-IAC, inter alia, provide for a deduction of an amount equal to hundred per cent. of the profits and gains derived from an eligible business by an eligible start-up  for  three  consecutive  assessment  years  out  of  ten  years  vis-à-vis  the earlier norm of seven years at the option of the assessee and the total turnover of its business does not exceed hundred crore rupees in the previous year relevant to the assessment year for which deduction under this section is claimed. This amendment will take effect from 1st April,  2021  and  will,  accordingly,  apply  in relation to the assessment year 2021-2022 and subsequent assessment years. (Feb 2020).
40.  The Finance Act 2020 provides for amendment in section 80-IAC of the Incometax Act relating to special provision in respect of specified business. The provisions of section 80-IAC, inter alia, provide for a deduction of an amount equal to hundred per cent. of the profits and gains derived from an eligible business by an eligible start-up for three consecutive assessment years out of ten years at the option of the assessee and the total turnover of its business does not exceed hundred crore rupees vis-à-vis the earlier norm of twenty-five crore rupees in the previous year relevant to the assessment year for which deduction under this section is claimed. This amendment will take effect from 1st April, 2021 and will, accordingly, apply in relation to the assessment year 2021-2022 and subsequent assessment years. (Feb 2020)
41.  The Finance Act 2020 provides for amendment in sections 156, 191 and 192 of the Income Tax Act laying to enable employees receiving specified security or sweat  equity  share  as  perquisite  under  section  17(2)(vi)  of  an  eligible  startup referred to in section 80-IAC, to deduct or pay, as the case may be, tax on such income within fourteen days after the expiry of forty-eight months from the end of the  relevant  assessment  year;  or  from  the  date  of  the  sale  of  such  specified security or sweat equity share by the assessee; or from the date of the assessee ceasing to be the employee of the person, whichever is earlier, on the basis of rates in force of the financial year in which the said specified security or sweat equity share is allotted or transferred. This amendment will take effect from 1st April, 2020. As per the earlier norms, the said perquisite including ESOPs were taxed in the hands of the employee at the time of exercise of the option. (Feb 2020)
42.  The Finance Bill 2021 provides for extension of the eligibility period to claim tax holiday for the startups by one more year. (Feb 2021)
43.  The Finance Bill 2021 provides for extension of claiming Capital gains exemption for investment in startups by one year i.e. till 31 March, 2022. (Feb 2021)
44.  The Finance Bill 2022 provides for extension of the eligibility period to claim tax holiday for the startups by one more year. (Feb 2022)
45.  The Finance Bill 2022 capped the surcharge on the long term capital gain at 15% for  unlisted  companies  from  existing  37%.  The  effective  rate  of  tax  has  been reduced from 28.5% to 23.9%. (Feb 2022)

## Department of Economics Affairs

46.  The Ministry of Finance now allows non-government provident funds, superannuation, and gratuity funds to invest up to 5 percent of their investible surplus  in  Category  I  and  II  Alternate  Investment  Funds  (AIFs)  registered  with SEBI. (March 2021).

## Insurance Regulatory and Development Authority

47.  The  Insurance  Regulatory  and  Development  Authority  of  India  (IRDAI)  has allowed insurance companies to invest in Fund-of-Funds (FoF) that invest within the country subject to certain conditions. (April 2021).

## Department of Expenditure

48.  Harmonization  of  Startup  Definition  under  the  Manual  for  Procurement  of Consultancy and other Services with the DPIIT notification dated 19 th  February 2019.

## Ministry of Labour and Employment

49.  The  Ministry  of  Labour  and  Employment  now  allows  EPFO  to  invest  up  to  5 percent of their investible surplus in Category I and II Alternate Investment Funds (AIFs) registered with SEBI. (April 2021)

## Ministry of Electronics and Information Technology

50.  Removal of clause from Electronic Development Fund (EDF) operating guidelines stating that if a fund draws from Fund of Funds for Startups, then they cannot draw from EDF and vice versa. (Nov, 2018)

## Ministry of Commerce and Industry, Department for Promotion of Industry and Internal Trade

51.  Amendment  in  the  definition  of  a  Startup:  An  entity  shall  be  considered  as  a Startup upto a period of ten years from the date of incorporation/ registration and turnover of the entity for any of the financial years since incorporation/ registration has not exceeded one hundred crore rupees. (Feb, 2019)
52.  Ministry  of  Commerce  and  Industry,  Department  for  Promotion  of  Industry  and Internal Trade vide Gazette Notification No. G.S.R. 646(E). dated 21st September 2021 amended the Patent Rules. The Patent Rules have now extended the benefits related to 80% reduced fee for patent filing & prosecution to Educational institutions as well. (Sept 2021)

## ANNEXURE REFERRED TO IN REPLY TO PART (d) OF THE LOK SABHA UNSTARRED QUESTION NO. 601 FOR ANSWER ON 20.07.2022.

## Programs Launched under Startup India initiative

The  details  of  various  programs  undertaken  by  the  Government  to  promote Startup India initiative across the country are as under:

1. Startup India Action Plan : An Action Plan for Startup India was unveiled on 16 th January 2016. The Action Plan comprises of 19 action items spanning across areas such as 'Simplification and handholding', 'Funding support and incentives' and  'Industry-academia  partnership  and  incubation'.  The  Action  Plan  laid  the foundation of Government support, schemes and incentives envisaged to create a vibrant startup ecosystem in the country.
2. Fund of Funds for Startups (FFS) Scheme : The Government has established FFS with corpus of Rs. 10,000 crore, to meet the funding needs of startups. The DPIIT is the monitoring agency and Small Industries Development Bank of India (SIDBI) is the operating agency for FFS. The total corpus of Rs. 10,000 crore is envisaged to be provided over the 14th and 15th Finance Commission cycles based on progress of the scheme and availability of funds. It has not only made capital available for startups at early stage, seed stage and growth stage but also played a catalytic role in terms of facilitating raising of domestic capital, reducing dependence on foreign capital and encouraging home grown and new venture capital funds.
3. Regulatory  Reforms :  52  regulatory  reforms  have  been  undertaken  by  the Government  since  2016  to  enhance  ease  of  doing  business,  ease  of  raising capital and reduce compliance burden for the startup ecosystem.
4. Support  for  Intellectual  Property  Protection :  Startups  are  eligible  for  fasttracked patent application examination and disposal. The Government launched Start-ups Intellectual Property Protection (SIPP) which facilitates the startups to file applications for patents, designs and trademarks through registered facilitators in appropriate IP offices by paying only the statutory fees. Facilitators under this Scheme are responsible for providing  general  advisory  on  different  IPRs,  and information on protecting and promoting IPRs in other countries. The Government bears the entire fees of the facilitators for any number of patents, trademark or designs, and startups only bear the cost of the statutory fees payable. Startups are provided with an 80% rebate in filing of patents and 50% rebate in filling of trademark vis-a-vis other companies.
5. Self-Certification under Labour and Environmental laws : Startups are allowed to self-certify their compliance under 9 Labour and 3 Environment laws for a period of 3 to 5 years from the date of incorporation.
6. Income Tax Exemption for 3 years: Startups incorporated on or after 1st April 2016  can  apply  for  income  tax  exemption.  The  recognized  startups  that  are granted an Inter-Ministerial Board Certificate are exempted from income-tax for a period of 3 consecutive years out of 10 years since incorporation.
7. International  Market  Access  to  Indian  Startups :  One  of  the  key  objectives under the Startup India initiative is to help connect Indian startup ecosystem to global startup ecosystems through various engagement models. This has been done though international Government to Government partnerships, participation in international forums and hosting of global events. Startup India has launched bridges with over 15 countries (Brazil, Sweden, Russia, Portugal, UK, Finland, Netherlands, Singapore, Israel, Japan, South Korea, Canada, Croatia, Qatar and UAE) that provides a soft-landing platform for startups from the partner nations and aid in promoting cross collaboration.
8. Faster Exit for Startups : The Government has notified Startups as 'fast track firms' enabling them to wind up operations within 90 days vis-a-vis 180 days for other companies.
9. Startup India Hub : The Government launched a Startup India Online Hub on 19 th June  2017  which  is  one  of  its  kind  online  platform  for  all  stakeholders  of  the entrepreneurial ecosystem in India to discover, connect and engage with each other.  The  Online  Hub  hosts  Startups,  Investors,  Funds,  Mentors,  Academic Institutions, Incubators, Accelerators, Corporates, Government Bodies and more.
10. Exemption for the Purpose Of Clause (VII)(b) of Sub-section (2) of Section 56 of the Act (2019) : A DPIIT recognized startup is eligible for exemption from the provisions of section 56(2)(viib) of the Income Tax Act.
11. Startup India Showcase : Startup India Showcase is an online discovery platform for the most promising startups of the country chosen through various programs for startups exhibited in a form of virtual profiles. The startups showcased on the platform have distinctly  emerged  as  the best  in  their  fields.  These  innovations span across various cutting-edge sectors such as Fintech, EntrepriseTech, Social Impact, HealthTech, EdTech, among others. These startups are solving critical problems  and  have  shown  exceptional  innovation  in  their  respective  sectors. Ecosystem  stakeholders  have  nurtured  and  supported  these  startups,  thereby validating their presence on this platform.
12. National Startup Advisory Council : The Government in January 2020 notified constitution of the National Startup Advisory Council to advise the Government on measures  needed  to  build  a  strong  ecosystem  for  nurturing  innovation  and startups in the country to drive sustainable economic growth and generate large scale employment opportunities. Besides the ex-officio members, the council has a  number of non-official  members,  representing  various  stakeholders  from  the startup ecosystem.
13. Startup  India:  The  Way  Ahead :  Startup  India:  The  Way  Ahead  at  5  years celebration of Startup India was unveiled on 16 th  January 2021 which includes actionable plans for promotion of ease of doing business for startups, greater role

of technology in executing various reforms, building capacities of stakeholders and enabling a digital Aatmanirbhar Bharat.

14. Startup  India  Seed  Fund  Scheme  (SISFS): Easy  availability  of  capital  is essential for entrepreneurs at the early stages of growth of an enterprise. The capital required at this stage often presents a make-or-break situation for startups with good business ideas. The Scheme aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and  commercialization.  Rs.  945  crore  has  been  sanctioned  under  the  SISFS Scheme for period of 4 years starting from 2021-22.

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