The Department of Industrial Policy and Promotion has come out with a definition for a startup in India. Accordingly, an enterprise is considered a startup up to five years of its incorporation and if its turnover has not exceeded Rs 25 crore for the financial years. All new products,services & businesses certified by any incubation Center.Simplest possible definition of a Startup https://t.co/KC1oxXrP2o — Amitabh Kant (@amitabhk87) February 22, 2016 The DIPP also said that a startup will have to work towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property. The DIPP clarified that an existing business which is split up or reconstructed cannot be considered a startup. The government added that to get the tax benefits announced during the Start Up India, Stand Up India event will have to be certified by an inter-ministerial committee consisting of the Joint Secretary, Department of Industrial Policy and Promotion, a representative of Department of Science and Technology, and representative of Department of Biotechnology. To be recognized by the government, startups will have to fill out an application on the DIPP's website or mobile app. Any one of the following documents may be submitted for the application: - A recommendation with regard to innovative nature of business, in a format specified by DIPP from any Incubator established in a postgraduate college in India. - Or a letter of support by any incubator which is funded from Government of India or any State Government as part of any specified scheme to…
