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Credit Guarantee Fund for Start-UPS

The Government is planning to set up a Credit Guarantee Fund (CGF) for encouraging start-up companies with a view to providing funding facilities in the country. The scheme has yet to be made operational.

Incentives being provided to Startups under Startup India initiative are:

i. Self-Certification under 6 Labour Laws & 3 Environmental Laws

ii. Relaxations in Public Procurement Norms

iii. Faster exit under the Bankruptcy Code

iv. Rebates on Patent & Trademark filing fees, support from facilitators and expedited examination of Patent application

v. Income Tax exemption

vi. Exemption from Income Tax on investments received above fair market value

vii. Funding support under the Fund of Funds for Startups

viii. Guidance and facilitation support from Startup India Hub

Department of Industrial Policy and Promotion hosted Startup India Global Venture Capital Summit 2018 on 7th December 2018 in Goa.

It was a gathering of global fund managers, limited partners, officials from the Government of India and innovative startups. The dialogue focused on the huge return-generating potential of India’s vast and diverse market monetized through cutting-edge technologies supported by investor-friendly regulations. The objectives of the Summit were:

i. Showcasing the opportunities in India by discussing and highlighting sectors that provide a wide array of investible opportunities

ii. Increasing capital flow for Indian startups by showcasing high quality tech & non tech Indian startups to the global investor community

iii. Fostering ease of doing business by Identifying and discussing issues raised by investor community

The event was attended by 30 Startups of which 27 were Indian Startups and 3 Startups were from the United States of America. The number of Indian and foreign Venture Capital funds that attended the summit is given below:

S. No. Country Unique Funds
1 India 45
2 Japan 12
3 USA 3
4 China 2
5 Hong Kong 2
6 Korea 1
7 Russia 1
8 Singapore 1
9 Sri Lanka 1

8,993 startups were recognised by Department of Industrial Policy and Promotion during the year 2018.

This information was given by the Minister of State of Commerce and Industry, C. R. Chaudhary, in a written reply in the Lok Sabha today.

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