Advertisement
Wednesday, Dec 01, 2021
Outlook.com
Outlook.com

DPIIT working on guidelines for National Seed Fund: Mohapatra

DPIIT working on guidelines for National Seed Fund: Mohapatra
outlookindia.com
1970-01-01T05:30:00+0530
New Delhi, Feb 2 (PTI) The Department for Promotion of Industry and Internal Trade (DPIIT) is working on guidelines for a National Seed Fund that was announced in the Budget for 2020-21 to help start-ups and budding entrepreneurs, a top government official said.

DPIIT Secretary Guruprasad Mohapatra said that most of the start-ups actually face problem in raising finance or funds in the ideation to the proof of concept stage.

He said that now the finance minister has announced a proposal in the Budget on Saturday for providing seed fund to start-ups, the department will work on this.

Finance Minister Nirmala Sitharaman proposed to provide early life funding, including a seed fund to support ideation and development of early stage start-ups.

"So now we will move a Cabinet note and create a fund and guidelines in this regard," Mohapatra told PTI.

He said that the department will work on a National Seed Fund policy and creation of the fund.

In their interactions with the department, start-ups have time and again demanded formulation of a national seed fund scheme.

Some states and central government departments like Biotechnology Industry Research Assistance Council have their own seed fund scheme but they are small and are not pan-India, the secretary said.

The department has already held discussions with states, and central government departments that have such schemes in this regard.

The secretary also said that the budget announcement regarding employee stock option plan (ESOP) will help start-ups in further strengthening startup ecosystem in the country.

"In order to give a boost to startup ecosystem, I propose to ease the burden of taxation on the employees by deferring the tax payment by five years or till they leave the company or when they sell, whichever is earliest," the finance minister has said.

ESOP is a significant component of compensation for employees. Currently, it is taxable.

On the budget, Mohapatra said that the need of the hour is to encourage investments and to that extant there are lot of positive things in the budget.

"It is a pro-investment budget," he added. PTI RR MR

MR


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

More from Website

Jonita Gandhi: The Message Of A Song Is Always Very Important For Me

Jonita Gandhi: The Message Of A Song Is Always Very Important For Me

Singer Jonita Gandhi has been striking the right chords with her recent Punjabi hit song, ‘Chal Koi Na’. Talking to Outlook, Gandhi speaks up about the song, her love for the messaging of any song, and lots more.

Government Says

Government Says "Declining Trend In Covid Cases, But Surge Cannot Be Ruled Out As Virus Continuously Evolving"

Listing some of the interventions, Pawar said that the Ministry of Health continues to provide technical guidance for managing various aspects of COVID-19 and so far more than 150 guidelines/advisories/SoPs/plans have been provided to states and UTs.

IPL 2022 Retention List: Who Stays And Who Goes - Full Team Lists

IPL 2022 Retention List: Who Stays And Who Goes - Full Team Lists

With only 28 players getting retained by the eight existing teams, the pool for the IPL mega auction will be replete with global cricket superstars. But before that, the two new teams will pick their stars during a special player draft.

More from Outlook Magazine

Of Protests, Heart Attack And Success: 74-Year-Old Farmer Recalls Her Journey From Amritsar To Singhu

Of Protests, Heart Attack And Success: 74-Year-Old Farmer Recalls Her Journey From Amritsar To Singhu

A 74-year-old woman from Amritsar narrates how she braved social prejudice, bitter cold and a heart attack to stay put at Singhu border with other protestors.

Dissent Is A Work Of Art

Dissent Is A Work Of Art

As a medium of ethical intervention, art has been pivotal in conveying messages of recent protests to the masses

From Arab Spring To Anti-Covid Stir, How The World Is Protesting

From Arab Spring To Anti-Covid Stir, How The World Is Protesting

Democracy is straining at the seams as authoritarian governments across the world lock horns with citizens.

Advertisement

Outlook Newsletters

Advertisement
Advertisement