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News on Medial
Govt is working on a plan to fuel investments in startups
Economic Times
·
1y ago
Medial
India is working on an action plan to encourage investment in the startup sector. The plan includes scaling up the existing Startup India initiative and tracking performance indicators such as investments, number of startups, and employment generation. The Department for Promotion of Industry and Internal Trade (DPIIT) is leading the discussions on this plan.
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Govt To Introduce A ‘Single’ Platform For Startups, VCs To Ensure Better Collaboration: Priyank Kharge
Inc42
·
1y ago
Medial
The Indian state of Karnataka, particularly Bengaluru, remains the country's top startup hub despite a decline in funding. The state government has disbursed over INR 50 crore ($7 million) as grants and supported 208 startups in the past six months. Beyond funding, Karnataka provides support to startups through initiatives like the Global Innovation Alliance-Market Access Programme (GIA-MAP) and a public procurement policy for sourcing from startups. The government is working on strengthening the AI ecosystem in Bengaluru and attracting investments outside the state capital through its Beyond Bengaluru program. Additionally, outdated policies and excessive taxation on startups are among the challenges that need to be addressed.
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Over 17,000 Indian startup employees laid off in the first half of 2023 as funding winter refuses to thaw
Economic Times
·
2y ago
Medial
Startups, which heavily rely on external investments to fuel their growth, have been forced to downsize due to a decline in investor funding. The lack of new investments flowing into the industry has become the biggest challenge for these startups, resulting in cost-cutting measures and cash conservation.
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Govt needs to boost financial support to startups: Snapdeal founder
Economic Times
·
1y ago
Medial
The government needs to increase financial support for the startup ecosystem in order to create a pool of domestic capital for new age businesses, according to Kunal Bahl, cofounder of Titan Capital and founder of Snapdeal. The government's Fund of Funds has invested in 140 domestic funds, but Bahl believes that the allocated amount of $1.2 billion over 10 years is too small for a nation of India's ambition and size. He suggests that the government should provide Rs 5,000 or Rs 10,000 crore annually to fuel the ecosystem. This conversation about boosting capital comes at a time when the startup ecosystem is experiencing a slowdown, with a majority of ownership in startups beyond Series C belonging to overseas funds. The government is reportedly working on a framework to reduce investment risks for local pension funds and insurers in the startup sector.
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The clean jet fuel technology winning over Wall Street
Livemint
·
10m ago
Medial
Startups aiming to reduce aircraft emissions by producing clean jet fuel are attracting significant investments. Twelve, a company mimicking photosynthesis to create low-emission jet fuel, recently raised $645m, valuing the firm at over $1bn. Other startups, such as Infinium and Prometheus Fuels, have also secured large funding deals. The use of chemistry to transform carbon dioxide, water and renewable electricity into energy is considered a practical long-term fuel source. These eFuels are seen as potentially replacing fossil fuels and are gaining support as a part of the energy transition.
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Govt Equipping More Than 100 Colleges With Chip Design Tools
Inc42
·
1y ago
Medial
The Indian government is equipping over 100 colleges with electronic design automation (EDA) tools from Siemens, Synopsys, and Cadence to develop talent for the chip industry. The government's Chips to Startups (C2S) initiative aims to train 85,000 individuals over five years in very large-scale integration and embedded system design. Siemens has been working with the Ministry of Electronics and Information Technology to establish an EDA tools grid as part of the design-linked incentive scheme for chip startups. The government's focus on the semiconductor ecosystem has led to a rise in the number of semiconductor startups in the country.
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No angel tax scrutiny for DPIIT-recognised startups: Govt
News 18
·
1y ago
Medial
Startups registered with DPIIT (Department for Promotion of Industry and Internal Trade) will not be subjected to assessment proceedings for angel tax amendments introduced in Budget 2023. The Budget widened the scope of angel tax to include foreign investments, but exemptions were provided for startups registered with DPIIT. In a circular, the CBDT (Central Board of Direct Taxes) stated that if a DPIIT-recognised startup is chosen for scrutiny regarding angel tax, the assessing officer will not verify the case and the startup's contention will be accepted. This provides much-needed clarity on the applicability of angel tax on registered startups.
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Govt Greenlights INR 50 Lakh Grants Each For 4 Textile Startups
Inc42
·
11m ago
Medial
The GREAT scheme, part of India's National Technical Textiles Mission, plans to support startups working on projects related to composites, sustainable textiles, and smart textiles. The initiative aims to promote entrepreneurship and innovation in the field of technical textiles. It is projected that the Indian technical textile industry will reach a market size of $309 billion by 2047.
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Govt granted income tax benefits to 2,975 recognised startups so far
Inc42
·
1y ago
Medial
The Indian government has granted income tax exemptions to a total of 2,975 startups that have been recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) so far. This initiative falls under the Startup India program, aiming to encourage and support the growth of Indian startups. The government is also working on formulating a standard operating procedure (SOP) to fast-track applications for eligibility certificates to claim tax benefits. The government has also granted 1,800 intellectual property rights to startups and introduced various funding schemes to support their growth.
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Delhi Govt Aims to Back 15,000 Startups By 2030
Startup News FYI
·
1y ago
Medial
The Delhi government has finalized a draft of its startup policy, aiming to support and encourage 15,000 startups by 2030. The policy includes collateral-free loans, expert guidance, and support for college students. The goal is to establish Delhi as a global innovation hub and the preferred location for startups. The policy aims to provide comprehensive support mechanisms and financial assistance to entrepreneurs, with a focus on creating a supportive ecosystem for innovation-driven economic growth. The government is also working on the development of the Dilli Bazar portal to connect with customers and plans to onboard over 100,000 city shops within six months.
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Nawgati: an AI-powered platform that provides real-time updates on congestion and wait time at fuel stations
YourStory
·
1y ago
Medial
Nawgati is an AI-powered platform that provides real-time updates on fuel station congestion. Founded by Vaibhav Kaushik, Aalaap Nair, and Aryan Sisodia, the startup offers a one-stop fuel aggregator platform that helps fuel stations and consumers plan ahead, make informed decisions, and save time and money. They use deep learning technology to monitor vehicle movement, provide information on fuel rates and availability, and offer insights for fuel station operators to reduce congestion. Nawgati aims to enhance the fueling experience and expand its services to include electric vehicle charging stations.
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