Startup Portal to Be Launched Next Week, Says DIPP

"In another week's time, we are going to start the startup portal and the process of registration of start-ups also," Ramesh Abhishek, secretary of the Department of Industrial Policy and Promotion (DIPP), said at a post-budget interaction in New Delhi organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).

"We are also working with state governments to ensure that self-certification work in case of labour and skill development laws are put in place for start-ups," he said.

Besides the Startup India initiative launched earlier this year, the DIPP has issued the definition of start-ups and is making it easier for them to file patent applications, Abhishek added.

The Union Budget for 2016-17, presented on Monday, proposed full tax exemption for startups for three years.

Besides, a special patent regime has been proposed with a 10 percent rate of tax on income from worldwide exploitation of patents developed and registered in India in order to promote innovations

The Startup India action plan has proposed a "Fund of Funds" to raise Rs. 2,500 crores annually for four years for financing startups.