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<keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">Startups</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> have high expectations from this year's upcoming <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword>. Early-age startups hope for the removal of angel taxes, while <keyword id="20677283" type="General" weightage="20" keywordseo="health-tech-startups" source="keywords">health tech startups</keyword> expect increased <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> for the sector. Startups function as engines of economic growth, playing a crucial role in generating new jobs, ideas, products, and services. As of December 2023, the Department for Promotion of Industry and Internal Trade (DPIIT) had recognised 1,17,254 startups. These startups have reportedly created over 12.42 lakh direct jobs, significantly impacting the economy. Eklavya Gupta, CEO and Co-founder of Recur Club, stated, "We are confident that India's business credit landscape is on the brink of a major digital overhaul. FinTechs are at the forefront of this change, deploying innovative technologies and utilising in-depth data analytics to streamline and expand <keyword id="20974354" type="General" weightage="20" keywordseo="credit-access" source="keywords">credit access</keyword>." He added, "While the current allocation of Rs 10,000 crore is an excellent initial step, realising the full capabilities of India's SME and startup ecosystem will necessitate greater investment, especially in credit guarantee schemes." Vinod K Singh, Co-Founder and CTO of Concirrus, expressed his expectations from the budget: "As the Union Budget 2024-25 approaches, we hope the government will address the pressing issue of the 'angel tax.' Eliminating this tax will enhance capital formation and attract vital <keyword id="19895633" type="General" weightage="20" keywordseo="investments" source="keywords">investments</keyword>. Streamlining the duty structure and reducing high tariffs on electronic inputs are also crucial to bolstering the startup ecosystem and driving innovation. Expanding the Fund of Funds and introducing low-interest loans would be beneficial." Rajiv Lamba, co-founder and CEO of AI-enabled customer feedback platform Surveysensum, added, "Just as the government has prioritised financial inclusion, it should now focus on <keyword id="22405441" type="General" weightage="20" keywordseo="technological-inclusion" source="keywords">technological inclusion</keyword> to propel India to the next stage of growth. By training youth in AI, the government can make a strategic investment in the nation's technological future. Given the rapidly evolving job market, a substantial increase of 20 to 25 percent in budget allocation should be considered for AI-based skill development and entrepreneurship." He further emphasised, "Incentivizing investment in <keyword id="20328842" type="General" weightage="20" keywordseo="AI-startups" source="keywords">AI startups</keyword> and R&amp;D initiatives can boost local innovation in the AI space. The last budget introduced a deep tech fund of Rs 1 lakh crore with a 50-year interest-free loan period; the government should now establish a clear and transparent mechanism for access to this fund." Raja S, founder and MD of Hearzap, highlighted the expectations of health tech startups: "Health tech startups are eagerly anticipating increased funding that could usher in transformative advancements. This crucial investment holds the promise of extending cutting-edge healthcare solutions to rural and underserved areas, effectively bridging existing gaps in care. The upcoming budget ensures that every individual in our diverse population, from the youngest to the oldest, can access essential health services, including specialised care." Discussing taxation for startups in India, Vvihan Gulati, Director of Mediagraphics PR, commented, "Removing the angel tax is a highly anticipated move that would benefit early-stage startups and their investors. It would foster a more favourable environment for innovation and growth, allowing startups to attract much-needed capital without the burden of excessive taxation. This change could significantly enhance the ease of doing business and contribute to the overall growth of the startup ecosystem in India." The Union Budget 2024 will be tabled on July 23 by Union Finance Minister Nirmala Sitharaman. With this, she will become the first Finance Minister to deliver seven consecutive budgets, surpassing Morarji Desai. She presented the interim budget on February 1 of this year.

Startups demand angel tax elimination, incentives on investments in upcoming budget

Nearly 88 per cent of the investments made by Alternative Investment Funds (<keyword id="1006423" type="General" weightage="80" keywordseo="aifs" source="Orion">AIFs</keyword>) under the Startups <keyword id="3483659" type="General" weightage="80" keywordseo="ffs" source="Orion">FFS</keyword> (Fund for Funds) Scheme have gone to five states. <keyword id="6354780" type="General" weightage="20" keywordseo="karnataka" source="Orion">Karnataka</keyword> has topped the list of states with an investment of Rs 4,687 crore out of the total investment of Rs 14,077 crore spread across the country. The Fund of Funds for Startups (FFS) Scheme was approved and established in 2016 with a corpus of Rs 10,000 crore, with contribution spread over the 14th and 15th Finance Commission cycle based on progress of implementation, to provide a much-needed boost to the Indian startup ecosystem and enable access to domestic capital. As on December 31, 2022, under FFS, Rs 7,980 crore has been committed to 99 AIFs and Rs 3,400 crore has been disbursed to 72 AIFs which have in turn made investments of Rs 14,077 crore in 791 startups. The government data said that while Karnataka got an investment of Rs 4687 crore for 240 startups under the scheme, Maharashtra's 176 startups received an investment of Rs 3,426 crore and Delhi's 138 startups got Rs 2,254 crore. Similarly, in Haryana 60 startups received an investment of Rs 1,148 crore and in <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>, 29 startups got an investment of Rs 826 crore. Under FFS, the Scheme does not directly invest in startups, instead it provides capital to SEBI-registered Alternative Investment Funds (AIFs), known as daughter funds, who in turn invest money in growing Indian startups through equity and equity-linked instruments. The <keyword id="104385" type="General" weightage="50" keywordseo="small-industries-development-bank-of-india" source="Orion">Small Industries Development Bank of India</keyword> (SIDBI) has been given the mandate of operating this Fund through selection of suitable daughter funds and overseeing the disbursal of committed capital. AIFs supported under FFS are required to invest at least two times of the amount committed under FFS in startups. The Government with an intent to build a strong ecosystem for nurturing innovation, startups and encouraging private investments in the startup ecosystem of the country launched Startup India initiative on January 16, 2016. The flagship Schemes including Fund of Funds for Startups (FFS), <keyword id="9949511" type="General" weightage="50" keywordseo="startup-india-seed-fund-scheme" source="Orion">Startup India Seed Fund Scheme</keyword> (SISFS) and Credit Guarantee Scheme for Startups (CGSS) support startups at various stages of their business cycle to enable startups to graduate to a level where they are able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions. Officials said that over 50 regulatory reforms have been undertaken by the Government since 2016 to enhance ease of doing business, ease of raising capital and reduce compliance burden for the startup ecosystem. Besides, to enable ease of procurement, Central Ministries and Departments have been directed to relax conditions of prior turnover and prior experience in public procurement for all DPIIT recognised startups subject to meeting quality and technical specifications. Further, Government e-Marketplace (GeM) Startup Runway has been developed which is a dedicated corner for startups to sell products and services directly to the Government. The Government also implements flagship annual exercises and programs including States' Startup Ranking, National Startup Awards and Innovation Week which play an important role in holistic development of the startup ecosystem. The Government also facilitates participation and engagement of the Indian startup ecosystem at international platforms. SEE ALSO: <a href="https://www.businessinsider.in/thelife/news/chatgpt-wrote-6-love-letters-as-the-bard-chandler-bing-an-srk-fan-more-heres-what-it-missed/articleshow/97823242.cms">ChatGPT wrote 6 love letters as the Bard, Chandler Bing, an SRK fan &amp; more – here’s what it missed</a> <a href="https://www.businessinsider.in/finance/news/direct-tax-collections-fy-2022-23-records-growth-at-15-67-lakh-cr/articleshow/97821630.cms">Direct Tax Collections (FY 2022-23) records growth at ₹15.67 lakh cr</a> <a href="https://www.businessinsider.in/thelife/news/poet-amjad-islam-amjad-passes-away-at-78-adnan-sami-pays-condolences/articleshow/97815855.cms">Poet Amjad Islam Amjad who wrote Man Ki Lagan, passes away at 78</a>

88% of ₹14,000 cr AIF funding goes to startups in 5 states - Karnataka tops the list

<a href="https://businessinsider.com/confessions-of-a-startup-founder-wife-marriage-tiktok-games-2023-11"></a><ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Halfway to the weekend! For much of the US, the cold weather is settling in and it's getting darker earlier. Here's some advice from a therapist on <a href="https://www.insider.com/tips-for-seasonal-depression-from-therapist-who-experiences-it-2023-11" target="_blank" rel="noopener">how to get through</a> what can be a difficult time of year for many of us. In today's big story, a Business Insider reporter gives her unique perspective on <a href="https://businessinsider.com/confessions-of-a-startup-founder-wife-marriage-tiktok-games-2023-11" target="_blank" rel="noopener">navigating life as a startup founder's wife</a>.What's on deck: <ul><li>Markets: Inflation <a href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11" target="_blank" rel="noopener">cooled in October</a>, leading one market expert to label it a "<a href="https://newsletter.businessinsider.com/click/33372156.1298281/aHR0cHM6Ly9tYXJrZXRzLmJ1c2luZXNzaW5zaWRlci5jb20vbmV3cy9zdG9ja3MvZmVkLXJhdGUtY3V0cy1mb3JlY2FzdC0yMDI0LW9jdG9iZXItaW5mbGF0aW9uLWRyb3AtY3BpLWdhbWVjaGFuZ2VyLTIwMjMtMTE_dXRtX21lZGl1bT1uZXdzbGV0dGVyJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX2NhbXBhaWduPUluc2lkZXJfVG9kYXk/63c964d0fd0e8ffc6308a4aeB6a43f2fc" target="_blank" rel="noopener">gamechanger</a>."</li><li>Tech: Amazon is <a href="https://www.businessinsider.com/amazon-suspends-promotions-employees-not-meeting-rto-mandate-2023-11" target="_blank" rel="noopener">blocking promotions for employees</a> who don't comply with its RTO policy.</li><li>Business: A long-time Airbnb host sounds off on the <a href="https://www.businessinsider.com/nyc-airbnb-ban-short-term-rentals-craigslist-scams-2023-11" target="_blank" rel="noopener">impact of NYC's de-facto ban</a>.</li></ul>But first, let's talk this out.<h3>The big story</h3><h2>A founder's other backer</h2><a href="https://businessinsider.com/confessions-of-a-startup-founder-wife-marriage-tiktok-games-2023-11"></a><div type="image" title="A man on the left writes ideas on post-it notes, while a woman on the right types on her computer." height="960" width="1920" msid="105240099" hostid="261" sizebytes="225932"></div>The startup world is not for the faint of heart.Long hours, stressful work, and layoffs are commonplace. And for your efforts, you're more than likely to fail. Still, tech entrepreneurs know what they're signing up for. For most, it's better to fail trying than to just be a cog in the wheel of a corporate giant. But what about their significant others? For many founders, there is a spouse or partner by their side. And while it's not their dream, that doesn't make navigating the heartache and turmoil any easier. Business Insider's Melia Russell knows those challenges all too well. <a href="https://businessinsider.com/confessions-of-a-startup-founder-wife-marriage-tiktok-games-2023-11" target="_blank" rel="noopener">In this fascinating essay</a>, she details her life as a founder's wife, watching from the sidelines as her husband's company tries to stay afloat during an <a href="https://www.businessinsider.com/silicon-valley-fears-exctinction-event-startup-failure-rate-increase-2023-6" target="_blank" rel="noopener">unprecedented time for startups</a>.Melia's account of her relationship with Kyle and his startup is equal parts entertaining, heartwrenching, and informative. It also provides another perspective on the <a href="https://www.businessinsider.com/news-today-october-25-startup-workers-layoffs-morale-tech-2023-9" target="_blank" rel="noopener">high-stress world of launching a company</a>.<a href="https://businessinsider.com/confessions-of-a-startup-founder-wife-marriage-tiktok-games-2023-11"></a><div type="image" title="Kyle works out with dumbells." height="450" width="900" msid="105240100" hostid="261" sizebytes="58220"></div>As if being a founder spouse wasn't difficult enough, Melia has the bonus of <a href="https://www.businessinsider.com/author/melia-russell" target="_blank" rel="noopener">covering the space as a reporter</a>.Imagine spending a good chunk of your workday researching and writing about all the things that can go wrong in an industry the person you love is endlessly pursuing. It's like an emergency-room doctor marrying a stunt performer.(To be sure, everything Melia writes isn't <a href="https://www.businessinsider.com/ypo-young-presidents-organization-secret-club-for-ceos-2021-4" target="_blank" rel="noopener">doom</a> and <a href="https://www.businessinsider.com/women-venture-capital-change-maternity-leave-policy-culture-2022-10" target="_blank" rel="noopener">gloom</a>.)When I asked Melia about the piece, she said it was the hardest thing she's ever written. But she found the process cathartic. Working on the story forced her to have difficult but important conversations with Kyle, and address issues head-on she's long fostered but rarely communicated.That, in a nutshell, is one of the biggest takeaways Melia said she hopes other founders' partners will get from the piece: communication is critical. And while that's true of any relationship, it's especially pertinent in the volatile startup ecosystem.Bottling up those emotions to be a spouse's "relentlessly positive cheerleader" can weigh on a person, Melia told me. She also recommends finding people in similar situations. Being a founders' partner is the type of thing that can only be understood by being a founders' partner.Never one to miss an opportunity, Melia told me she's happy to chat. You can <a href="mailto:mrussell@businessinsider.com" target="_blank" rel="noopener">ping her here</a>.<h2>3 things in markets</h2><a href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11"></a><div type="image" title="a customer shops for halloween candy" height="667" width="889" msid="105240101" hostid="261" sizebytes="73024"></div><ol><li> Inflation cools off. The Consumer Price Index <a href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11" target="_blank" rel="noopener">increased 3.2% on an annual basis</a>, which was lower than expected and a smaller bump than September's 3.7% increase. PIMCO's former chief economist called it a "gamechanger," and said the <a href="https://markets.businessinsider.com/news/stocks/fed-rate-cuts-forecast-2024-october-inflation-drop-cpi-gamechanger-2023-11" target="_blank" rel="noopener">Fed's next move will be to cut rates</a>. Bank of America also seems optimistic <a href="https://www.businessinsider.com/cpi-inflation-october-outlook-economy-markets-fed-rate-hike-bofa-2023-11?miRedirects=1" target="_blank" rel="noopener">the rate-hiking cycle is over</a>, while Fundstrat's Tom Lee said inflation <a href="https://markets.businessinsider.com/news/stocks/stock-market-face-ripper-rally-inflation-hits-wall-cpi-fundstrat-2023-11" target="_blank" rel="noopener">might be finally hitting a wall</a>.</li><li> What to expect when you're expecting… a bonus. We're a few months away from bonus season, where finance employees find out how big — or little — the discretionary part of their compensation is. One expert predicts another tough year, with exceptions in areas like equity underwriting and wealth management. <a href="https://www.businessinsider.com/bonuses-at-banks-hedge-funds-private-equity-alan-johnson-report-2023-11" target="_blank" rel="noopener">Here's a breakdown by division of what to expect.</a></li><li>While Wall Street's titans worry about a world war, the market shrugs. Big names like Ray Dalio and Jamie Dimon have warned about the state of the world following Hamas' attack on Israel. <a href="https://markets.businessinsider.com/news/stocks/ray-dalio-jamie-dimon-billionaire-investors-world-war-iii-outlook-2023-11" target="_blank" rel="noopener">But the market seems unbothered</a>, with the S&amp;P 500 and Nasdaq Composite both up since the October 7 attacks.</li></ol><h2>3 things in tech</h2><a href="https://www.businessinsider.com/amazon-suspends-promotions-employees-not-meeting-rto-mandate-2023-11"></a><div type="image" title="amazon logo in a building lobby" height="667" width="889" msid="105240102" hostid="261" sizebytes="19966"></div><ol><li> Leaked doc: Amazon is blocking the promotion of employees who don't comply with the company's return-to-office policy. Those who aren't going into the office at least three times a week will <a href="https://www.businessinsider.com/amazon-suspends-promotions-employees-not-meeting-rto-mandate-2023-11" target="_blank" rel="noopener">need a VP's approval</a> to get the proposed promotion, internal messages show. It's the latest update to Amazon's unusually contentious return-to-office process.</li><li>Google's lawyer reportedly "visibly cringed" when a confidential metric was revealed in court. Apple and Google have both been fighting against revealing <a href="https://www.businessinsider.com/google-lawyer-cringed-court-confidential-apple-payment-ad-revenue-report-2023-11" target="_blank" rel="noopener">details of their search-engine agreement</a>. But an expert witness accidentally leaked that Google hands over 36% of its Safari search ad revenue to Apple.</li><li>AI is going to force millions of workers to train for new jobs. The US has historically been terrible at this — just look at the loss of millions of US manufacturing jobs in the early 2000s. To <a href="https://www.businessinsider.com/jobs-ai-chatgpt-career-change-reskilling-tech-training-workers-disruptions-2023-11" target="_blank" rel="noopener">avoid the same catastrophe</a>, US companies need to make major retraining investments.</li></ol><h2>3 things in business</h2><a href="https://www.businessinsider.com/nyc-airbnb-ban-short-term-rentals-craigslist-scams-2023-11"></a><div type="image" title="red-brick buildings on a nyc street" height="666" width="888" msid="105240104" hostid="261" sizebytes="112126"></div><ol><li>"Why NYC's Airbnb ban is a slap in the face to people like me." A New York City resident who rented their spare bedroom for years didn't qualify for a license under the city's new short-term-rental rules. Their <a href="https://www.businessinsider.com/nyc-airbnb-ban-short-term-rentals-craigslist-scams-2023-11" target="_blank" rel="noopener">finances now feel less secure</a>, and finding guests has become more difficult. </li><li>A Q&amp;A with the chief product officer at Discovery Education. Pete Weir dishes on <a href="https://www.businessinsider.com/how-ai-helps-employees-according-to-a-chief-product-officer-2023-11">how they're testing and using AI</a>. Weir said that the tech isn't meant to replace teachers — it's meant to augment them.</li><li>Meet the typical HENRY. The <a href="https://www.businessinsider.com/henry-student-loans-six-figure-income-millennial-gen-z-retirement-2023-11" target="_blank" rel="noopener">typical profile of a high earner, not rich yet</a> is a 32-year-old with a college degree, six-figure income, and no kids. They also live in a city but have $80,000 in student-loan debt to pay off.</li></ol><h2>In other news</h2><ul><li><a href="https://www.businessinsider.com/will-there-be-government-shutdown-house-passes-laddered-bill-funding-2023-11" target="_blank" rel="noopener">The House managed to pass a bill avoiding a government shutdown just days before funding runs out</a></li><li><a href="https://www.insider.com/le-bal-des-debutantes-paris-participant-preparation-impact-2023-11" target="_blank" rel="noopener">Inside the most exclusive debutante ball in the world, where the children of the rich and famous come out to high society</a>.</li><li><a href="https://www.businessinsider.com/supreme-court-ethics-rules-missing-word-should-shall-2023-11" target="_blank" rel="noopener">There's one word missing from the Supreme Court's new code of conduct that makes the whole thing toothless</a>.</li><li><a href="https://www.businessinsider.com/goldman-sachs-boost-trading-business-social-networks-data-analytics-2023-11">Here's how Goldman Sachs is aiming to win more trades from its biggest institutional clients</a>.</li><li><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-dow-sees-death-cross-in-bearish-signal-2023-11" target="_blank" rel="noopener">The Dow Jones has seen a dreaded "death cross." Here's what it means</a>.</li><li><a href="https://www.businessinsider.com/overemployed-workers-multiple-jobs-guide-lingo-tips-2023-11" target="_blank" rel="noopener">How to talk to your secretly "overemployed" friends</a>.</li><li><a href="https://www.businessinsider.com/new-slack-ui-update-design-custom-themes-colors-ranked-2023-11" target="_blank" rel="noopener">A definitive ranking of the new theme colors on the godawful Slack update</a>.</li><li><a href="https://www.businessinsider.com/whoopi-goldberg-criticized-for-gen-z-millennial-work-ethic-comments-2023-11" target="_blank" rel="noopener">Whoopi Goldberg is criticized online for saying Gen Z and millennials can't afford a house because they 'only want to work four hours' a day</a></li><li><a href="https://www.businessinsider.com/jeff-bezos-yacht" target="_blank" rel="noopener">Jeff Bezos' yacht reportedly cost $500 million and is the largest sailing yacht in the world. Here's what we know about it.</a></li><li><a href="https://markets.businessinsider.com/news/bonds/investors-bullish-bond-market-crash-economy-inflation-yields-fed-rates-2023-11" target="_blank" rel="noopener">CHART OF THE DAY: Investors haven't been this bullish on bonds since the depths of the Great Financial Crisis</a>.</li></ul><h2>What's happening today</h2><ul><li>The 16th annual Steve Irwin Day at the Australia Zoo is today. It celebrates the Crocodile Hunter's life — he died in 2006 from a stingray attack.</li><li>Microsoft Ignite, an annual developer and IT professional conference, kicks off today. CEO Satya Nadella is expected to give a keynote related to AI.</li><li>Earnings today: Target, Cisco, <a href="https://markets.businessinsider.com/earnings-calendar" target="_blank" rel="noopener">and other companies</a>.</li></ul><h3>For your bookmarks</h3><h2>Centenarian longevity tips</h2><a href="https://www.insider.com/longevity-tips-centenarian-who-played-golf-younger-friends-2023-11"></a><div type="image" title="Janet Gibbs, 102, pictured at a Centenarian Club tea party" height="750" width="1000" msid="105240105" hostid="261" sizebytes="27212"></div>A 102-year-old woman revealed her tips for living to 100. Her <a href="https://www.insider.com/longevity-tips-centenarian-who-played-golf-younger-friends-2023-11" target="_blank" rel="noopener">top longevity tips</a> include walking a lot and having younger friends.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

The hidden woes of being in a relationship with a startup founder

<ul><li>As many as 19,351 startups are recognised under the <keyword id="3003094" type="PERSON" weightage="20" keywordseo="Startup-India">Startup India</keyword> Initiative, since 2016. </li><li>The government had set up a fund of funds infusing ₹100 billion to invest in Indian startups. </li><li>Maharashtra and Karnataka has the maximum number of recognised startups.</li></ul>The Startup India Initiative, which was introduced for the recognition of startups, has come a long way. The government had set up a fund of funds infusing ₹100 billion to <a href="http://pib.nic.in/PressReleseDetail.aspx?PRID=1576140">invest in Indian startups</a>, as a part of the Startup India Initiative. The initiative’s aim was to enable knowledge exchange and provide easy access to funding. As of now, it has listed 18,861 startups since its inception, which are recognized by the Department for Promotion of Industry and Internal Trade(DPIIT). Last month, 814 new startups received recognition by the Indian government, Mint<a href="https://www.livemint.com/companies/start-ups/make-in-india-boost-govt-recognises-one-start-up-per-hour-in-may-1559716080991.html"> reported</a>. Overall, as many as 19,351 startups recognised under the initiative since 2016. And, Maharashtra recognised the maximum number of startups, according to the report. <table style="border-width: initial; border-style: none; width: 468pt;"></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Indian States </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Number of recognised startups </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Maharashtra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">3661 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Karnataka </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2847 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Uttar Pradesh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2552 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Delhi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">1566 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Telangana </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">1080 </td></tr></tbody></table>

Maharashtra has the most number of recognised startups: DPIIT

New Delhi, Dec 1 () The Commerce and Industry Ministry has suggested business community in the north-east region of the country to focus on sectors like textiles, start-ups and agriculture as they hold huge potential for investments, an official said.
 The government has rolled out the North East Industrial Development Scheme (NEIDS), 2017 to promote industrialisation and job creation in this region. 
 The government provides financial incentives under the scheme such as income tax and GST reimbursement.
 The Department for Promotion of Industry and Internal Trade (DPIIT), under the ministry, organised a day long symposium and workshop on Saturday in Guwahati to give a push to investments in this region.
 "We have suggested them to focus on sectors like textiles, agriculture and bamboo which hold huge potential to attract investments. There is scope for start-ups as well," the official said, adding that attracting mainland polluting industries like cement and steel was discouraged to protect natural ecology of the region.
 In the workshop, officials from the department resolved the operational issues being faced by businesses in availing benefits under NEIDS.
 "These efforts are aimed at promoting ease of doing business and giving a fillip to start-up ecosystem in the region. The workshop and symposium will help revitalise demand and supply chains to unlock new business opportunities in these states," the official added.
 The workshop was attended by senior government officials from the Centre and states, including Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Tripura, Nagaland and Sikkim.
 Representatives from national bodies like the Agricultural and Processed Food Products Export Development Authority (APEDA) and industry associations like CII also participated in the deliberations. RR
RVK

DPIIT suggests businesses of NE states to focus on textiles, start-ups, agri to attract investments

New Delhi, Mar 18 () The Department for Promotion of Industry and Internal Trade (DPIIT) will rope in a consulting agency to support it in effective and on ground implementation of initiatives for startups.The department has floated a notice inviting request for proposal (RFP) from interested agencies. The department "proposes to engage a consultancy organisation to provide support...for a period of three years, extendable one year at a time for a total duration of five years, to assist and support the department in effective and on ground implementation of Startup India Action Plan". The agency, it said, will also support the department in scaling up the Startup India initiative through manifold interventions considered important for building a strong ecosystem for budding entrepreneurs. The main objectives include handholding, supervising and monitoring implementation of recommendations for next three years; examining the need of current ecosystem; and provide short, medium and long-term suggestions for implementation by various agencies in consultation with various stake holders to scale up the initiative; and undertake the state startup ranking exercise every year by coordinating with states and other stake holders. Startup India is the flagship initiative of the government, launched in January 2016, that intends to build a strong ecosystem for the growth of startup businesses, to drive sustainable economic growth and generate employment opportunities. The Startup India action plan provides tax and other incentives.Since the launch of the initiative in 2016, a total of 28,979 startups have been recognized by DPIIT as on March 1. RR MRMR

DPIIT proposes to appoint consulting agency for Startup India initiatives

New Delhi, May 30 () The revenue department and DPIIT are working together to see what more relaxations can be given to startups under direct and indirect tax regime with a view to promote budding entrepreneurs, a top government official said on Saturday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Guruprasad Mohapatra said that they will be submitting a comprehensive vision document for startups to the Cabinet, which has proposed series of steps. Talking about the host of measures on which they are working, he said the DPIIT will be extending more funds this year to startups under the Fund of Funds scheme. It has provided over Rs 1,000 crore last year. "Right now the taxation team of department of revenue and startup India team from DPIIT are working together to see what further relaxations can be given in the direct and the indirect tax regime. We are also trying to provide marketing support to those startups who are into manufacturing by providing them space under the public procurement scheme of the central government," Mohapatra said. He was speaking at Rajasthan STRIDE virtual conclave, which was organised by Secretary in the Department of Science and Technology, Government of Rajasthan Mugdha Sinha. Mohapatra said the key elements of the startup India vision documents include increasing Fund of Funds, seed money scheme, credit guarantee scheme, and making it mandatory for all departments to promote incubators and hand-hold startups. "What we are trying to do is to make things simpler for them. We are now thinking to start a seed money kind of a concept for those startups who come from a ideation stage to a proof of concept stage. "There are some schemes for seed money in some states, and some departments in central government like biotechnology. But, we want to make it a national scheme to bring such support for the startup community," the secretary said. He also said that credit guarantee is a major problem for availing credit for startups, so the department is working on an initiative, which will give some sort of credit guarantee to startups when they approach lending institutions for either working capital or capex requirement. On Intellectual Property Rights (IPRs) front, he said the IP office in Mumbai has given an ambitious contract, which is based on AI (artificial intelligence) to examine duplication of patents and other things. "Work has started on this and I think in another couple of months, you should see significant benefits on AI based IPR solutions, where one can find out which startup has received what patent and whether that startup can be approached for the commercial use of that patent or not," he added. So far over 2,000 startups are recognised by the DPIIT alone as the department has taken several steps to strengthen startup ecosystem like extending income tax benefits, and process simplification. "These are the broadly initiatives that we are working now for startups," Mohapatra said. Moderating the session, Sinha said that convergence among various departments on this sector is the need of the hour. "Rajasthan government is also taking several steps to promote startups and ease of dong business," she said. RR BAL BAL

DPIIT, revenue dept weigh options for more tax relaxations to startups: Official

New Delhi, Dec 19 () DPIIT Secretary Guruprasad Mohapatra on Thursday expressed optimism that India will soon break into the top 50 in the World Bank's ease of doing business ranking.
 India jumped 14 places to the 63rd position in the World Bank's ease of doing business ranking released in October. India was ranked 142nd among 190 nations when Prime Minister Narendra Modi took office in 2014.
 Mohapatra was speaking at an event organised by the CII.
 As per a release issued by the industry chamber, Mohapatra said a district-wise ease of doing business plan is slowly evolving in which the four local bodies will partake in improving the business climate and ease of living, along with the centre and the state government.
 Expressing optimism of India breaking into the top 50 in the World Bank's ease of doing business ranking soon, he sounded caution that once India does that, it will be in the league of advanced industrialised countries, where any incremental progress will require even stronger reform measures from the government.
 From next year onwards, the World Bank EODB rankings will include two more cities of Bengaluru and Kolkata apart from the existing cities of Delhi and Mumbai, he said.
 Chairman of CII National MSME Council Shreekant Somany said while the government's measures to improve the business sentiments have borne fruit, the need of the hour is to focus more on short-term measures, which have potential to deliver quick results for boosting investment.
 He also underlined a few measures, such as, enhancing capacity and efficiency of the alternative dispute mechanism, fast-track disbursal of delayed payments, aligning all the states into the Shram Suvidha Portal among others, to deliver on the front.
In its 'Doing Business' 2020 report, the World Bank had commended the reform efforts undertaken by the country "given the size of India's economy". RSN NKD MKJ

DPIIT Secy optimistic of India breaking into top 50 in 'ease of doing biz' ranking soon

New Delhi, Nov 17 () The Department for Promotion of Industry and Internal Trade (DPIIT) has proposed significant cut in the compliance time to just one hour per month for start-ups as part of measures to ease regulatory requirements for budding entrepreneurs, an official said.
 The proposal is part of the Start-up India Vision 2024, prepared by the department to promote the growth of budding entrepreneurs.
 Under this vision document, the department has also proposed several other measures such as facilities of debt financing, setting up of 500 new incubators and accelerators, creating innovation zones in urban local bodies, deployment of entire corpus of Rs 10,000 crore fund of funds, operationalise credit guarantee scheme, and establishment of a seed fund.
 The department has floated a note seeking views of different ministries on this document.
 Currently, start-ups comply with a plethora of requirements such as GST filings, tax returns and other local laws every month, the official said. Compliance to these processes takes a lot of time and cost.
 Further, it has proposed providing work orders and pilot projects from the government, ranking of ministries and central public sector undertakings for their increased engagement with start-ups, and organising a global start-up event in the country.
 Startup India is the flagship initiative of the government, launched in January 2016, which intends to build a strong ecosystem for the growth of start-ups, to drive sustainable economic growth and generate employment opportunities. The Startup India action plan provides tax and other incentives.
 So far, over 24,000 start-ups have been recognised by the department. They are eligible for various tax incentives. RR HRS

Startup India Vision 2024: DPIIT for cutting compliance time to just 1 hour per month for start-ups

<ul class="summary-list"><li>Elon Musk appeared via video link at the World AI Conference in Shanghai, per Bloomberg.</li><li>Musk said he admired "Chinese people's wisdom and determination."</li></ul>Elon Musk praised China's developments in AI as he discussed the technology at a government-backed conference on Thursday, <a href="https://www.bloomberg.com/news/articles/2023-07-06/musk-lauds-china-s-ai-prowess-while-warning-of-tech-s-dangers?srnd=technology-vp" target="_blank" rel="noopener">Bloomberg</a> reported."I admire the Chinese people's wisdom and determination," Musk said, per Bloomberg. "As long as the Chinese people decide to do well in one thing, they will, including in AI."Musk appeared on screen at the World AI Conference in Shanghai, which is hosted by Chinese government ministries, per <a href="https://www.scmp.com/tech/tech-trends/article/3226429/chinas-biggest-ai-conference-kicks-week-qualcomm-sole-us-sponsor-amid-escalating-tech-rivalry" target="_blank" rel="noopener">South China Morning Post</a>.While the conference counted the likes of Amazon Web Services, IBM, and Microsoft as its strategic partners in 2019, semiconductor manufacturer Qualcomm is now the only US company sponsoring the event, per the SCMP.This year's sponsors also include Huawei and SenseTime, which have been <a href="https://www.economist.com/business/2022/10/25/ren-zhengfei-has-big-plans-for-huawei-in-spite-of-american-sanctions#:~:text=Successive%20administrations%20have%20regarded%20Huawei,proven%20and%20that%20Huawei%20denies).">sanctioned by the US</a>. The American government has long suspected that Huawei has close ties to the Chinese government and feared that its technology could be used to help China spy on the US. SenseTime – China's biggest facial recognition startup – was sanctioned by the US for its alleged role in creating facial recognition tech used to target <a href="https://www.nytimes.com/interactive/2019/11/16/world/asia/china-xinjiang-documents.html">Uyghur Muslims in the Xinjiang autonomous region of Western China</a>. Both companies have denied these allegations.OpenAI, the creator of ChatGPT, is notably not attending the conference which runs until Saturday.Musk's speech comes less than two months after he visited China for the first time since the pandemic. He met with government officials and stopped by Tesla's Shanghai Gigafactory — where he <a href="https://www.businessinsider.com/elon-musk-tesla-work-warms-heart-late-night-visit-china-2023-6">told staff late at night that their hard work "warms my heart,</a>" per a video shared by state-affiliated media.The <a href="https://www.bloomberg.com/billionaires/">world's richest person</a> received a <a href="https://www.businessinsider.com/elon-musk-china-trip-feast-restaurant-beijing-2023-5">5-star welcome, including a 16-course meal</a>. According to <a href="https://www.reuters.com/business/elon-musks-private-jet-scheduled-leave-china-thursday-flight-tracking-data-2023-05-31/" target="_blank" rel="noopener nofollow">Reuters</a>, Musk met with China's sixth highest-ranked leader, Vice Premier Ding Xuexiang — believed to be the first time he's met one-on-one with a foreign CEO. Musk also <a href="https://www.businessinsider.com/elon-musk-china-visit-economic-ties-republican-vivek-ramaswamy-2023-6">attracted criticism</a> for comments he made on the trip. <a href="https://markets.businessinsider.com/news/stocks/elon-musk-china-visit-tesla-stock-economic-decoupling-ev-market-2023-5" rel="">Musk reportedly told Chinese officials</a> that he is opposed to the two countries weakening economic ties, and described their interests as "intertwined like conjoined twins" – per a statement from China's foreign ministry.Republican candidate <a href="https://www.businessinsider.com/elon-musk-china-visit-economic-ties-republican-vivek-ramaswamy-2023-6">Vivek Ramaswamy said his comments</a> were "deeply concerning" and accused Musk of "kowtowing" to the Chinese Communist Party "as a basis for gaining favorable market treatment."Tesla did not immediately respond to Insider's request for comment.Insider contacted Twitter for comment. The company responded with an automated message that didn't address the inquiry.

Elon Musk praises China's AI developments at state-backed conference sponsored by US-sanctioned companies

As the world goes gaga over <keyword id="7795449" type="General" weightage="20" keywordseo="AI-chatbots" source="Orion">AI chatbots</keyword>, Union Minister of <keyword id="9950217" type="General" weightage="50" keywordseo="state-for-electronics" source="Orion">State for Electronics</keyword> and IT <keyword id="205969" type="General" weightage="100" keywordseo="Rajeev-Chandrasekhar" source="Orion">Rajeev Chandrasekhar</keyword> has a clear vision: To make India a global powerhouse of AI which does not just stop on integrating foreign chatbots but building next-generation of AI-based innovations to <keyword id="13880162" type="DOMAIN" weightage="20" keywordseo="empower" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="empower" meta.entityname="Empower India Ltd." meta.entityid="3850" meta.seoname="empower-india-ltd">empower</keyword> billions of citizens. <keyword id="79017" type="General" weightage="90" keywordseo="chandrasekhar" source="Orion">Chandrasekhar</keyword> told IANS that artificial intelligence (AI) is a "kinetic enabler" of the digital economy and the government will infuse more of this disruptive technology into its '<keyword id="3264646" type="General" weightage="80" keywordseo="india-stack" source="Orion">India Stack</keyword>'. "AI will certainly transform the digital economy and grow the business economy in the country. We are launching a very comprehensive programme called the INDIAai Programme and you will see more AI use cases via the India stack -- Aadhaar, Unified Payments Interface (<keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword>), DigiLocker, CoWIN and more," Chandrasekhar emphasised. "AI, as I have said, is a 'kinetic enabler' of the digital economy and we want to be the global leader in AI," the Minister told IANS. This week, Chandrasekhar met Microsoft co-founder Bill Gates, and had a "good, interesting conversation about India Stack and Artificial Intelligence (AI)". The government, in the Union Budget for FY24, announced to open three centres of excellence for artificial intelligence (AI) at the top educational institutions, for realising the vision of "Make AI in India" and "Make AI Work for India". According to Chandrasekhar, the government is expanding the INDIAai initiative in partnership with homegrown tech companies, startups and academic institutions under a comprehensive AI programme. The Bhashini team at the IT Ministry aims to build a National Public Digital Platform for languages to develop services and products for citizens by leveraging the power of AI and other emerging technologies. It is creating a unifying architecture, underpinned by principles of open data and open source software, to enable contributions from the research initiatives and the ecosystem. Bhashini, the natural language AI platform, "will enable automated language translation", according to Chandrasekhar who had a three decades' long career in the technology domain before making his foray into politics. According to him, India Stack will become more nuanced, intelligent and sophisticated in its next avatar, as more and more enterprises and countries across the world innovate and integrate, execute, and implement digital transformation. "Our mission as a nation is to offer India Stack or the part of the stack to those enterprises and countries across the world who want to innovate and further integrate, execute, and implement digital transformation," said the Minister. India currently ranks first in terms of AI skill penetration and AI talent concentration and fifth in AI scientific publications, a Nasscom report said last month. India's 'AI Skills Penetration Factor' has been reported to be 3.09 -- the highest among all G20 and OECD countries. More than 1,900 AI-focused startups are providing innovative solutions in the country, primarily in the areas of conversational AI, NLP, video analytics, disease detection, fraud prevention and deep fakes detection. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/us-received-enough-visa-applications-to-meet-h-2b-cap-for-h2-fy23/articleshow/98383408.cms">US received enough visa applications to meet H-2B cap for H2 FY23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/ronaldinhos-son-joao-mendes-follows-fathers-footsteps-joins-barcelona-academy/articleshow/98383353.cms">Ronaldinho's son Joao Mendes follows father's footsteps, joins Barcelona academy</a>

We're building next-gen AI to become a global powerhouse: Rajeev Chandrasekhar

<ul class="summary-list"><li>Owning a home in the US has become incredibly difficult for first-time buyers.</li><li>Ribbon, a startup founded by an ex-Twitter engineer, aims to help millions buy their own properties.</li></ul>The housing market has made for increasingly grim viewing for anyone trying to buy in the US, particularly millennial and Gen Z first-time buyers. House prices in the US surged by almost 19% last year, <a href="https://edition.cnn.com/2022/02/22/homes/us-home-prices-case-shiller-december-2021/index.html">according to the S&amp;P CoreLogic Case-Shiller US National Home Price Index</a>, placing the already difficult-to-achieve goal of owning a home out of the reach of even more would-be buyers. The volume of homes up for sale is near record lows, while interest-rate hikes continue to put upward pressure on <keyword id="12212082" type="UNKNOWN" weightage="60" keywordseo="mortgage" source="Orion">mortgage</keyword> rates.It has created an environment that has emboldened those with cash, particularly investors. Cash buyers made up 28% of all purchases in March, according to figures from the National Association of Realtors, a 5 percentage-point jump over the same month last year.Ribbon, headquartered in New York, is <a href="https://www.businessinsider.com/all-cash-offer-win-home-bidding-war-startups-mortgage-2022-3">one of a collection of startups</a> hoping to halt falling affordability and help normal homeowners compete with investors. The startup has developed a "power buyer" model that enables bidders to make all-cash offers."The reason why cash offers are so powerful is because they are very certain to the seller," Wei Gan, Ribbon's cofounder and a former Twitter engineer, told Insider."If you price everyone out of ownership in the lower end of the market, the demand for rental goes up and makes it even more lucrative to be a real-estate investor," Gan said.Gan, who acts as Ribbon's chief technology officer, said the startup was "built to fight that" and that he hoped the promise of cash offers would be enough for buyers to gain an advantage over established investors.Ribbon charges a commission of between 1% and 3% to help homebuyers secure the property they want. Under its "boost" program, the company backs a buyer's offer with cash to make it stronger. Alternatively, through "reserve," the company will purchase the home on the buyer's behalf, let them move in immediately and pay rent, and then sell the home back to them at the same price.Buyers secure preapproval either through Ribbon or their own lender, with Ribbon acting as an underwriter, using its system to both appraise a home and identify the lending eligibility of the buyer.The buyer is able to rent for a period of up to three months once the sale is secured, with the properties available for RibbonCash offers ranging from $150,000 to $1 million and applying to homes built after 1960.It diverges from the typical route of relying on bank lending to push through a sale, which Ribbon says drags out the buying process and leaves the buyer at risk of losing the home.Gan joined Twitter after TellApart, the ad-targeting company he worked for, was acquired by the social-media giant in a $530 million deal in 2015. He said he used the money he earned from the takeover to buy a home with cash, the ease of which was a factor in inspiring the founding of Ribbon alongside his cofounder, Shaival Shah.He hopes to make Ribbon a multibillion-dollar company and join the ranks of D.R. Horton, Zillow, and Opendoor in the real-estate-tech sector."Residential real estate is this huge asset class in the US, so why isn't there an Amazon, or even an Airbnb-sized $100 billion company?" Gan said."I think a lot of these companies in this space, including us, are trying to build towards that," he added. "And we're certainly a lot smaller than those companies right now, but I would hazard to guess that we're a lot faster-growing."Investors have increasingly viewed America's booming real-estate market as a good hedge against inflation. In January, one-third of all US homes for sale were bought by investors, the highest percentage in at least a decade, <a href="https://www.businessinsider.com/investors-bought-third-us-homes-january-john-burns-real-estate-2022-4">according to John Burns</a>, a housing expert.The startup operates in 11 states, including Texas, Georgia, and Virginia, and plans to more than double its footprint to 25 by the end of the year.Frances Bryant, Ribbon's director of financial products and programs, said the shortage of supply meant the company had already seen multiple customers competing for the same home on a nearly daily basis.

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