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The department for promotion of industry and internal trade (<keyword id="19952901" type="General" weightage="20" keywordseo="DPIIT" source="keywords" meta.keywordsubtype="org" meta.entityname="DPIIT" meta.hostid="261" meta.entityid="DPIIT">DPIIT</keyword>) on Monday asked <keyword id="19957196" type="General" weightage="20" keywordseo="white-goods" source="keywords">white goods</keyword> manufacturers to participate in large numbers to avail fiscal benefits under the <keyword id="19952889" type="General" weightage="20" keywordseo="production-linked-incentive" source="keywords">production linked incentive</keyword> scheme for the sector as the response has been muted so far. Additional Secretary in the DPIIT Rajeev Singh Thakur said that the department has again reopened the application window for the PLI (production linked incentive) scheme for white goods (<keyword id="20360726" type="General" weightage="20" keywordseo="ACs" source="keywords">ACs</keyword> and LED lights). The application window is open from July 15 to October 12. "In the PLI in white goods scheme, somehow the response has been muted. ...Probably due to various reasons not sufficient response has come. So I request (the industry) to have a look and probably this time, you can consider (applying)," Thakur said at the CII Consumer Electronics and Durables Summit 2024 here. So far, 66 applicants with committed investment of Rs 6,962 crore have been selected as beneficiaries under the PLI scheme. The Union Cabinet had given approval for the PLI scheme for white goods for <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> of components and sub-assemblies of Air Conditioners (ACs) and LED lights on April 7, 2021. The scheme is to be implemented over a seven-year period, from 2021-22 to 2028-29, and has an outlay of Rs 6,238 crore. He added that the department can hold talks with the industry separately on issues like quality control orders and logistics. Thakur told the industry that the time is right to increase investments into the country as the government has enhanced its capex and taken steps to promote <keyword id="19996629" type="General" weightage="20" keywordseo="ease-of-doing-business" source="keywords">ease of doing business</keyword>. The public capex in the last 10 years is growing at a fast pace in areas like highways, expressway, ports, airports and railways, but the commensurate response of the private sector "somehow is not up to the expectation", he said. Earlier speaking at the event, DPIIT Secretary Amardeep Singh Bhatia said that a lot of steps have been taken to promote ease of doing business, cutting down compliance burden and decriminalisation of minor offences. The government has also recently approved 12 industrial townships and the industry can look at investing there. He added that capital availability is not an issue now and the government has also provided protection to the industry from predatory imports. Schemes like PLI and semiconductor mission have been rolled out to promote manufacturing and "now we want the industry" to ensure that they have necessary collaborations in place for technology and investments. The industry should do collaborations not only to target the domestic market but also become part of global value chains. "That is an expectation we are having from the entire industry and I think industry will rise to meet these expectations... We have a huge demographic dividend and the industry should take advantage of this otherwise we will miss it," Bhatia added. He also said that there is no paucity of adequate skilled labour in the country and logistics costs too are coming down. On logistics, he cited examples of Amazon and Flipkart selling goods in the remotest part of the country. "I don't think industry should look at the current domestic demand only for collaborations. They should look at the future and export market also in addition to the domestic market," he said, adding expenditure on research and development is "abysmally" low and that needs to be enhanced. 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Govt asks white goods industry to apply for manufacturing sops in large numbers

<keyword id="21244010" type="General" weightage="20" keywordseo="government-measures" source="keywords">Government measures</keyword> such as mandatory quality control orders and increasing customs duty have helped boost exports of <keyword id="25284" type="General" weightage="20" keywordseo="toys" source="Orion">toys</keyword> from India, but there is a need to do much more for the sector, a top official said on Wednesday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh also indicated that they are diligently pursuing the proposal of extending fiscal incentives under the production-linked incentive scheme for the sector. He said that the industry is wondering about one proposed major policy intervention and "let me assure you that we are still pursuing that". In the interim Budget in February, the Commerce and Industry Ministry has recommended an outlay of Rs 3,489 crore for the Production Linked Incentive (PLI) scheme for toys to boost domestic manufacturing of the sector. As the scheme is yet to be cleared by the Union Cabinet, the interim Budget has made a token provision of Rs 1 lakh towards the scheme for 2024-25. The scheme aims to attract investments in key sectors and cutting-edge technology; ensure efficiency, bring economies of size and scale in the manufacturing sector and make Indian companies and manufacturers globally competitive. Singh said that the country's <keyword id="21563576" type="General" weightage="20" keywordseo="toy-exports" source="keywords">toy exports</keyword> have jumped to USD 325.72 million in 2022-23 from USD 96.17 million in 2014-15 as the government is providing all-around support for creating a conducive manufacturing ecosystem for the toy industry. Imports of toys dipped by 52 per cent from USD 332.55 million in 2014-15 to USD 158.7 million in 2022-23. "The national action plan for toys and other initiatives has had a good impact, but we need to do much more," Singh said, adding the sector holds huge exports and job potential. In order to make India a global hub for toy manufacturing, the government has undertaken a series of initiatives including the formulation of a comprehensive National Action Plan for Toys (NAPT) to promote the designing of toys, using toys as a learning resource, monitoring quality of toys, and promoting indigenous toy clusters. The secretary was speaking at a toy workshop in New Delhi. In order to enable further growth, increased market access and development of new-age marketing skills, DPIIT conducted a workshop with Flipkart and the Indian Toy Industry. Flipkart, Walmart and the Toy Association of India participated in the event. Joint Secretary in the DPIIT Sanjiv said that the workshop was aimed at enhancing India's position and capabilities in the global toy supply chain. It will help the toy manufacturers understand the nuances of online selling which shall in turn help in the growth of sales and market access, Sanjiv said. The issues figured out in the workshop included ways to increase sourcing by online platforms, onboarding of manufacturers on the Flipkart platform and upskilling. It was also aimed at supporting online selling, scaling domestic consumption and upskilling/reskilling workforce. Last year, Flipkart informed toy makers about their requirements and expected quality standards, as it is directly engaging with domestic toymakers for sourcing. The online platforms provide greater access to a much wider customer base across India, expanding their market reach significantly. E-commerce eliminates the need for physical stores, reducing operational costs. It also provides valuable brand exposure to a large audience. Additionally, e-commerce platforms offer data on consumer buying habits and preferences, allowing manufacturers to develop products that cater to market demands. India raised import duties on toys beginning in February 2020. The basic customs duty was increased from 20 per cent to 60 per cent and then to 70 per cent in July 2021.

Govt steps have boosted toy exports from India, but more work still needed: DPIIT Secretary

New Delhi, Dec 26 () The Department for Promotion of Industry and Internal Trade (DPIIT) has taken measures like recognising 11 inspecting authorities to simplify procedure of inspection of boilers to promote ease of doing business, the commerce and industry ministry said on Thursday.
 The department has also permitted self-certification and third party inspection and certification of boilers with state governments.
 "This will benefit a broad spectrum of industries both in the large and small scale sector like power plants, chemical plans, refineries, paper plants, steel mills, sugar mills and other process industries," the ministry said in a statement.
 It said that 11 third-party inspecting authorities have been recognised by the Central Boilers Board (CBB), which is under DPIIT supervision, to work in the country.
 It also said that independent competent persons have been authorised to work in individual capacity under the Boilers Act for in-service inspection of boilers.
 National and regional level boiler workshops are continuously being conducted by the DPIIT through the National Productivity Council to apprise the owners of boilers of the steps that may be taken to optimise the efficiency of boilers and to popularise the measures for energy conservation.
 DPIIT is the responsible for administration of the Boilers Act 1923. Steel makers, foundries, forges, tube and pipe makers and material testing laboratories make use of the competent authorities (to cut down inspection delays) and increased availability of boiler components without sacrificing safety and quality of boilers and its components.
 The Boilers Act was enacted in 1923 to provide for safety of life and property from the danger of explosion of boilers and for achieving uniformity in registration and inspection during operation and maintenance of boilers throughout the country. RR ANS
ANS

DPIIT taking measures to simplify procedure of inspection of boilers

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, Feb 17 () Government tenders worth about Rs 30,000 crore were cancelled because of discriminatory practices being followed, a top official said on Monday. Restrictive and discriminative tender practices prevent participation of domestic companies in government procurement, hurting 'Make in India' initiatives. The Department for Promotion of Industry and Internal Trade (DPIIT) from time to time has intervened to change conditions in those tenders in order to promote 'Made in India' goods. "Many of the restrictive and discriminative tender practices have been identified. Almost Rs 30,000 crore (worth) of tenders have been cancelled because of discriminatory practices," DPIIT Secretary Guruprasad Mohapatra said here at a function. He said the vigilance cases have been ordered by the Central Vigilance Commission wherever the department felt that a tender has been floated deliberately with a mala fide intention to deny a level-playing field to an Indian player. The department is taking every step for effective implementation of public procurement order, 2017, to promote 'Made in India' products. The government issued the order on June 15, 2017, to promote manufacturing and production of goods and services in India and enhance income and employment in the country. Under the Public Procurement (Preference to Make in India) Order, it was envisaged that all central government departments, their attached or subordinate offices and autonomous bodies controlled by the Government of India should ensure that purchase preference be given to domestic suppliers in government procurement. The secretary said government departments and public sector companies should give preference to local players. "The government has taken many initiatives like Make in India, ease of doing business, investor facilitation, FDI reforms, new infrastructure creation and various outreach programmes to increase share of manufacturing in GDP and create 100 million jobs by 2024," Mohapatra said. RR HRS

About Rs 30,000 cr tenders cancelled to promote Make in India products: DPIIT Secy

<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

<ul><li>MSMEs hold immense potential in supporting India’s ambitious vision of a $40 trillion economy by 2047, says industry body Assocham.</li><li>Banks can fund <keyword id="6358354" type="General" weightage="20" keywordseo="msme" source="Orion">MSME</keyword> working capital requirements against <keyword id="4572080" type="General" weightage="20" keywordseo="GST-filings" source="Orion">GST filings</keyword>, suggests Assocham.</li><li>Another suggestion is to come up with a similar structure of REITs and InVITs, an investment trust that lends specifically to MSMEs via pooling.</li></ul>The micro, small and medium enterprises (MSME) sector has played a meaningful role in India’s growth. The sector holds immense potential in supporting India’s ambitious vision of a $40 trillion economy by 2047, says a report by industry body Assocham. However, the real struggle for small businesses lies in fundraising for future growth. The report highlighted challenges faced by MSMEs in terms of fundraising and recommended ways to solve the problem. “An April 2022 report by the Standing Committee on Finance estimated the credit gap in the MSME sector to the tune of ₹20-25 trillion. Therefore, funding via alternative sources apart from bank credit needs to be augmented for the MSME segment,” said the report. Given that nearly 60% of MSMEs raise funds through informal sources, formalization of the sector is necessary to facilitate growth, the industry body says. “To this end, banks could fund working capital requirements against GST filings, which are more reliable quantitatively, as compared to collateralized loans. This would not only enable MSMEs easy access to funds but also spur formalization through GST registrations,” Assocham said. Another suggestion is to come up with a similar structure of real estate investment trusts (REITs) and infrastructure investment trusts (InVITs). The industry body says that an investment trust that lends specifically to MSMEs via pooling – can be created. Disclosures a challenge with SME IPOs Apart from credit, small businesses also find it tough to raise equity. Raising funds by going public via <keyword id="5559702" type="General" weightage="20" keywordseo="SME-IPO" source="Orion">SME IPO</keyword> is also a challenge due to strict disclosure requirements. BSE SME Exchange was launched in 2012 while NSE launched SME Emerge platform and Nifty SME EMERGE Index in 2017 to encourage MSME companies to get public. “In November 2021, BSE also collaborated with the All-India MSME Association (AIMA) to encourage and promote the listing of MSMEs and start-ups through the SME platform. Although these steps helped overall resource mobilization in the initial years, evident from the gradual rise in number of MSMEs that have moved to the main board, we have not seen equity emerge as a source of MSME financing in a big way,” said the report. While tough disclosure remains a challenge, data shows that SME IPOs have witnessed good growth with hundreds of companies launching their issues with <a href="https://www.businessinsider.in/stock-market/news/small-is-the-new-big-sme-ipos-double-in-2022-while-mainboard-ipos-halve/articleshow/96618323.cms#:~:text=mainboard%20IPOs%20halve-,Small%20is%20the%20new%20big%3A%20SME%20IPOs%20double,2022%2C%20while%20mainboard%20IPOs%20halve&amp;text=In%202022%2C%20108%20SME%20IPOs,age%20technology%20IPOs%2C%20last%20year.">stellar performances</a>. In 2022, 108 SME IPOs were launched, as against 60 the year before. A net worth between ₹1 crore and ₹25 crore is one of the listing requirements for SME IPOs on BSE, as per BSE Stock Exchange. The minimum investment amount for an SME IPOs is quite large compared to regular IPOs – ₹1 lakh for SME IPOs versus nearly ₹15,000 for regular IPOs. The report also revealed that the Department for Promotion of Industry and Internal Trade (DPIIT) is in process of finalizing the new industrial policy, which amongst other things, encourages MSMEs to choose the corporate bond market. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mutual-funds-raise-bets-on-mid-small-cap-stocks-amid-volatile-markets/articleshow/98516460.cms">Mutual funds raise bets on mid &amp; small-cap stocks amid volatile markets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fpis-continue-to-be-bearish-on-oil-gas-power-stocks-in-february-offload-equities-worth-7821-crore-in-the-two-sectors/articleshow/98511897.cms">FPIs continue to be bearish on oil &amp; gas, power stocks in February, offload equities worth ₹7,821 crore in the two sectors</a>

REIT-like structures, loans against GST filings can help solve MSME fundraising problems: Assocham

<ul><li>India’s Department for Promotion of Industry and Internal Trade (DPIIT) today in a meeting has told all e-commerce companies in India to show the <keyword id="1340631" type="PERSON" weightage="20" keywordseo="Country-of-Origin">country of origin</keyword> in their product listings. </li><li>DPIIT had called the meeting to discuss the information given to consumers at these e-commerce platforms.</li><li>India’s government e-marketplace had earlier introduced the ‘Make in India’ filter for sellers to show the country of origin for the products.</li></ul>A day after the government e-marketplace introduced the ‘Make in India’ filter for sellers to show the country of origin for the products, India’s Department for Promotion of Industry and Internal Trade (DPIIT) today in a meeting has told all e-commerce companies in India to show the country of origin in their product listings. DPIIT had called the meeting to discuss the information given to consumers at these e-commerce platforms. However, <a href="https://www.financialexpress.com/industry/sme/dpiit-mandates-display-of-country-of-origin-for-ecommerce-companies-like-amazon-flipkart-snapdeal-grofers/2002285/">the e-commerce leaders</a> have requested DPIIT to include sellers and traders in the meetings as they list the products on the platform. "We welcome and wholeheartedly support the government's decision to promote Make in India and Atmanirbhar Bharat. We are fully committed to promote India made products and the manufacturing sector in the country. We have already initiated discussions with our sellers, merchant partners on the next steps to drive this initiative further,” said a <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> spokesperson. The feature comes at a time when due to the Indo-China border clashes, there has been a call to dump Chinese products and people have been uninstalling Chinese apps as well. India’s government e-marketplace (GEM) had taken the same step to promote the Make in India initiative which got a further boost from Prime Minister Narendra Modi’s Atmanirbhar Bharat (self reliant India). “Sellers, who had already uploaded their products before the introduction of this new feature on GeM, are being reminded regularly to update the Country of Origin, with a warning that their products shall be removed from GeM if they fail to update the same,” says the official release of the government. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-shares-are-worth-more-than-hdfc-bank-icici-bank-and-kotak-mahindra-bank-combined/slidelist/76504066.cms">Reliance Industries’ shares are worth more than HDFC Bank, ICICI Bank, and Kotak Mahindra Bank combined</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-radhakishan-damani-and-shiv-nadar-took-over-10-years-to-become-a-billionaire/slidelist/76547186.cms">Indians took 17 years on an average to make their first billion— and it has gotten a lot faster recently</a> <a href="https://www.businessinsider.in/business/news/the-13-billion-hinduja-brothers-the-richest-people-in-the-united-kingdom-are-fighting-with-each-other-over-letter-dispute/articleshow/76548920.cms">The $13 billion Hinduja brothers, the richest people in the United Kingdom, are fighting with each other over a letter dispute</a>

India tells Amazon, Flipkart, Paytm Mall and all others to show 'country of origin' next to the products

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> provided a huge relief to <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> by doing away with the <keyword id="6406536" type="UNKNOWN" weightage="20" keywordseo="Angel-Tax">angel tax</keyword> in August 2019. </li><li>However, the exemption is limited to startups registered under DPIIT. </li><li>To be recognised under DPIIT, a startup has to have been founded after April, 2016. But there are several startups which were founded before that, which are facing hurdles while registration.</li></ul>Until August last year, Angel Tax was the demon in the lives of Indian startup founders. Finance Minister Nirmala Sitharaman provided a huge relief to startups by doing away with the angel tax. In August last year, she said that Section 56(2) will not be applicable for startups registered with the Department for Promotion of Industry and Internal Trade (DPIIT). In reality however, the menace of angel tax continues to persist. Currently, only startups that are registered with the DPIiT can avail of the exemption from angel tax. Startup founders say that this is a limitation. “There remain many grey areas that should be addressed on a priority basis. At present, only recognized startups are exempt from Angel Tax, but MSMEs operating from rural areas are still bearing the brunt of this unfair taxation system,” said Dr Apoorva Ranjan Sharma, President, and Co-founder of Venture Catalysts. Currently, there are 27,654 DPIIT registered startups. Sharma added that some of the new conditions effectively restrict startups from investing in shares and securities. “Given how most startups tend to grow their capital through investments in debt mutual funds, it seems like a classic case of one step forward, two steps back. We expect the government to bring further amendments to the Angel Tax in the <keyword id="6360189" type="ORGANIZATION" weightage="20" keywordseo="union-budget">Union Budget</keyword> 2020-21 as this will benefit India’s startup ecosystem to a great extent,” he said. When startups are in the initial stages, they also raise money from friends and family, which is again subjected to tax. “We may also include tax provisions for friends and families not categorized as angels and have backed non-DPIIT-registered start-ups,” said Nischal Shetty, Founder &amp; CEO,WazirX. However, as per circular (4 iii), startups not registered on DPIIT can find provisions to be exempted from angel tax. But this too is not being implemented. “Individual assessing officers (AOs) are taxing firms based on their own interpretation of the Act and sending circulars without involvement of supervising officers. The officers are supposed to provide proper reasoning for taxing the premium. However, they just disallow it treating the valuation work as invalid,” said Nikita Rana, co-founder of Spotlight Consulting. Rana added that the officers are supposed to tax the excess premium received by the startup. However, instead of doing an independent valuation of the startup, the officers tax the entire investment received by the startup. But it’s not just that. To be recognised under DPIIT, a startup has to have been founded after April, 2016. But there are several startups which were founded before, and who are facing hurdles while registration, claims Aravind S, founder of a tax advisory firm The Filings.in. “This government was supposed to be pro-startups. And while the ministry and senior leadership maybe in sync, there is a lot to be desired from those who execute orders on the ground. There is arbitrary taxation of angel investment even now at the rate of 30% without the due process being followed. Entire investments are being taxed instead of just the excess premium, and there is no accountability or fairness. We're already seeing a dip in investments and these undue and unfair taxes will only create more cash-flow issues for startups that are already suffering.,” he said. See Also: <a href="https://www.businessinsider.in/budget/news/make-in-india-mobile-handsets-to-get-a-boost-this-budget/articleshow/73571626.cms?src=hp_bgt">Make in India mobile handsets to get a boost this Budget</a>

Angel tax troubles of startups continue to persist – even after Budget 2019 relief

New Delhi, <keyword id="6356303" type="LOCATION" weightage="20" keywordseo="Centre">Centre</keyword> has exempted '<keyword id="6502685" type="COMPANY" weightage="20" keywordseo="handicraft">Handicraft</keyword>, GI Toys' from <keyword id="2910758" type="PERSON" weightage="20" keywordseo="Quality-Control-Order">quality control order</keyword>. The development comes after the Department for Promotion of Industry and Internal Trade (DPI) released the Toys (Quality Control) Second Amendment Order, 2020. Subsequently, the order exempts goods manufactured and sold by artisans registered with "Development Commissioner' (Handicrafts), from use of 'Standard Mark under license from <keyword id="59330" type="COMPANY" weightage="20" keywordseo="Bureau-of-Indian-Standards">Bureau of Indian Standards</keyword>, as per Scheme1 of Schedule-II of BIS (Conformity Assessment) Regulations, 2018". "The 'Amendment Order 2020', also exempts products registered as 'Geographical Indications' from following 'Indian Toy Standards' and compulsory use of Standard Mark licence from Bureau as per Scheme 1 of Schedule-II of BIS(CA) Regulations, 2018," the Ministry of Commerce and Industry said in a statement on Saturday. "The Gazette notification issued by the department says that "nothing in this Order shall apply to goods or articles manufactured and sold by Registered proprietor and Authorised user of a product registered as Geographical Indication by the Registrar of Geographical Indications, <keyword id="10420722" type="COMPANY" weightage="20" keywordseo="office-of-controller-general-of-patents">Office of Controller General of Patents</keyword>, Designs and Trademarks (CGPDTM)." The DPIIT has devised a comprehensive action plan with steps being taken to boost production and sale of indigenous toys across the country. The 'Quality Control' order was issued by the Department for standardisation and quality adherence of Toys. It will come into effect from January 1st, 2021. "This order aims to bring forward the synergized efforts of the GoI, states and the stakeholders to promote 'Team up for toys' vision keeping quality standards of the indigenous toys as the priority." SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-irctc-hdfc-bank-tcs-tvs-motor-dalmia-bharat-ultratech-acc-ambuja-and-others/articleshow/79672813.cms">Top stocks to watch — IRCTC, HDFC Bank, TCS, TVS Motor, Dalmia Bharat, UltraTech, ACC, Ambuja, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-of-2020-in-india/slidelist/79675101.cms">Best smartphones of 2020 in India</a> <a href="https://www.businessinsider.in/india/news/reports-suggest-that-tata-adani-and-hinduja-group-are-interested-in-air-india-divestment-plan/articleshow/79675955.cms">Last date for Air India divestment plan nears — reports suggest that Tata, Adani and Hinduja Group are interested</a>

Handicraft, GI Toys exempted from 'Quality Control Order'

The Enforcement Directorate (<keyword id="12163" type="COMPANY" weightage="20" keywordseo="Ed">ED</keyword>) has initiated a probe against e-commerce giant <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> for alleged violation of the foreign exchange law and rules of the country, official sources said on Thursday. The probe is being conducted under various sections of the Foreign Exchange Management Act (FEMA) after the central probe agency recently received a communication from the Commerce Ministry seeking "necessary action" against e-commerce players like Amazon and Flipkart pertaining to certain multi-brand retail businesses and an observation made by the Delhi High Court in relation to Amazon. The HC had said that said the attempt made by the US-based firm to control Future Retail through a conflation of agreements it has with an unlisted unit of the Indian company will be considered as violative of the FEMA and foreign direct investment (FDI) rules. When contacted, an Amazon spokesperson said it was "not aware of any new case by the ED against <keyword id="6354743" type="COMPANY" weightage="20" keywordseo="Amazon-India">Amazon India</keyword>". Sources said the agency is looking to "investigate into the entire issue and will seek details from Amazon and other stakeholders". In the first instance under the ED scanner is a recent communication sent to it by the Department for Promotion of Industry and Internal Trade (DPIIT) that functions under the Commerce Ministry. It had forwarded a representation made by the Confederation of All India Traders (CAIT) alleging that major e-commerce players like Flipkart and Amazon violated FEMA and FDI rules. CAIT had alleged that these e-commerce companies were in violation of FEMA and FDI rules by adopting illegal structuring/investments and practices. Flipkart, at that time, had said it was "fully compliant with all applicable laws and FDI regulations in the country". In the second instance being investigated by the ED that involves Amazon, the Delhi High Court had made observations on the US e-commerce firm objecting to the Rs 24,713 crore Future Group-Reliance deal that was signed in August last year. In August 2019, Amazon had agreed to purchase 49 per cent of one of Future's unlisted firms, Future Coupons Ltd (which owns 7.3 per cent equity in BSE-listed Future Retail Ltd through convertible warrants), with the right to buy into the flagship Future Retail after a period of three to 10 years. Amazon had dragged Future Group to arbitration at Singapore International Arbitration Centre (SIAC), arguing that Future violated the contract by entering into the deal with rival Reliance. On October 25, 2020, an interim award was passed in favour of Amazon with a single-judge bench of V K Rajah barring FRL from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party. After this, Future Group filed a plea with the Delhi High Court. On December 21, a single member bench rejected the plea to restrain Amazon from writing to regulatory authorities about the SIAC arbitral order but gave a go-ahead to the regulators to decide over the deal. The court had also made several observations indicating that Amazon's attempt to control Future Retail through a conflation of agreements Amazon has with an unlisted unit of the Indian company will be violative of the FEMA FDI rules. Since then, Amazon has also filed a petition in the Delhi High Court seeking detention of Future Group founders, including CEO Kishore Biyani, and seizure of their assets as it sought to block the Future-Reliance deal.

India's Enforcement Directorate begins probe against Amazon for alleged violation of FEMA rules in the Future Retail deal

New Delhi, Jan 7 () The Commerce and Industry Ministry is likely to release the next index to rank states and union territories (UTs) in terms of ease of doing business in March, a senior official said.
 "It will be released in end of February or March. Due to elections, the release got delayed," the official said.
 The exercise is aimed at triggering competition among states to improve business climate in order to attract domestic and global investors.
 State governments are taking several steps such as setting up single window system for approvals to improve ease of doing business.
 The parameters include areas such as construction permit, labour regulation, environmental registration, access to information, land availability and single window system.
 The Department for Promotion of Industry and Internal Trade (DPIIT) in collaboration with the World Bank conducts an annual reform exercise for all states/UTs under the Business Reform Action Plan (BRAP).
 In the last ranking released in July 2018, Andhra Pradesh topped the chart. Telangana and Haryana were at the second and third positions, respectively.
 Others in the top ten were Jharkhand (4), Gujarat (5), Chhattisgarh (6), Madhya Pradesh (7), Karnataka (8), Rajasthan (9) and West Bengal (10).
 The ranking is based on a combined score consisting of reform evidence score that is based on evidence uploaded by states/UTs and feedback score that is based on response garnered from actual users of services provided to businesses.
 The report to be released this year will rank states for 2018.
 In the World Bank's latest 'Doing Business' report, India's position improved to 63rd from 77th out of 190 economies.
 The Commerce and Industry Ministry has prepared a blueprint to further improve India's ranking in the World Bank's ease of doing business index with a focus on six parameters, including enforcing contracts and starting a business.
 The government is targeting to take India among top 50 in the index in coming years. RR
RVK

Next ranking of states for ease of doing business likely to be released in Mar

<ul><li>Policy analysts feel that the reform agenda has taken a back seat to political issues during Prime Minister Narendra Modi’s second term in office.</li><li>However, they believe small changes — like caps on foreign direct investment (FDI) and fixing the goods and services tax (GST) — can be made without "generating a lot of heat and tension".</li><li>The Indian economy has gone from being one the fastest growing in the world to hitting stagflation in a matter of months.</li></ul>Narendra Modi’s second term as India’s Prime Minister has been fraught with <a href="https://www.businessinsider.in/tech/news/caa-internet-shutdowns-make-india-example-for-china/articleshow/72931761.cms">protests</a> and <a href="https://www.businessinsider.in/politics/india/news/shiv-sena-chief-uddhav-thackeray-sworn-in-maharashtra-chief-minister/articleshow/72280034.cms">political tension</a>. With the <keyword id="6360189" type="ORGANIZATION" weightage="20" keywordseo="union-budget">Union Budget</keyword> 2020 around the corner, many are wondering what the central government’s vision is for reforms in the coming year. Policy analysts at the Raisina Dialogue 2020 feel the government may be a little distracted. However, despite political issues, there is room for reform without upsetting too many feathers. "I think what has happened in the second term, as far as perception goes, is we sense that the administration has gotten distracted with the political issues than the reforms issues and then economic issues," said Bharath Gopalaswamy, Senior Fellow at the Observer Research Foundation (ORF) India on the sidelines of <a href="https://www.facebook.com/ORFOnline/videos/603178493797939/">Raisina 2020</a>. India went from being the world’s fastest-growing economy to hitting stagflation <a href="https://www.businessinsider.in/policy/economy/news/indian-economy-went-from-worlds-fastest-growing-to-stagflation-in-just-a-few-months/articleshow/72500016.cms">in a matter of months.</a> Retail inflation is on the rise, factory output is nowhere close to its targets, and some industries in the sector are on a negative growth trajectory. Analysts predict that the country’s economic growth is <a href="https://www.businessinsider.in/business/news/indias-economic-growth-likely-to-remain-subdued-in-near-future-report/articleshow/72330188.cms">likely to stay subdued</a> in the future as the slowdown deepens. However, <a href="https://www.facebook.com/ORFOnline/videos/603178493797939/">Richard M. Rossow</a>, senior adviser of US-India policy studies at the Center for Strategic and International Studies (CSIS), believes the government still has a few some options — like removing restrictions on FDI, fixing the goods and services tax (GST) and simplifying bankruptcy procedures. Nursing the economy back to health through FDI "I think there’s room to do some reforms that won’t take as much political will. Look at FDI [foreign direct investment] caps — 21 years ago, any FDI cap was a political hot potato. And now, the government’s opening up defense, retail and insurance — and the blowback against doing that has been relatively minor," Rossow said. According to the Department of Promotion and Industry and Internal Trade (<a href="https://economictimes.indiatimes.com/news/economy/policy/india-hopes-to-continue-fdi-growth-story-in-2020/articleshow/73041537.cms?from=mdr">DPIIT</a>), the inflow of foreign investment has not been impacted by the slowdown. However, not all sectors in the Indian economy are open to 100% FDI — a few are still completely restricted. "There are about 20 other sectors that still have FDI restrictions. Without major blowback or opening up most of those, the potential quick injection of new money by foreign investors is relatively easy," explained Rossow. Life insurance companies are already lining up government lobbies to <a href="https://www.businessinsider.in/business/news/life-insurers-bat-for-100-pc-foreign-investment-in-sector-via-automatic-route/articleshow/72874288.cms">increase automatic approval</a> from 49% to 100%. Investment under the automatic route does not require prior approval from the government. On the other hand, the government is looking to <a href="https://www.businessinsider.in/business/news/dpiit-to-soon-issue-clarification-on-26-pc-fdi-in-digital-media-sector/articleshow/72963869.cms">cap investments in digital media companies</a> to 26% leaving foreign websites with 100% investment, confused. Dealing with debt and fixing tax regimes Aside from FDI, Rossow believes that the smaller steps like fixing issues with the goods and services tax (GST) and bankruptcy code can also be implemented without "generating a lot of heat and tension". Simplification of the GST is also a reform suggested by Indian economists for the upcoming <keyword id="6358021" type="ORGANIZATION" weightage="20" keywordseo="budget">budget</keyword>. Indian mobile makers are also looking for <a href="https://www.businessinsider.in/tech/news/budget-2020-indias-mobile-phones-makers-fear-for-jobs-in-the-face-of-fewer-incentives-and-global-competition/articleshow/73261138.cms">a reduction of GST on parts and accessories</a>. When it comes to the banking sector, sources told <a href="https://www.businessinsider.in/business/news/govt-unlikely-to-announce-capital-infusion-for-psu-banks-in-budget/articleshow/73105942.cms">PTI</a> that the government has no plans of capital infusion and is, instead, looking at encouraging banks to expedite the recovery of bad loans. However, that’s easier said than done. "Currently there are a lot of defaulters and banks that are underwater because of this ‘bad lending’, so to speak. But you also run the risk of excessive regulation and excessive scrutiny. You want to protect the regulator yet at the same time, somebody who has good credit should be able to get loans easily rather than pay the price for someone who will willfully default," explains Gopalaswamy. The haziness around the National Company Law Appellate Tribunal (NCLAT) and its dealings with the Indian Bankruptcy Code; is also posing hurdles. "We [private sector] are dealing with the Indian Bankruptcy Code and we’re dealing with the NCLAT process. And, the process is so cumbersome. At some levels it’s opaque and it’s still evolving. So the uncertainty as a foreign company trying to buy an Indian company or do a joint venture is still not the easiest process out here," he added. See also: <a href="https://www.businessinsider.in/tech/news/budget-2020-indias-mobile-phones-makers-fear-for-jobs-in-the-face-of-fewer-incentives-and-global-competition/articleshow/73261138.cms">Budget 2020: India’s mobile phones makers fear for jobs in the face of fewer incentives and global competition</a> <a href="https://www.businessinsider.in/defense/news/indias-budget-allocation-for-defence-has-remained-fairly-static-for-the-past-five-years/articleshow/73153930.cms">Budget 2020: Five charts that explain what you can expect from India’s defence expenditure this year</a> <a href="https://www.businessinsider.in/defense/news/indian-army-versus-military-spending-on-other-countries/articleshow/73182937.cms">Here's how the budget allocation for Armed Forces in India stacks up on the global scale</a>

You Searched For "DPIIT steps" and got 13 results

Govt asks white goods industry to apply for manufacturing sops in large numbers

PTI

Govt steps have boosted toy exports from India, but more work still needed: DPIIT Secretary

PTI

DPIIT taking measures to simplify procedure of inspection of boilers

PTI

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

PTI

About Rs 30,000 cr tenders cancelled to promote Make in India products: DPIIT Secy

PTI

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

ANI

REIT-like structures, loans against GST filings can help solve MSME fundraising problems: Assocham

Bhakti Makwana

India tells Amazon, Flipkart, Paytm Mall and all others to show 'country of origin' next to the products

Sanchita Dash

Angel tax troubles of startups continue to persist – even after Budget 2019 relief

Sanchita Dash

Handicraft, GI Toys exempted from 'Quality Control Order'

IANS

India's Enforcement Directorate begins probe against Amazon for alleged violation of FEMA rules in the Future Retail deal

PTI

Next ranking of states for ease of doing business likely to be released in Mar

PTI

Budget 2020 aside, these are some of the reforms that India can execute without causing political 'heat and tension'

Prabhjote Gill

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