We are happy to announce that Digicandy Technologies has been recognized by the Department for Promotion of Industry and Internal Trade. India as a country has a rich culture, heritage, and robust trade for ages. With quality products and competitive manufacturing, India is no less than a powerful economy that has its powerhouse of everything. As a country, it is enough resourceful to make things right for every citizen.
The ‘Make in India’ initiative has rigorously encouraged the firms in India to do manufacturing practices which have further promoted the investments in the manufacturing sector. With the motto of ‘Aatmanirbharbharat’, the government does want to deeply integrate the global chains and strengthen India’s manufacturing expertise. The startup Department for Promotion of Industry and Internal Trade registration has its own set of benefits.
India is the 2nd largest9 start-up ecosystem in the world with 18,000+ start-ups recognized by the government till May 2019. To boost up the innovation and start-up in the IT sector, NITI Aayog has also announced the establishment of Frontier Technologies Cloud Innovation Center (CIC) venturing with Amazon Web Services (AWS). (Source: http://makeinIndia.com). This will take place with the help of advanced technologies like robotics, blockchain, IoT, and Artificial Intelligence. Since there a huge demand for IT services from the US and Europe, it is quite lucrative to capitalize on this. The usage of IT systems has also increased in almost every sector and due to this, the numbers of IT firms are increasing in India.
The startups in India can also get recognized by DPIIT. As per DPIIT, under this initiative, the eligible companies can get recognized as startups by DPIIT through which the firms can have easier compliance, tax benefits and IPR fast-tracking. Through this, the startups in India also get certification from DPIIT. Once a startup is certified by DPIIT, they can self certify themselves for 6 labor laws and 3 environmental laws through simple online procedures. There are certain criteria which need to be met for DPIIT startup recognition.
- The company must be incorporated as a private limited company, either a registered partnership firm or a Limited liability partnership
- The annual turnover should not have exceeded for more than 100 crores for any of the financial years since the exception
- The period of existence and company years should be exceeding more than 10 years since its inception
- The company must have worked towards the development or improvement of the process and have a scalable business model.
Once any startup in India is recognized by DPIIT, it enjoys benefits like relaxation in public procurement norms. The recognized startups will be entitled to avail exemption on prior turnover and earnest, money deposit. The ministries and departments are authorized to relax norms in public procurements as well. The Startup India also provides access to Intellectual; property services. The process of patent application is done much faster for the recognized startups. The recognized startups are provided 80 % rebate in filing for patents which are very cost-effective. Even if there are IP applications, facilitators are responsible for providing advice on the IPRs. They also advise on how the startups can promote and protect the IPS in different countries. For all this, the startup bears the statutory cost, the rest of the fees, like the fees of facilitators for the patents is borne by the government
There are some recognized startups that get inter-ministerial certificate board, after this, they are exempted from income-tax for 3 years. For the equity funding support, the government has allocated the fund of Rs 10000 crore which is managed by SIDBI. This initiative has been taken to support the growth and innovation of enterprises. With India, the whole world is ready to embrace the vision, “Come make in India. Sell anywhere, [but] make in India”