Govt identifies 1.14 lakh startups

New Delhi: The government has recognised 1,14,902 entities as startups as on October 31, Parliament was informed on Wednesday.

These eligible firms are allowed to seek fiscal incentives under the Startup India Action Plan, which was launched in January 2016, and that includes Income-Tax exemption for three years.

Replying to a question in the Lok Sabha, Commerce and Industry Piyush Goyal said the action plan includes 19 items spanning across areas such as simplification and handholding, funding support and incentives and industry-academia partnership and incubation.

The Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 1,14,902 entities as startups as on October 31, 2023,” he said.

Replying to a separate question, Minister of State (MoS) for Commerce and Industry Anupriya Patel said subdued demand in major export destinations such as the US, Hong Kong, the Middle East and China and availability of raw materials at competitive rates were some of the challenges faced by the gems and jewellery export industry.