The government recognised one start-up per hour that may be eligible for tax breaks and incentives in the month of May.
Department for Promotion of Industry and Internal Trade secretary Ramesh Abhishek took to Twitter and gave the data.
Since the beginning of Startup India Initiative, 18861 startups have been recognized by DPIIT. In May 2019 only, 814 startups have received recognition. This is more than 1 startup every hour! These entities are spread across 513 districts of 29 States and 6 UTs.
— Ramesh Abhishek (@rabhishek1982) June 4, 2019
Recognition of start-ups is a formal acknowledgement of including them in the startup ecosystem after which they are eligible for tax breaks and other incentives.
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Abhishek said 1,87,004 jobs have been reported by 16,105 DPIIT-recognised start-ups, which was more than 11 direct jobs per start-up. “With each direct job leading to 3X indirect jobs, total jobs created by these startups are estimated at more than 5.6 lakh,” he added.
Till now, 1,496 startups have received 80% rebate in patent filing fees, 2761 get 50% rebate in trademark filing fees. 389 avail expedited examination. 103 patents are granted. “The fastest patent was granted in 81 days,” Abhishek tweeted.
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