DIPP, Department of Industrial Policy and Promotion - Current Affairs Questions and Answers

1)   DIPP has amended the startup definition to include which of the following?

a. A startup has a turnover not less than 25 crores
b. It has not completed 7 years from day of incorporation
c. Both of the above
d. Neither of the above
Answer  Explanation 

ANSWER: Both of the above

Explanation:
The Department of Industrial Policy and Promotion (DIPP), which is the nodal body for Start-up India, has amended the definition of a start-up.

As per the new definition, an entity will be considered as a Start-Up if its turn over is less than INR 25 crore and has not completed seven years from the date of its incorporation/registration.

In the definition, the change is with respect to the time period which is currently five years. The new definition has increased it to 7 years taking into the consideration the long gestation period involved in establishing start-ups.

The scope of definition of start-up will also be widened to include scalability of business model with potential of employment generation or wealth creation.

An entity that has completed 7 years from the date of its incorporation or if its turnover exceeds INR 25 crore, it will cease to be a start-up.

The process of recognition of an entity as a start-up will be through an online application made over the mobile app/portal set up by the DIPP.

For the Start-Ups in the biotechnology sector, they will be considered as start-ups for a period of up to 10 years from the date of incorporation/registration.

Start-ups will not require a letter of recommendation from an incubator or an industry association to get tax benefits under the Start-up India action plan.

However, the entities should obtain a certificate of an eligible business from an inter- ministerial board of certification as constituted by the DIPP to claim tax benefit

An entity will be deemed as a start-up if it is working towards innovation, development or improvement of products/processes/services, or if it is a scalable business model with potential for employment generation or wealth creation.


2)   DIPP has organised a day long conference on which programme/initiative in Delhi in July 2015?

a. Standup India
b. Startup India
c. Incredible India
d. None of the above
Answer  Explanation 

ANSWER: Startup India

Explanation:
Department of Industrial Policy and Promotion has organised a day long conference on Startup India in New Delhi aimed at enhancing the ease of doing business.

  • Startup would now need only certificate of recognition from government to get IPR benefits.
  • Under the ‘Start-up India’ action plan, the government has announced three-year tax holiday and other benefits to these entrepreneurs.
  • Around 4400 technology startups are there in India and number is expected to reach 12,000 by 2020.