75 Startups Registered Under Space Technology Category in the Startup India Portal

Union Minister Dr. Jitendra Singh says, around 75 start-ups have registered under space technology category in the Startup India portal

Reforms announced in June, 2020 in the space sector towards enabling the private players to provide end to end services: Dr Jitendra Singh

Around 75 start-ups have registered under space technology category in the Startup India portal, announced Union Minister Dr. Jitendra Singh in a written reply to a question in the Lok Sabha. He said that there are many more startups registered under other categories are also involved in the space domain.

Dr Jitendra Singh is the Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space.

He said that to facilitate private sector participation in Space activities, Department of Space (DoS) is revising the existing policies in space domain and new policy framework is being drafted to address various space sectors such as SpaceCom, Remote Sensing, Technology Transfer, Navigation, Space Transportation, Space exploration and Space Situational Awareness.

Provisions are being factored in the above policy framework for the development of private sector including MSMEs and startups in space sector.

In a related reply to another question in the Lok sabha on the steps taken by the Government to bring private players on board to get their participation in the Space activities of ISRO, Dr Jitendra Singh informed that Government of India has announced reforms in June, 2020, in the space sector towards enabling the private players to provide end to end services and subsequently the following steps were taken:

• A national level autonomous Nodal Agency namely Indian National Space Promotion and Authorization Centre (IN-SPACe) under DoS has been created for promoting, handholding, authorizing and licensing private players to carry out Space Activities.
• Access to ISRO facilities and expertise are extended to private entities to support their space activities. Apart from this ISRO will also nurture Indian space industries by sharing its experiences on quality and reliability protocols, documentation, testing procedures etc.
• Announcement of Opportunities are being done offering challenges in new domains of space technology.
• New Space India Ltd (NSIL), the CPSE under DOS will transfer the matured technologies developed by ISRO to Indian industries.
• To facilitate private sector participation in Space activities, the existing policies in space domain is being revised and new policies are being drafted to address policy framework for various areas such as SpaceCom, Remote Sensing, Technology Transfer, Navigation, Space Transportation, Space exploration and Space Situational Awareness.
• In order to address the necessary legal framework, the department is also in the process of enacting a National legislation. The draft Space Activities Bill has completed Public and Legal consultations and will be processed for further approvals for inter-ministerial consultations.

The Minister also said that Government plans to allow FDI to boost the investment in the space sector by the foreign players.

Union Budget 2019: 'Start-Up India' Scheme Extension, TV Channel, No Tax Scrutinisation

Indian finance minister Nirmala Sitharaman has just announced the union budget 2019 yesterday and announced some very interesting and new schemes for startups in the country including a Start-ups dedicated television (TV) , which would be indigenously designed by them to solve their issues and promote startups in the country.

The minister said in her speech, "We propose to start a television program within the bouquet of channels exclusively for startups. This shall be dedicated to promote startups, discuss the issues faced by them, bridge the gap between startups and venture capitalists and help in funding and tax planning. This channel shall be designed by startups themselves."

Set up under the purview of govt-owned Doordarshan, the upcoming TV channel will be designed and managed by startups themselves and will promote new businesses and enable matchmaking with venture capitalists helping them raise funds and the channel will also provide resources for tax planning.

With intentions of nurturing and supporting startup activity in India, Sitharaman also announced the extension of 2016-launched "Start Up India, Standup India" Scheme.

Extension of Start Up India Scheme

Highlighting the benefits of the scheme and a large demand by the SC/ST community for the continuance of the scheme, the Start-Up India scheme will now continue covering the entire period coinciding with the 15th Finance commission i.e 2020-2025.

"Stand up India has made human dignity and self-esteem to go up. Ministry of petroleum and gas has enabled SC/ST entrepreneurs by awarding bulk LPG transportation contracts. In a matter of 2 years, 300 entrepreneurs have emerged due to the Stand Up India scheme. Machines and robots have been deployed to do scavenging saving manual scavenger's dignity. The synthesis between Stand Up and Start Up India with commercial brands playing the catalyst has brought about a transformational change," said the finance minister.

The minister also highlighted the upshot in women and SC/ST entrepreneurs who were provided capital under the startup scheme to stand their own ventures.

Sharing the impact of Stand Up India in the Petroleum Industry, Sitharaman said that 300 entrepreneurs had emerged in 2 years, mainly due to the ministry's bulk LPG transportation contracts. She added that commercial brands have helped in being a catalyst to Stand Up and Start Up.

Angel Tax and Startup Investor Scrutiny

Startups and their investors who file their requisite declarations, provide information about their returns will not be subjected to any scrutiny with respect to valuation share premium. The issue of establishing the identity of investors will be resolved by putting in place an e-verification mechanism. With this, the funds raised by startups will not require any scrutiny from the IT department.

In addition, a special arrangement will be made by the Central Board of direct taxes, for pending assessments of startups and redressal of their grievances, ensuring that no verification will be done by the assessing officer without the approval of his supervisory officer. Startups are not required to justify the fair market value of their shares issued to certain investors including Category-1 Alternative Investment Funds (AIF), extending to Category 2 also.

The finance minister also proposed relaxation in carrying forward of losses, extending the period of exemption of capital gains arising on sale of houses to invest in startups up to March 31, 2021.

Government Launches Twitter Seva for Entrepreneurs Seeking Funding, Support or Government ‪Assistance

[caption id="attachment_104956" align="alignnone" width="700"] The union minister for commerce and industry Nirmala Sitharaman[/caption]

To make the ambitious “Start up India , Stand up India” initiative a big success, the Ministry for Commerce and Industry is launching a new helpline for entrepreneurs on micro-blogging site Twitter. Called the " Twitter Seva" service, it will act as a helpline of sorts for entrepreneurs seeking funding, support or government ‪assistance of any kind. The service is likely to be launched on April 21.

This initiative will help startups to get connected to various stakeholders such as venture capitalists, incubation centres or iron out any issues with government clearances. According to government officials in the know, currently the process is manual where the top officials of the ministry including the union minister for commerce and industry Nirmala Sitharaman would manually scan all the tweets on a daily basis, direct complaints to the relevant authorities and revert with solutions.

Through this initiative with Twitter, a full blown software will be developed which will automate the whole process, working out a mechanism where grievances are automatically routed in real time to the concerned person, who works on it and feeds it back to the person.

Under this service, people can present their ideas to the government which can choose to take them forward.

Government Launches Twitter Seva for Entrepreneurs Seeking Funding, Support or Government ‪Assistance

[caption id="attachment_104956" align="alignnone" width="700"] The union minister for commerce and industry Nirmala Sitharaman[/caption]

To make the ambitious “Start up India , Stand up India” initiative a big success, the Ministry for Commerce and Industry is launching a new helpline for entrepreneurs on micro-blogging site Twitter. Called the " Twitter Seva" service, it will act as a helpline of sorts for entrepreneurs seeking funding, support or government ‪assistance of any kind. The service is likely to be launched on April 21.

This initiative will help startups to get connected to various stakeholders such as venture capitalists, incubation centres or iron out any issues with government clearances. According to government officials in the know, currently the process is manual where the top officials of the ministry including the union minister for commerce and industry Nirmala Sitharaman would manually scan all the tweets on a daily basis, direct complaints to the relevant authorities and revert with solutions.

Through this initiative with Twitter, a full blown software will be developed which will automate the whole process, working out a mechanism where grievances are automatically routed in real time to the concerned person, who works on it and feeds it back to the person.

Under this service, people can present their ideas to the government which can choose to take them forward.