Page 11 - Dpiit

'Angel Tax' provisions in finance bill will not impact startups: DPIIT Secy

The 'angel tax' provision in the Finance Bill will not impact startups in India, a senior government official said on Tuesday. Startups which are registered with the Department for Promotion of Industry and Internal Trade do not come under the purview, Anurag Jain, the secretary in the department said while speaking at the IBVCA Conclave here. "Let me put one thing very clearly. It doesn't affect startups in the least, he said, addressing the audience at the event organized by the venture capital industry lobby grouping. He said there is a clear provision which says that startups which are recognized by DPIIT are out of the proposal's purview, and added that the startup recognition process is also very simple where any applicant gets it automatically. Startups were rattled because of the proposed changes in regulations in the Finance Bill through the amendments in Section 56(2) VII B of the Income Tax Act. Foreign investors are also proposed to be included in the ambit of taxation,

DPIIT to bring quality control norms for building material to check imports

The Department for Promotion of Industry and Internal Trade (DPIIT) is looking to bring building materials like asbestos and gypsum under quality control norms, a move aimed at containing import of sub-standard goods and boosting the domestic industry. In this regard, the department has sought industry comments on draft quality control orders (QCOs) for concrete, asbestos, gypsum and ceramic-based materials industry. It has floated draft QCOs for 53 products. "In this regard, all the industry, apex industry/ associations, sectoral industry/association, regional industry/association, respective administrative ministries, concerned R&D institutions/organisations are requested to furnish their comments on the draft QCOs," DPIIT said. Comments can be sent till February 20. The 53 products include cement concrete flooring tiles, concrete paving blocks, gypsum plaster boards , and pulverised fuel ash - lime bricks.

BIS conducts 100 search operations to curb sale of non-ISI certified toys

During the search and seizure operations conducted by the Bureau of Indian Standards, a quantity of 9,565 and 30,229 was seized during the years 2021-22 and 2022-23 (up to Jan 25, 2023), respectively

DPIIT likely to bring national framework on quality infrastructure

Dept to ensure there are more accreditation facilities in tier-2 and 3 cities, with key focus on healthcare and education systems

DPIIT working on quality control orders for several products: Official

The department for promotion of industry and internal trade (DPIIT) is working on quality control orders for several products, such as lighters, with a view to promote domestic manufacturing of quality goods, a senior official said on Friday. These orders also help in containing import of sub-standard goods into the country. Joint Secretary in the DPIIT Sanjiv said that the "aim is to promote production of high quality products". The department is continuously engaged with BIS (Bureau of Indian Standards) and concerned stakeholders for identification of products for which quality control orders (QCOs) could be issued. "QCOs are good for us and we are not bringing this in a hurry. We want to handhold the industry," he added. These orders are issued by the department in consonance with the WTO Agreement on Technical Barriers to Trade (TBT) for industries falling under its domain. Earlier, the department has rolled out these Quality Control Orders for a host of goods such as househo

All govt depts to integrate with national single window system by Dec

All the states, union territories and 32 central government departments will integrate with the National Single Window System (NSWS) by December this year, through which companies can seek all approvals and clearances for their businesses, a top official said on Thursday. So far 19 states/UTs and 27 central government departments are already onboarded, including Andhra Pradesh, Bihar, Goa, Gujarat, Himachal Pradesh, Jammu & Kashmir, and Karnataka, the Secretary in the department for promotion of industry and internal trade (DPIIT) Anurag Jain said here. He was speaking at a joint meeting of the India-Japan business cooperation committee meeting. The system is aimed at reducing duplicity of information submission to different ministries, reduce compliance burden, cut gestation period of projects, and promote ease of starting and doing business. NSWS enables the identification, applying and subsequent tracking of approvals for all integrated states and central departments. "Going ..

Budget 2023: 80,000 start-ups exempt from angel tax, says govt

The Union Budget 2023 on Wednesday proposed to extend the angel tax provisions to transactions involving foreign investors

Govt-recognised startups eligible for angel tax exemption: DPIIT Secy

More than 84,000 DPIIT-recognised start-ups in the country, data shows

PM Gati Shakti to help reduce logistic obstacles, improve efficiency: DPIIT

The PM GatiShakti initiative will play a significant role in reducing the logistics cost, increasing efficiency and benefitting businesses, a top government official said on Monday. On October 13 last year, Prime Minister Narendra Modi launched the Gati Shakti- National Master Plan aimed at developing an integrated infrastructure to reduce logistic costs. All logistics and connectivity infrastructure projects, entailing an investment of over Rs 500 crore, are routed through the NPG (network planning group), constituted under the PM GatiShakti initiative. PM GatiShakti "will play a significant role in reducing the logistic obstacles and increase logistics efficiency and benefit the businesses," Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain said here at the inaugural session of B20 Inception Meeting, organised by industry body CII. He also said that the PM GatiShakti portal has over 1,600 data layers related to subjects such as land, ...

India making big strides in ease of doing business, says DPIIT Secretary

All labour laws have been consolidated into four codes, which have been passed by Parliament and the government is in the process of their final implementation, he said

Ministries flout local procurement rules in govt contracts, says DPIIT

Dept says tender terms favourable to foreign firms

DPIIT working on policy for auction of salt land to private players

The Department for Promotion of Industry and Internal Trade (DPIIT) is working on formulating a policy for auction of salt land to private players, sources said. The department had received requests from different ministries, departments, state governments, central and public sector enterprises for transfer of land owned by the Government of India through the Office of the Salt Commissioner, at places other than Mumbai and its suburbs, for public purposes. Sources said that the department is finalising a draft policy on auction of salt land to private players. A drone survey of salt land is also being undertaken. In May last year, the DPIIT had sought applications for the empanelment of valuers in Salt Commissioner's Organization (SCO) for a period of five years. About 60,000 acres of salt land is available in various states. Land declared surplus to the requirement of SCO would be considered for transfer for public purposes in accordance with the General Financial Rules under ..

DPIIT to undertake third party assessment of Startup India Seed Fund Scheme

The Department for Promotion of Industry and Internal Trade (DPIIT) is in the process of undertaking a third party assessment of Startup India Seed Fund Scheme to see its impact on the ground, a senior government official said on Friday. The Rs 945-crore scheme was launched in 2021. It aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization. The fund was divided into four years for providing seed funding to eligible startups through eligible incubators across India. Joint Secretary in DPIIT Shruti Singh said though the department has received "good" feedback from incubators and startups on the scheme, "we are still doing a third party assessment so that somebody on ground can go and see". Over 85,000 startups have been registered with DPIIT, she told reporters here. Startup India was launched by the government on January 16, 2016. Under Startup India, to provide capital at various stages of t

FDI inflows likely to improve in coming months, says DPIIT official

Foreign direct equity investments during April-September declined 14 per cent on year to $26.9 billion, according to Department for Promotion of Industry and Internal Trade (DPIIT) data

DPIIT considering quality control norms for air coolers, water dispensers

The Department for Promotion of Industry and Internal Trade (DPIIT) is looking to bring air coolers, bicycles and bottled water dispensers under the quality norms, a move aimed at containing the import of sub-standard goods and boosting the domestic industry. The department has floated draft control orders (QCOs) for 16 products. The other light-engineering industry products for which these norms are under consideration include pumps, door fittings, cookware and utensils, electrical accessories, communication cable and water meters. "All the industry, apex industry/ associations, sectoral industry/ association, regional industry/ association, respective administrative ministries, concerned R & D institutions/ organizations are requested to furnish their comments on the draft QCOs to this department by January 15," it said. The items under these orders cannot be produced, sold/traded, imported and stocked unless they bear the Bureau of Indian Standards (BIS) mark. The DPIIT is in .

DPIIT working on new industrial policy; proposes scheme for Made in India

The Department for Promotion of Industry and Internal Trade (DPIIT) is working on a new industrial policy that proposes to increase financing sources for industry and a scheme for promoting Made in India brand, sources said. It has suggested various ways for wider access to finance for the industry such as setting up of a development finance institution to provide finance at competitive rates and considering using some part of foreign exchange reserves for such funding. The draft - Statement on Industrial Policy 2022 Make in India for the world - has been circulated to different ministries for their views and comments. The proposed policy, sources said, is aimed at addressing issues and challenges of industry through certain policy measures to foster and create an innovative and competitive industrial ecosystem in the country. To achieve the goals, it has identified six objectives such as the focus on competitiveness and capability; economic integration and moving up the global va

Startups to attract large foreign direct investments in 2023: DPIIT Secy

The country's startups will attract significant foreign direct investments (FDI) in 2023 on account of steps being taken by the government to strengthen the ecosystem for budding entrepreneurs, a top government official has said. Secretary in Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain said India has the third largest startup ecosystem in the world and the way startups here are performing; soon the country will become a top ecosystem globally. Number of recognized startups is increasing significantly, the Fund of Funds for Startups (FFS) and Startup India Seed Fund Scheme are doing good. Startups too will attract significant FDI in 2023, Jain told PTI. Presently, India has one of the most liberalized FDI policies wherein very few sectors require government approval, he said. The government with an intent to nurture innovation, startups and encouraging private investments in the startup ecosystem of the country launched Startup India initiative on ...

DPIIT considering quality control norms for lighters, sports goods

The Department for Promotion of Industry and Internal Trade (DPIIT) is looking to bring lighters and sports goods under the quality norms, a move aimed at containing the import of sub-standard goods and boosting the domestic industry. The other products for which these norms can be issued include potable water bottles and insulated flasks, resin-treated compressed wood laminates and wooden furniture. The department has floated draft control orders for all these products after consulting the Bureau of Indian Standards (BIS). "Department for Promotion of Industry and Internal Trade has prepared a draft quality control order in respect of lighters in consultation with the Bureau of Indian Standards in order to bring it under mandatory BIS certification keeping in view the human safety and for ensuring the optimum quality of product," according to one of the office memorandums of the department. The items, under these orders, cannot be produced, sold/traded, imported and stocked unless

DPIIT seeks views of ministries on draft national retail trade policy

The Department for Promotion of Industry and Internal Trade (DPIIT) has sought the views of 16 departments and ministries on its draft national retail trade policy, which is aimed at the overall development of all formats of the sector, an official said. After getting comments from all the departments and ministries, DPIIT would seek approval of the Union Cabinet on the policy, the official added. The policy would focus on formulating strategies to provide a globally competitive and sustainable environment for the overall development of retail trade through targeted efforts. The objectives of the policy include ensuring easy and quick access to affordable credit, facilitating modernization and digitisation of retail trade by promoting modern technology and superior infrastructural support; development of physical infrastructure across the distribution chain; promotion of skill development and improve labour productivity, and providing an effective consultative and grievance redressa

DPIIT seeks views of ministries on draft national retail trade policy

The Department for Promotion of Industry and Internal Trade (DPIIT) has sought views of 16 departments and ministries on its draft national retail trade policy, which is aimed at overall development of all formats of the sector, an official said. After getting comments of all the departments and ministries, DPIIT would seek approval of the Union Cabinet on the policy, the official added. The policy would focus on formulating strategies to provide a globally competitive and sustainable environment for overall development of retail trade through targeted efforts. The objectives of the policy include ensuring easy and quick access to affordable credit, facilitating modernization and digitization of retail trade by promoting modern technology and superior infrastructural support; development of physical infrastructure across the distribution chain; promotion of skill development and to improve labour productivity, and providing an effective consultative and grievance redressal mechanism