The government has recognised 50,000 startups across the country helping them avail of benefits across a range of laws and regulations with as many as 10,000 getting a seal of approval over the last six months.
The pace of recognising startups has picked up after the department for promotion of and internal trade (DPIIT) tweaked the norms a few years ago, which also enable them to get fiscal and infrastructural support.
A startup registered with DPIIT, for instance, enjoys a simplified compliance structure, 80% reduction in the cost of filing patents, tax exemptions and can wind up its business within 90 days of its application to do so.
To be eligible for registration underStartup India, a government initiative launched in 2016 to bolster the domestic startup ecosystem, a company needs to fulfill several criteria, including being incorporated and registered in India up to 10 years from the date of incorporation and having annual turnover of not more than Rs 100 crore for the financial years since registration.