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Companies To Declare Job Creation To Avail Startup India Benefits
Launched in January 2016, the Startup India Campaign seemed like a boon to young entrepreneurs of the country with possibilities for funding, tax returns, ease of registration, and relaxed norms of prior experience and turnover. One of the main thrusts of this initiative, by PM Narendra Modi, was to create better employment opportunities for the youth.
But companies eyeing all these benefits under the program will soon have to declare upfront the number of jobs they would generate, in order to qualify.
Any entity or company will now have to declare the number of jobs it will create along with meet certain financial standards along with having a certain level of innovation in its product or service.
Also, read | HOW TO PLAN A DIGITAL MARKETING CAMPAIGN FOR STARTUP?
While the Department of Industrial Policy and Promotion (DIPP) has recognized 700 plus startups, only 10 startups have been approved for availing these tax benefits.
Around 250,000 jobs are expected to be created in India by 2020, while the current number stands at 80,000.
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