Visakhapatnam: The department for promotion of industry and internal trade (DPIIT) has recognised about 950 startups in Andhra Pradesh in the last five years under the ‘Startup India’ scheme. The Union government launched ‘Startup India’ as a flagship initiative in January 2016 to build a strong ecosystem for nurturing innovation and entrepreneurship, and provide employment opportunities.
According to the official statistics, these 950 startups have generated about 9,600 jobs in Andhra Pradesh. The state has so far developed five business incubators in Visakhapatnam, Tirupati, Kakinada, Anantapur and Tadepalli.
However, Andhra Pradesh pales in comparison with the employment created in other major states through the startups recognised by DPIIT.
Maharashtra has topped the table with 1.21 lakh jobs, followed by Karnataka (92,444), Delhi (75,784), Uttar Pradesh (54,500), Gujarat (43,313) and Haryana (41,533). Andhra Pradesh is nowhere compared to its neighbouring Telugu state Telangana that provided jobs to 37,202 people since January 2016.
Former chairman and managing director of the National Research Development Corporation and DPIIT-IPR chair, Andhra University, Prof Hanumanthu Purushotham said the state government is taking a lot of initiatives to encourage startup ecosystem in the state. “Due to the same, several youth are taking a plunge into startup territory. Seed funding, infrastructure and mentoring support need to be improved to further the startup culture in the state. Andhra University, on its part, constructed a separate building for incubation centre on the campus,” said Prof Purushotham.
As per the existing provisions of the Income Tax Act under the Startup India initiative, the startups are exempted from taxation on the profits and gains derived from their businesses for three consecutive assessment years out of 10 years beginning from the year in which they are incorporated.
Based on their growth cycle, these 950 startups in state are in various stages of development – from ideation and validation to early traction and scaling. For example, the Visakhapatnam-based School Radio, founded by Aruna Gali, is in the scaling phase. The startup is working on enhancing the capacities of children and youth to communicate, participate and voice effectively.
The ‘House of Tribe Private Limited’, the startup from East Godavari which is also in scaling phase, manufactures chemical-free Ayurvedic products for skin, hair, health and wellness. Agritech is the focus area for the ‘Spectrum Forages’ startup from Krishna district.
According to the official statistics, these 950 startups have generated about 9,600 jobs in Andhra Pradesh. The state has so far developed five business incubators in Visakhapatnam, Tirupati, Kakinada, Anantapur and Tadepalli.
However, Andhra Pradesh pales in comparison with the employment created in other major states through the startups recognised by DPIIT.
Maharashtra has topped the table with 1.21 lakh jobs, followed by Karnataka (92,444), Delhi (75,784), Uttar Pradesh (54,500), Gujarat (43,313) and Haryana (41,533). Andhra Pradesh is nowhere compared to its neighbouring Telugu state Telangana that provided jobs to 37,202 people since January 2016.
Former chairman and managing director of the National Research Development Corporation and DPIIT-IPR chair, Andhra University, Prof Hanumanthu Purushotham said the state government is taking a lot of initiatives to encourage startup ecosystem in the state. “Due to the same, several youth are taking a plunge into startup territory. Seed funding, infrastructure and mentoring support need to be improved to further the startup culture in the state. Andhra University, on its part, constructed a separate building for incubation centre on the campus,” said Prof Purushotham.
As per the existing provisions of the Income Tax Act under the Startup India initiative, the startups are exempted from taxation on the profits and gains derived from their businesses for three consecutive assessment years out of 10 years beginning from the year in which they are incorporated.
Based on their growth cycle, these 950 startups in state are in various stages of development – from ideation and validation to early traction and scaling. For example, the Visakhapatnam-based School Radio, founded by Aruna Gali, is in the scaling phase. The startup is working on enhancing the capacities of children and youth to communicate, participate and voice effectively.
The ‘House of Tribe Private Limited’, the startup from East Godavari which is also in scaling phase, manufactures chemical-free Ayurvedic products for skin, hair, health and wellness. Agritech is the focus area for the ‘Spectrum Forages’ startup from Krishna district.
Credit: Source link
