Quick Summary
DPIIT (earlier DIPP) formulates policies for industrial development, Startup India initiative, and ease of doing business. It recognizes startups for tax benefits.
Department for Promotion of Industry and Internal Trade (DPIIT) is under Ministry of Commerce and Industry. Earlier known as Department of Industrial Policy and Promotion (DIPP).
Key Functions
- Formulation of industrial policy
- Foreign Direct Investment (FDI) policy
- Startup India initiative
- Ease of Doing Business
- Industrial corridors
- Special Economic Zones (SEZs)
Startup Recognition
- Recognizes eligible startups on Startup India portal
- Benefits: Tax exemptions, self-certification, fast-track IPR
- Angel tax exemption for eligible startups
- Public procurement benefits
Startup Eligibility Criteria
- Company/LLP registered in India (not before 5 years)
- Turnover < ₹100 crore in any financial year
- Working towards innovation, development, or improvement
- Not formed by splitting up or reconstruction
Key Points
- Formulates FDI policy
- Startup India nodal department
- Recognizes startups for benefits
- Ease of Doing Business initiatives
- Industrial policy formulation
- Earlier known as DIPP