Govt planning to to set credit guarantee funds for start-ups

New Delhi, Jan 8: The Government is planning to set up a Credit Guarantee Fund (CGF) for encouraging start-up companies with a view to providing funding facilities in the country. 
The scheme has, however, yet to be made operational, official sources said here.

The sources said the government under the Startup India initiative has been providing incentives to them such as self-certification under six Labour Laws and three Environmental Laws, relaxations in Public Procurement Norms; Income Tax exemption; Funding support under the Fund of Funds for Startups and guidance and facilitation support from Startup India Hub.

The Department of Industrial Policy and Promotion had also hosted Startup India Global Venture Capital Summit 2018 on December 7, last year in Goa.

The event was attended by 30 Startups of which 27 were Indian Startups and three from the United States. 
As many as 8,993 startups were recognised by Department of Industrial Policy and Promotion during 2018, the sources added.

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