Government Reveals Official Definition of 'Startup' to Make Clear Benefits Eligibility

The Indian government has issued an official definition of a startup to help clarify the criteria for eligibility in different schemes and benefits specific to startups. The step will go a long way in making the process easier for identifying and funding innovative new enterprises.

Some of the highlights of the definition:

• Organizations below 10 years of age from the date of incorporation
• Annual turnover below ₹100 crore in any year
• Operating towards innovation, improvement, or development of products, processes, or services

The standardized definition is expected to achieve unity across various government ministries and aid more precise support for the startup community.

Source: Ministry of Commerce and Industry press release, Economic Times