Govt taking significant steps to boost startup ecosystem: Goyal

The government is taking significant steps such as resolving the angel tax issue, simplification of tax procedures, and self-certification, in a bid to boost the startup ecosystem of the country, Commerce and Industry Minister Piyush Goyal said on Friday.

He also said that huge opportunities are there for startups in tier 2 and 3 cities and areas like advertising, marketing, professional services, fitness and wellness, gaming and sports and audio-video services. Startups should leverage modern technologies for local and global markets, he said while speaking at the launch of NASSCOM’s Annual Technology Startup Report.

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“We are trying to take significant steps to boost the startup ecosystem… We have the Budget coming up soon and all of us are anxiously waiting to see and hear what is done with some of the asks (recommendations)…,” Goyal said. He added that the government is focusing on reducing compliance burden to promote ease of doing business. Over 26,500 compliances have either been simplified, digitalised or completely removed from the statute and “we have been able to decriminalise almost 770 offences,” he added.

Talking about Open Network for Digital Commerce (ONDC), he said this platform would enable interoperability between e-commerce companies and provide small and large players an opportunity to reach the common man. “The next UPI moment can be the ONDC, which will help new-age technology in taking access to common man at affordable cost and also giving our startups new opportunities to grow in India,” the minister said.