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New Delhi: The government is likely to expand the definition of startups to further strengthen the country's ecosystem for budding enterprises, an official said on Wednesday.
The expanded definition would include deep-tech, cooperatives and allow startups to pivot to deep-tech, the official said.
The government has taken a series of measures to promote the startup ecosystem in the country to boost innovation.
At present, over 2 lakh entities are registered as startups by the Commerce and Industry Ministry.
To be recognised as a startup, an entity must be in existence for not more than 10 years from the date of incorporation. It should be incorporated as a private limited company, a registered partnership firm, or a limited liability partnership. The entity's annual turnover should not exceed Rs 100 crore in any financial year since its incorporation.
Recognised startups are eligible for a number of incentives, such as income tax benefits under the Startup India initiative by the department.
Measures have also been announced to promote deep-tech startups, which are engaged in deep research work to develop commercial products.