a real-time basis. The same is available on www.eodb.dipp.gov.in.
India ranks 100th in the World Bank’s annual Doing Business Report (DBR), 2018 as
against 130th rank in DBR, 2017. The ease of doing business index is meant to measure
regulations directly affecting businesses and a nation’s rank is based on the average of 10
indicators viz., starting a business, dealing with construction permits, getting electricity,
registering property, getting credit, protecting minority investors, paying taxes, trading across
borders, enforcing contracts and resolving insolvency.
Make in India
The ‘Make in India’ initiative was launched in 2014 with the objective of facilitating
investment, fostering innovation, building best in class manufacturing infrastructure, making it
easy to do business and enhancing skill development. Action Plans for 21 key sectors were
identified for specific actions under (i) policy initiatives (ii) fiscal incentives (iii) infrastructure
creation (iv) ease of doing business (iv) innovation and R&D (vi) skill development areas.
Invest India has been set up as a joint venture (not for profit) company between Department
of Industrial Policy and Promotion, Federation of Indian Chambers of Commerce & Industry
(FICCI), CII, NASSCOM and various state governments. Invest India is the National Investment
Promotion and Facilitation Agency of India and acts as the first point of reference for investors.
It is transforming the country’s investment climate by simplifying the business environment for
investors. Its experts, specializing across different countries, states and sectors, handhold
investors through their investment lifecycle - from pre-investment to after-care. This venture
provides multiple forms of support such as market entry strategies, deep dive industry analysis,
partner search and location assessment policy advocacy with decision makers.
Taking into account the long gestation period to establish and operate, DIPP modified the
Startup definition. Accordingly, an entity shall be considered as a Startup up to seven years from
the date of its incorporation/ registration. However, in the case of Startups in the biotechnology
sector, the period shall be up to ten years from the date of incorporation/registration. This will
also ensure consistency with the recent enhancement of tax exemption to Startups in the Budget.
In order to promote entrepreneurship in the country, the definition of a Startup has also been
broadened to include scalability of business model along with high potential of employment
generation or wealth creation. To further simplify the process of recognition of a Startup, the
requirement of letter of recommendation from an incubator/industry association has also been
done away with both for the purpose of recognition as well as availing certificate of eligibility
for obtaining tax benefits.
Fund of Funds
For providing fund support for Startups, Government created a ‘Fund of Funds for Startups
(FFS)’ at Small Industries Development Bank of India (SIDBI) with a corpus of ₹ 10,000 crore.
The FFS shall contribute to the corpus of Alternate Investment funds (AIFs) for investing in
equity and equity linked instruments of various Startups.
Relaxed Norms in Public Procurement
Provision has been introduced in the procurement policy of Ministry of Micro, Small and