Space StartUps
What is a DPIIT-recognized startup?
- As per the Department for Promotion of Industry and Internal Trade’s (DPIIT) definition, an entity shall be considered a “Startup” –
- If it’s incorporated as either Private Limited Company or Registered Partnership Firm or Limited Liability Partnership. A sole proprietorship or a public limited company is not eligible as startup.
- If it is up to 10 years from the date of its incorporation/registration.
- If its turnover for any of the financial years has not exceeded INR 100 crore
- If it is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
- Should not have been formed by splitting up or reconstruction of a business already in existence.
Why in News?
- Union Minister Dr. Jitendra Singh said that there has been around 200 times increase in Space StartUps in just about two years.
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