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government of india

Illustration featuring text 'Elevate & KAN' on a dark gradient background, with icons representing business and financial management: a checklist, gears, a financial document with a dollar sign, a calculator, and a figure holding a tablet, symbolizing strategic planning and process optimization.

Karnataka Launches ELEVATE & KAN to Tackle Startup Funding Challenges

By
Anurag Trivedi

Karnataka’s IT Minister, Priyank Kharge, recently launched ELEVATE 2024 and KAN to empower startups with seed funding and acceleration support. ELEVATE 2024 offers up to Rs 50 lakh in grants for early-stage startups, while KAN provides mentorship and market access, especially for companies outside Bengaluru. Designed to foster innovation, these programs support growth in sectors like AI, IoT, and SpaceTech, positioning Karnataka as a major startup hub. Applications for ELEVATE 2024 are open until November 29 via missionstartupkarnataka.org.

Bhaskar platform logo with a sun symbol and stylized text on an orange background. To the right, there is a blue banner with the text 'The Startup Ecosystem Registry' alongside a clicking cursor icon. A rocket icon is also featured, symbolizing startup growth.

Government Launches BHASKAR Platform to Boost India’s Startup Ecosystem

By
Anurag Trivedi

The government has launched 'Bhaskar', a digital platform aimed at enhancing India's startup ecosystem under the Startup India initiative. Led by the DPIIT, BHASKAR will centralize resources and foster collaboration among startups, investors, mentors, and service providers. The platform aims to create the world’s largest digital startup registry, providing personalized IDs for easier networking, searchability, and discovery of opportunities. This initiative aligns with India’s goal of becoming a global leader in innovation and entrepreneurship, supporting over 1,46,000 DPIIT-recognised startups.

Union Budget 2024" - Image featuring the Indian flag, Finance Minister Nirmala Sitharaman holding a red budget briefcase, and a rocket launch, symbolizing India's push towards expanding the space economy.

India Launches Rs 1,000 Crore VC Fund to Boost Space Economy

By
Anurag Trivedi

Finance Minister Nirmala Sitharaman announced a Rs 1,000 crore venture capital fund to boost India's space economy. The initiative aims to increase India's share in the global commercial space market to 10% by 2030, from the current 2%. This policy offers financial assistance, adding to the existing policy support and technical aid. (2) Lt. Gen. AK Bhatt (Retd.) of the Indian Space Association hailed the fund as crucial for space startups. Awais Ahmed of Pixxel and Srinath Ravichandran of Agnikul Cosmos praised the fund's impact, while Pawan Kumar Chandana of Skyroot Aerospace emphasized its role in capturing global market share.

Finance Minister Nirmala Sitharaman, holding a red budget briefcase, stands in front of a government building. An illustrated overlay shows a tax document with wings and a halo, symbolizing the abolition of the angel tax. In the background, security personnel are visible.

India Abolishes Angel Tax, Boosting Startup Ecosystem and Innovation

By
Anurag Trivedi

India’s federal government has abolished the controversial “angel tax” for all classes of investors, marking a significant victory for the country's startup ecosystem. Introduced in 2012 to control money laundering, the tax had long burdened early-stage companies and their backers. Finance Minister Nirmala Sitharaman announced the removal during her budget speech, aiming to bolster the entrepreneurial spirit and support innovation. The abolition of the angel tax has been widely welcomed by the startup community, including entrepreneurs, investors, and venture capitalists. Siddharth Pai of 3one4 Capital called it a "watershed moment," while Amit Mehra of Lightspeed highlighted the reduction in tax-related uncertainty for startups. This move is expected to foster a more supportive investment environment, fueling innovation and growth.