#Marketwire: 16 Out of 728 Applicants Recognised As Startups Eligible for Tax Benefits by DIPP and More

Commerce Min. Nirmala Sitharaman (Image Source)

Shown Above: Commerce and Industry Minister Nirmala Sitharaman

#Marketwire is your quick summary of notable market movements in the technology industry. The organisations covered in this segment include DIPP, Amazon and Shopclues

This post has been updated

16 Startups Recognised by DIPP for Availing Tax Benefits

Out of 728 startups which applied for getting recognition as a startup up till mid July, 16 startups have been selected by DIPP for availaing tax benefits, Commerce and Industry Minister Nirmala Sitharaman told Rajya Sabha on Wednesday.

These startups were incorporated after 1st April 2016, and are thus eligible for availing tax benefits as per Finance Act 2016. However, 2 of them have already been disapproved from redeeming these benefits. In total 180 companies have been recognised as startups.Read More

Make In India Campaign Boosts FDI by 46%

Make In India initiative, which was announced in September 2014 to promote manufacturing of products within India, has been able to give a boost to Foreign Direct Investments in the country. FDI grew 46% to $61.58 billion during October 2014 and May 2016.

The top sectors which attracted maximum FDI were services, trading, automobile and power. Read More

Number of Internet Users in India Grew to 342.65M in March

According to data shared by Telecom Minister Manoj Sinha in the Parliament on Wednesday, the number of Internet users in India had reached 342.65 million by 31st March 2016.

Among the different Internet Service Providers (ISPs) Airtel had maximum subscribers, followed by Vodafone and Idea. Read More

Amazon India Enters into Furniture Retail

eCommerce firm Amazon has forayed into online furniture sales, as it sets up additional 5 fulfillments centres in India. The company has released its range of products in the domain, and would be delivering furniture to only 20 cities to begin with. Read More

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Shopclues Launches Seller Ad Bidding Platform ADZone

Following the lines of Flipkart & Snapdeal, Shopclues has now launched an ad bidding platform for sellers called ADZone. For a minimum budget of Rs.1,000 sellers, sellers can bid on running ad campaigns.

35% of Shopclues revenue is non-transactional, says Co-Founder & CEO, Sanjay Sethi. Read More

6 Indian Startups Selected for First Batch of InsurTech Accelerator Programme

Zurich based Swiss Re, which is also setting up a Fintech accelerator in Bengaluru, has announced the names of the 6 Indian startups that have been selected in the first batch of InsurTech accelerator programme .

The six startups include GOQii, Touchkin, Datasigns, eKincare, Niki.ai and Arya.ai. Read More

 

Image Credit: Punjab Tribune

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