DIPP, WIPO, TISC - Current Affairs Questions and Answers

ANSWER: Both of the above

Explanation:
The Department of Industrial Policy and Promotion (DIPP), which is the nodal body for Start-up India, has amended the definition of a start-up.

As per the new definition, an entity will be considered as a Start-Up if its turn over is less than INR 25 crore and has not completed seven years from the date of its incorporation/registration.

In the definition, the change is with respect to the time period which is currently five years. The new definition has increased it to 7 years taking into the consideration the long gestation period involved in establishing start-ups.

The scope of definition of start-up will also be widened to include scalability of business model with potential of employment generation or wealth creation.

An entity that has completed 7 years from the date of its incorporation or if its turnover exceeds INR 25 crore, it will cease to be a start-up.

The process of recognition of an entity as a start-up will be through an online application made over the mobile app/portal set up by the DIPP.

For the Start-Ups in the biotechnology sector, they will be considered as start-ups for a period of up to 10 years from the date of incorporation/registration.

Start-ups will not require a letter of recommendation from an incubator or an industry association to get tax benefits under the Start-up India action plan.

However, the entities should obtain a certificate of an eligible business from an inter- ministerial board of certification as constituted by the DIPP to claim tax benefit

An entity will be deemed as a start-up if it is working towards innovation, development or improvement of products/processes/services, or if it is a scalable business model with potential for employment generation or wealth creation.

ANSWER: Smart India Hackathon

Explanation:
Prime Minister Narendra Modi on April 1 addressed the "Smart India Hackathon", said to be the world's largest hackathon.

Aimed at promoting innovation, the exercise would see nearly 10,000 students producing digital solutions to 598 problems.

The 598 problems have been identified and posted by 29 central government departments and include issues like geo-fencing of airports, online toll collection, smart traffic management, cyber attacks and smart drones to make the airspace safer.

The 36-hour non-stop digital programming competition started at 8 a.m. on Saturday in 26 different locations in the country with each location handled by one central department or ministry.

The top three teams were awarded INR 1 lakh, 75,000 and 50,000 respectively and the digital solutions so awarded would be used by the ministry/departments for improving their governance systems, if necessary, with suitable upgradation.

All the prize winners are to be connected to form a Community of Innovative Minds.

The hackathon also aims at improving awareness about patents in the country.

According to World Intellectual Property Organisation (WIPO), India registers 40 patents per million population.

WIPO: Know More

• Headquarters: Geneva, Switzerland
• CEO: Francis Gurry (1 Oct 2008)
• Founded: 1967
• Parent organization: United Nations

ANSWER: Startup India

Explanation:
Department of Industrial Policy and Promotion has organised a day long conference on Startup India in New Delhi aimed at enhancing the ease of doing business.

• Startup would now need only certificate of recognition from government to get IPR benefits.
• Under the ‘Start-up India’ action plan, the government has announced three-year tax holiday and other benefits to these entrepreneurs.
• Around 4400 technology startups are there in India and number is expected to reach 12,000 by 2020.