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Pankaj Tyagi
| Updated: 08 Feb, 2022 | Category: Latest News

Commerce Minister Confirms Addition of 30 more Unicorns by August 2022

Unicorns

In a bid to boost the Indian startup ecosystem, the GOI is taking productive measures such as resolving the angle tax problem, simplification of self-certification, and tax procedures. This confirmation has made by Piyush Goyal, Commerce and Industries Minister, at the event conducted by Nasscom.

Goyal further added that till now, over 26,500 compliances had been simplified. Additionally, almost 770 offenses have been decriminalized. He further added that the government has managed to add 43 startups to the elite unicorns club since March 2021 and around 30 are still in the pipeline to become unicorns by August.

According to Goyal, the Open Network for Digital Commerce (ONDC[1]) would ensure interoperability between e-commerce entities and provide small & large organizations an opportunity to reach the common man.

Statements made by Commerce Minister regarding NSWS

  • After going through the NSWS (National Single Window System), Goyal said that the portal still lacks desirable awareness, and hence presentations should be made before prominent entities and to Indian Missions abroad to resolve this issue.
  • He also proposed the appointment of a chief information security officer who would be responsible for the security and risk monitoring of the said portal.
  • The Know Your Approvals service is in effect on the said portal with 544 approvals across 32 central departments and ministries. Ministry confirmed that 3,259 approvals are listed, and consistent endeavor is in progress to ensure the addition of 13 more ministries/departments by March 31, 2022.
  • NSWS furnished the first approval on January 11, 2022, to the applicant CMR-Kataria Recycling Private Limited. The firm aims to get involved with the Vehicle Scrappage business in Gujrat, with the proposed overall capacity of 67,000 vehicles. After receiving the application on November 8, 2021, the portal ensured the license grant within two months.

Conclusion

National Single Window System is a ground-breaking platform for investors from different industry domains. NSWS has overcome the inconvenience of reaching out to various authorities for securing necessary permits to set up a business. By clubbing major authorities under one umbrella, NSWS seeks to revamp the traditional way of fulfilling compliances for starting a business. The GOI is making constant efforts to make this portal more reachable and accessible for potential investors. Further, in view of the above statements, it seems that the startup’s ecosystem shall get a consistent boost from the government. The relaxations above would come as a great relief for startups grappling to address the tax and other necessities to sustain their growth.

Pankaj Tyagi

Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.

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