Government planning to promote start ups on IoT tech - Fusion - WeRIndia

Government planning to promote start ups on IoT tech

Government planning to promote start ups on IoT tech

The government is planning to mull offering incentives to VC funded start ups which work based on Internet of Things technologies. They are doing this to attract early stage funding and make use of the untapped potential in this sector for a boost in ‘Make in India’ Programme. The idea behind this is to promote small firms, especially the startups which are working on IoT technologies with focus on memory storage devices, processors, sensors, power devices and solar electronics panels and equipment.

IoT is basically a network of devices which use IP connectivity to communicate among itself without the need of human interference. It consists of intelligent systems, network equipment, connectivity services and data integration.

A government official has confirmed this development and further added that there are plans to launch a programme for promotion of export of IoT products and services. The government is planning to provide facility of easy import for capital goods and raw materials which are needed for the manufacture of IoT products. It seems that there can be duty benefits of up to 100 percent. The raw material which are purchased in the domestic market may get reimbursements on excise and CST. The government is planning to provide subsidized rates on purchasing lands for small start ups.


Image Reference: Gizbot

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