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Startup Policies ISSUE NO 6, 15 FEB 2021 ISSUE NO 6 15 FEBRUARY 2021 STARTUP POLICIES Start-up India Seed Fund Scheme of the extension of lockdown and continuing dis- ruption on account of COVID-19, all lending insti- Press Information Bureau: February 08, 2021 tutions were permitted to extend the moratorium Start-up India Seed Fund Scheme (SISFS) has by another three months i.e. from June 1, 2020 been approved for the period of next four years to August 31, 2020 on payment of all instalments starting from 2021-22. It will be implemented in respect of term loans. with effect from 1st April 2021. The Scheme ii. In respect of working capital facilities aims to provide financial assistance to start-ups sanctioned in the form of cash credit/overdraft , for proof of concept, prototype development, lending institutions were permitted to defer the product trials, market entry and commercializa- recovery of interest applied in respect of all tion. Rs. 945 Crore (US$ 129.44 million) corpus such facilities during the period from March 1, will be divided over the next 4 years for provid- 2020 up to May 31, 2020. Further extension was ing seed funding to eligible start-ups through granted up to 31st August 2020. eligible incubators across India. The scheme is iii. Kamath Committee: An expert expected to support about 3600 start-ups. committee formed by the Reserve Bank of India A number of measures announced under Atma- (RBI) under the chairmanship of Mr. K.V. Kamath nirbhar Bharat Package are beneficial for Start- made recommendations on the required finan- ups. Some of these benefits are given below: cial parameters to be factored in the resolution Benefits under ‘Atmanirbhar Bharat’ for Start- plans under the ‘Resolution Framework for ups Covid19-related Stress’ along with sector specif- 1) Reserve Bank of India ic benchmark ranges for such parameters. The 1.1. Rescheduling of Payments – Term Loans recommendations of the Committee have been and Working Capital Facilities broadly accepted by RBI. Accordingly, RBI has i. In respect of all term loans (including specified five specific financial ratios and the agricultural term loans, retail and crop loans), sector-specific thresholds for each ratio in re- all commercial banks (including regional rural spect of 26 sectors to be considered while final- banks, small finance banks and local area ising the resolution plans. banks), co-operative banks, all-India Financial 1.2. Easing of Working Capital Financing Institutions, and NBFCs (including housing fi- In respect of working capital facilities sanctioned nance companies) (“lending institutions”) were to borrowers facing stress on account of the permitted to grant a moratorium of three months economic fallout of the pandemic, lending insti- on payment of all instalments falling due be- tutions may recalculate the ‘drawing power’ by HIGH COMMISSION OF INDIA , SINGAPORE 1 STARTUP WATCH tween March 1, 2020 and May 31, 2020. In view ISSUE NO 6, 15 FEB 2021 reducing the margins and/or by reassessing the nities working capital cycle. Further, accounts pro- 2.7 Reliefs through Employee Provident Fund vided relief under these instructions shall be (EPF): Under Pradhan Mantri Garib Kalyan subject to subsequent supervisory review with Package (PMGKP), payment of 12% of employer regard to their justifiability on account of the and 12% employee contributions was made into economic fallout from COVID-19. EPF accounts of eligible establishments. This 2) Measures for businesses including MSMEs was provided earlier for salary months of – These measure would support eligible start- March, April and May 2020. This support was ups extended for another 3 months to salary months 2.1 Rs. 3 lakh crore (US$ 41.09 billion) of June, July and August 2020. This provisioned Emergency Working Capital Facility for Busi- assistance of Rs. 4,860 crore (US$ 665.68 mil- nesses, including MSMEs. lion) to 3.67 lakh establishments, for 72.22 lakh 2.2 Rs. 20,000 crore (US$ 2.74 billion) employees. Subordinate Debt for Stressed MSMEs. 2.8 EPF contribution reduced for Business & 2.3 Rs. 50,000 crore (US$ 6.85 billion) Eq- Workers for 3 months - Under this package the uity infusion for MSMEs through Fund of Funds. statutory rate of EPF contribution of both em- 2.4 New definition of MSME: ployer and employee has been reduced to 10% The definition of micro manufacturing and ser- of basic wages and dearness allowances from vices unit increased to Rs. 1 crore (US$ 136.97 existing rate of 12% for all class of establish- thousand) of investment and Rs. 5 crore (US$ ments covered under the Employees' Provident 684.86 thousand) of turnover. The limit of small Funds & Miscellaneous Provisions Act, 1952. unit increased to Rs. 10 crore (US$ 1.37 million) The reduction in statutory rate of contributions of investment and Rs. 50 crore (US$ 6.85 mil- from 12% to 10% for wage months May 2020, lion) of turnover. Similarly, the limit of a medium June 2020 and July 2020 were notified vide dat- unit increased to Rs. 20 crore (US$ 2.74 million) ed May 18, 2020. This scheme was applicable of investment and Rs. 100 crore (US$ 13.70 mil- for workers who were not eligible for 24% EPF lion) of turnover. The limit for medium man fac- support under PM Garib Kalyan Package and its turing and service units was further increased extension. Reduction in rate of EPF contribu- to Rs. 50 crore (US$ 6.85 million) of investment tions from 12% to 10% of basic wages and Dear- and Rs. 250 crore (US$ 34.24 million) of turno- ness allowances was provisioned to benefit ver. It has also been decided that the turnover both 4.3 crore employees/members and em- with respect to exports will not be counted in ployers of 6.5 lakhs establishments to tide over the limits of turnover for any category of MSME the immediate liquidity crisis during Pandemic units whether micro, small or medium. situation. 2.5 Global tenders has been disallowed up to This information was given by the Minister of Rs. 200 crore (US$ 27.39 million), giving prefer- State in the Ministry of Commerce and Industry, ence to domestic suppliers and boost to start- Mr. Som Parkash, in a written reply in the Rajya ups. Sabha . 2.6 Production-Linked Incentive (PLI) Scheme: For enhancing India’s Manufacturing Capabilities and Enhancing Exports – Atma- STARTUP FEATURE nirbhar Bharat, the PLI Scheme in the 10 key sectors were introduced. This will make Indian India – The Next Datacenter Hub manufacturers globally competitive, attract in- vestment in the areas of core competency and SOURCE:https://community.nasscom.in/communities/ cutting-edge technology; ensure efficiencies; data-science-ai/india-the-next-datacenter create economies of scale; enhance exports The pandemic has pushed the demand for and make India an integral part of the global cloud across the globe with digital transfor- supply chain. It aims to overall growth in the mation accelerating across industries, and in- economy and create huge employment opportu- HIGH COMMISSION OF INDIA , SINGAPORE 2 STARTUP WATCH ISSUE NO 6, 15 FEB 2021 ternet becoming a lifeline for people both for Covid Impact work as well as entertainment. This shift to- Increased capacity utilization of existing wards cloud has pushed increased investments outsourced datacentres in hyper-scale datacentres with the global data- Service providers have fast track their centre market investments expected to reach planned expansions ~$200 billion per annum by 2025. India is also expected to get a share in this growth with in- Major Datacentre Locations and Site Selection vestments in the country expected to reach ~$5 billion per annum by 2025. The report identifies Mumbai, Chennai, Bengaluru, Hyderabad, Delhi the various aspects of global and Indian data- (NCR) – as they offer good fiber connectivity, centre market; key trends, drivers and chal- proximity to customers, availability of skilled lenges; a site selection framework for India workforce, and submarine cable connectivity market opportunities; key recommendations for Geographic location, power, fiber connectivity, the India market outlook and the market out- and general construction & operations remain look. the key selection criteria for site selection be- fore setting up a datacenter Global Datacentre Market Cumulative investments of $1.3 trillion are Outlook and Recommendations expected over 2019-2025 India has a huge potential to take a large share North America is the leading market in of global datacentre investments if it is able to terms of investments, while MEA & LATAM act fast on implementing the recently an- are the fastest growing markets followed nounced datacentre draft policy growing the by APAC CAGR by 2X-3X, with annual investments reach- IT Infrastructure accounts for ~77% share ing $6 -$8 billion by 2025 of total datacentre investments; with the Key recommendations include faster implemen- rest being invested in electrical & me- tation of government’s draft policy, encourage chanical infrastructure, and general con- use of renewable resources, level playing struction ground for all players, deemed regulatory ap- provals and digitization of RFPs. Covid Impact Increased data traffic has pushed the oc- STARTUP FUNDING cupancy rate of colocation datacentres pushing more investments in the sector Edtech Platform upGrad Close To $100 Mn A temporary halt in construction of data- Funding Round From Temasek, IFC centres during the lockdown, which quick- Source:https://inc42.com/buzz/edtech-platform-upgrad- ly recovered as lockdowns were relaxed close-to-100-mn-funding-round-from-temasek-ifc
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