The post How Is India Restoring Its Traditional Medicine? first appeared on Corp India News.
]]>A report by Global Wellness Institute predicted the growth of wellness tourism by an average annual rate of 7.5 percent by 2022. The surge results from people becoming more conscious while picking synthetic resorts of medicines and treatment and choosing an alternative route to healing emerged in medical science. For example, Ayurveda, also known as the ‘Science of Life,’ has proven its rehabilitating powers time and again. As a result, the world is now shifting towards traditional medicines for holistic well-being, nutrition, and rejuvenation.
The growing popularity of traditional therapies has given rise to India’s wellness tourism. According to Kerala tourism, about 35 percent of the foreign tourists who visit the state are repeat visitors seeking Ayurveda treatments.
The government of India did not want to miss this opportunity to create a new avenue for economic growth and decided to make India a global hub for traditional healing via AYUSH (Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy)
The Government of India organized a three-day program, “Global Ayush Investment and Innovation Summit,” inviting global investors to promote India’s wellness tourism.
In 2014, India’s Ayush sector weighed less than $3 Billion, while now, after the government’s continuous push for traditional medicine and wellness tourism, it has an $ 18 Billion market.
In a three-day Global Ayush Investment and Innovation Summit 2022 at Gandhinagar, Vaidya Rajesh Kotecha, the Secretary of Ministry of AYUSH, Government of India, said, “The government budget in the sector has increased over four times from Rs. 691 crores in 2014 to Rs. 3050 crores in the last budget. The market also has grown exponentially from Rs. 22,000 crores in 2014 to Rs. 1.14 Lakh crores,”
While talking about the growth of Kerala Tourism after promoting it as a wellness hub, PM Modi coined the new term ‘Heal in India’. He said that not only Kerala but the entire country has the potential to earn from practicing traditional medicine and promoting ancient wellness therapies.
Speaking about the newly inaugurated WHO- Global Centre for Traditional Medicine at Jamnagar in Gujarat, PM Modi announced that the center is coming up with many initiatives to promote AYUSH.
The government recognized the potential for investment in medical tourism in India and decided to give a legitimate push to it through a plethora of initiatives.
AYUSH MARK
The government has said to launch an AYUSH mark to authenticate traditional medicines manufactured under the AYUSH.
Prime Minister Modi, “India will soon introduce the AYUSH mark, which will give authenticity to quality AYUSH products of the country. The mark will be given to products vetted using the latest technology. This will give confidence to the people of the world that they are purchasing quality AYUSH products.”
AYUSH VISA
Along with the AYUSH mark, the government has also announced the issuance of an AYUSH visa. The Centre would introduce the AYUSH visa category for foreigners who want to undergo AYUSH treatments in India.
“India will soon introduce the AYUSH mark, which will give authenticity to quality AYUSH products of the country. The mark will be given to products vetted using the latest technology. This will give confidence to people of the world that they are purchasing quality AYUSH products,” the PM said.
The government wishes to boost wellness tourism and traditional medicine in India as AYUSH visas help increase India’s GDP.
India’s Wellness Tourism Scenario
India has emerged as a popular spot for medical tourism among people from Asia and Africa. While a few people from the US, the UK, and Australia frequent the country for therapeutic treatments.
According to Medical Tourism Association, India was ranked 10th in the world in the Medical Tourism Index 2020-21.
India has been a hub for top-class medical services with learned specialists at cheaper rates for a decade. As a result, it has been able to attract international tourists to the country’s medical infrastructure. As many as 7 lakh tourists traveled to India for medical treatment in 2019.
While the industry faced a dip in its growth due to pandemic-related restrictions, the government has come up with an innovative plan to revive the industry through AYUSH tourism.
With the concept of pushing traditional medicine to attract wellness tourism, the government is likely to collaborate with renowned institutes, hotels, and wellness centers that provide traditional healing, rehabilitation, and recreational programs.
Here’s how India is restoring its traditional medicine
In 2014, the Modi Government made a few drastic shifts in India’s health policy. Firstly, the government decided to integrate the use of traditional medicine with its mainstream public health delivery systems. For this, the government reframed the Department of Indian System of Medicine and Homeopathy to the Ministry of AYUSH (Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy) in November 2014.
The government intended to make alternative medicine an integral part of its service-supply-mix and resource mobilization armamentarium through this newly formed healthcare wing. Hence, it pushed the application of traditional medicine at every level in the country’s healthcare ecosystem.
The government has begun to promote yoga in schools and workspaces while also recruiting AYUSH personnel in urban and rural health centers across the country.
Even during corona lockdowns, the Ministry of Ayush came up with home remedies to maintain immunity. In addition, many state governments distributed concoctions and ayurvedic medicines.
Hence the government is leaving no stone unturned to revive India’s ancient medicine traditions and make India a wellness hub worldwide.
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The post How Is India Restoring Its Traditional Medicine? first appeared on Corp India News.
]]>The post Planning to begin your startup? – Register in five easy steps first appeared on Corp India News.
]]>Fortunately, the Government of India acknowledges the power of young minds and the potential to realise their dreams in a one-room startup. Hence, in 2015, announced the development of a government-led startup ecosystem to provide initial handholding and financial support through funds, incentives and flexible policies.
Hence, aspiring entrepreneurs can begin their startup journey by enrolling in this program. You can avail initial support and nurturing that every startup requires by the government through Startup India Program.
What qualifies as a startup in India?
There are four important criteria to be an eligible startup.
- Firstly, your company should either be incorporated as a private limited company, a partnership firm or a limited liability partnership
- The company’s turnover in previous financial years should be less than Rs 100 crore
- A business shall be considered as a startup up to 10 years from the date of its incorporation
- The last and most important criterion is the ‘Innovation’ factor. Your business should be working towards an innovative solution towards existing products, services and processes and should have the potential to generate employment/ create wealth
What can not be a Startup?
Your business must qualify for all the above criteria. Any entity formed by splitting up or reconstructing an existing business shall not be considered a “Startup”.
If your business qualifies for all the above criteria, you can register five easy steps.
Step 1: Business Incorporation
The first step towards this direction is the incorporation of your business entity. At this stage, you must fulfil the first criteria listed above, i.e. incorporate your business as a Private Limited Company, Partnership firm, or a Limited Liability Partnership.
Certificate of Incorporation is the basic requirement to start any operating as a business entity. Hence, you will have to go through all the standard procedures required while registering a company in India.
Step 2: Register with Startup India
The next step is to register your business as a startup. To register your startup under the Startup India initiative is quite simple. First, you need to log on to the Startup India website to fill up the form with your business details. Then, you will have to create your profile after providing the required details on the website.
Creating a profile on the website will open many avenues for your Business Startup. For example, you can apply for various acceleration, incubator/mentorship programmes. Here, you get access to valuable resources like the Learning and Development Program, Government Schemes; State Polices for Startups and pro-bono services.
Step 3: Get DPIIT Recognition
The Government of India provides many benefits, including tax exemptions under the Startup India program. However, to avail of these benefits, startups must get Department for Promotion of Industry and Internal Trade (DPIIT) Recognition. Hence, it helps entrepreneurs to avail benefits like access to high-quality intellectual property services and resources and other relaxations.
If you are a new user, then click on the ‘Get Recognised’ button; existing users can click on the ‘Dashboard Button’ to get DPIIT Recognition.
Step 4: Recognition Application
Next, the ‘Recognition Application Detail’ page opens. Click on ‘View Details’ option under the Registration Details section. Fill up the ‘Startup Recognition Form’ and click on ‘Submit’.
Documents Required for Recognition:
a. Documents for Registration
b. Incorporation/Registration Certificate of your startup
c. Details of the Directors
d. Proof of concept like pitch deck/website link/video (in case of a validation/ early traction/scaling stage startup)
e. Patent and trademark details (Optional)
f. PAN Number
Step 5: Recognition Number
Once you apply for the recognition certificate, you will receive a recognition number for your startup. The authority issues the certificate of recognition after verifying all your documents. Usually, the certificate is issued within two days after applying.
After receiving recognition certificate, you are registered with the government as a startup and you can officially call your business entity as STARTUP.
Word of Caution
Individuals must be careful while uploading their documents. If your documents are forged or have uploaded wrong documents, you will be charged with a fine of 50% of your paid-up capital of the startup with a minimum fine of Rs. 25,000.
Patents And Trademarks
The website also allows you to patent your innovation or get a trademark for your business. You can avail of it from the list of facilitators issued by the government. However, you will need to bear only the statutory fees, thus getting an 80% reduction.
Relaxation In The Registration Process
The government has relaxed the registration process for startups from providing certain documents. The list of documents not required to be filed at the time of the registration are-
a. Letter of Recommendations
b. Letter of funding
c. Sanction Letters
d. Udyog Aadhar
e. MSME Certificate
f. GST Certificate
Benefits from Startup India Program
Tax Exemption
Under section 80 IAC of the Income Tax Act, the Government of India allows tax exemption for three consecutive financial years. Startups must be certified by Inter-Ministerial Board (IMB) to avail of this benefit.
Government’s Backing
The government dons the role of a venture capitalist under StartUp India. It has a set-up of Rs 10,000 crore funds to provide funds to the registered startups. It also provides guarantees to lenders to encourage banks and other financial institutions to provide venture capital.
Exemption from Tax on Capital Gain for Investors
For easy availability of funds, the government has provided that investors who invest in venture funds set up under this program will be exempted from paying tax for their capital gains.
Self-Certification
Under Startup India Program, startups can self-certify through its website or startup mobile up with nine labour laws and three environment laws. Additionally, the authority will not conduct inspections for a period of 3 to 5 years from the date of incorporation.
Tenders From Government
While applying for government tenders, Startups are exempted from “prior experience/turnover” criteria applicable for other companies.
The government has made registering a startup in India quite seamless. Moreover, the additional support that government provides adds flexibility to the startup ecosystem in India. Therefore, it provides pivotal support to aspiring entrepreneurs in realizing their startup dream.
The post Planning to begin your startup? – Register in five easy steps first appeared on Corp India News.
]]>The post CCEA amends Mega Power Policy 2009 for power projects first appeared on Corp India News.
]]>The Committee came to this decision as the time concession for furnishing the final mega certificate will enable developers to competitively bid for future PPAs and get tax exemptions as per Policy terms. Hence, the increased liquidity will boost the country’s overall growth and ensure the revival of various stressed power assets.
The Committee also extended the duration to provide the final Mega Certificates for the ten commissioned/ partly commissioned Provisional Mega projects from 120 months to 156 months from the date of import.
During this extended period, bids for firm power (combination of intermittent renewable energy, storage and conventional power) will be invited in co-ordination with Ministry of New & Renewable Energy (MNRE) and Solar Energy Corporation of India Limited (SECI) and these Mega projects will be expected to participate in such bids to secure PPAs.
Meanwhile, the Ministry of Power will work on developing an alternative based on present electricity markets to assure that its benefits are passed on to consumers in a competitive manner.
About Mega Power Projects
Ultra Mega Power Projects are a series of ambitious power stations planned by the Government of India. The government had aimed to create an additional capacity of at least 100,000 MW by 2022.
The Ministry had earlier stated that the projects with the capacity of 1000 MW and more and catering power to more than one state should be considered Mega Projects.
The post CCEA amends Mega Power Policy 2009 for power projects first appeared on Corp India News.
]]>The post Export Preparedness Index 2021: Gujarat leads again first appeared on Corp India News.
]]>While among union territories, Delhi topped the index, followed by Goa, Jammu and Kashmir, Chandigarh and Puducherry.
As per the report, Gujarat’s export promotion policy, business environment, and robust infrastructure helped it secure the top position for the second time in the row. Moreover, Gujarat, Maharashtra and Karnataka accounted for more than 50 per cent of total exports in India in 2020-21.
NITI Aayog Vice Chairman Rajiv Kumar released the index report in the national capital in the presence of NITI Aayog CEO Amitabh Kant, Department of Commerce Secretary BVR Subrahmanyam, and other dignitaries.
“The EPI 2021 will help the states and UTs in a long way to plan and execute sound export-oriented policies for ensuring a conducive export ecosystem, to make maximum utilisation of their export potential,” NITI Aayog vice chairman Rajiv Kumar said while releasing the index on Friday.
The EPI ranks states and UTs on four main pillars—Policy; Business Ecosystem; Export Ecosystem; Export Performance—and 11 sub-pillars—Export Promotion Policy; Institutional Framework; Business Environment; Infrastructure; Transport Connectivity; Access to Finance; Export Infrastructure; Trade Support; R&D Infrastructure; Export Diversification; and Growth Orientation.
While discussing the challenges, the report mentioned that intra- and inter-regional differences in export infrastructure, weak trade support and growth orientation across states and lack of R&D infrastructure to promote complex and unique exports are some of the major drawbacks.
What is Export Preparedness Index
Indian Government’s think tank NITI Aayog prepares a comprehensive analysis of India’s export achievements. The report compares export-related performances amongst states and UTs and analyses potential challenges to develop better policy mechanisms to foster export-led growth at the subnational level.
The post Export Preparedness Index 2021: Gujarat leads again first appeared on Corp India News.
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