Government of India to further extend SIPP scheme for 3 years

The Indian Government has decided to further extend the Startups Intellectual Property Protection (SIPP) scheme for 3 years till March’20. The Department of Industrial Policy and Promotion said that “It is crucial for startups to protect their intellectual property rights (IPRs) in this highly competitive world. The decision to extend the scheme will encourage startups to encash on innovation and for that protection of IPRs is crucial”. The scheme helps in nurturing and mentoring innovative and emerging technologies among startups. Besides, it assists them in protecting and commercializing these by providing them access to high quality IP services and resources.

Additionally, the DIPP has demarcated several facilitators who are required to provide IPR related services to startups. Their services are free for the startups as the same is funded by the government for proper implementation of the scheme. In order to further boost the involvement of startups in this scheme, the government made sure that these startups also get the necessary tax benefits. They will not be required to obtain certificate of an eligible business from the Inter-Ministerial Board of Certification for getting the tax benefits.

With all such startup-friendly initiatives by the government, it is expected that the extension of the scheme will lead to further push to the investment environment.