Chennai: Consortium of Indian Associations (CIA) has welcomed Tamilnadu government’s announcement to provide concessions to start-up companies.
In a statement, K E Raghunathan of CIA said, “this is a great initiative and a step in right direction. Few days back investors were invited and now entrepreneurs are invited. These efforts will show the benefits in three to four years timeframe on creation of unicorns from Tamilnadu, employment opportunities.”
A G.O. said after careful consideration the government has decided to provide concessions to the registered startups for public procurements by a procuring entity for procurements that are below Rs 20 lakh in value.
Exemption from payment of earnest money deposit, condition of prior turnover and experience and waiving off of tender cost are the other concessions announced by the government.