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Start ups India campaigns with Mangalore Refinery and Petrochemicals Limited

Have an idea or an innovative plan and want to implement it? Want to venture into business? Want to create jobs for masses and help in solving employment crisis? Are you in need of financial support? Then read this article to know the source to solve your problems to achieve your dreams.

Brief about Mangalore Refinery and Petrochemicals Limited (MRPL)

MRPL is an oil refinery, a subsidiary of ONGC (Oil and Natural Gas Corporation) located in Katipalla north from the centre of Mangalore City. It was established in 1988 one of the largest and a central public sector enterprise under the ministry of Petroleum and Natural gas. The refinery is set in beautiful environs in hilly terrain in Mangalore in Dakshina Kannada District of Karnataka State. The refinery is designed to process about 15 million metric tones of crude /annum. It is the only refinery in India set to high flexibility and with versatile design for processing crudes of varied API gravity. The refinery delivers number of quality products.

Brief about startup India Campaign

A flagship initiative of Government of India is the startup India Campaign. The campaign intends to build a strong eco-system and fosters for a drive in sustainable economic growth of the country. The scheme helps in nurturing innovation and in promoting large scale job opportunities for people. The start up scheme is launched by MRPL a Government of India Enterprise and provides a promising edge to start-ups with finance and help in nurturing the business ventures. The scheme focuses on environment protection and aims in supporting innovative ideas. The ideas should have significant business potential and social relevance. The scheme launched by the MRPL helps in promoting entrepreneurship and encourages the budding entrepreneurs to grow and prosper. The startup scheme is a noble initiative in collaboration with the Government. With a vision to foster innovation and to provide a platform for startups, the scheme is a boon for thousands of startups to innovate and setup their own business/enterprise. The campaign is action oriented program aimed at promoting financial assistance to startup and drive entrepreneurship. The program's objective is to encourage with job opportunities for individuals.

Definition of a start up

  • The start up definition is defined by DIPP (Department of industrial policy and promotion)

  • A start up means an entity that is incorporated or registered in India. It should not be prior to seven years and not prior to ten years for biotechnology startups

  • The annual turnover should not exceed RS 25 crore in any preceding financial year. The start up is in process of innovation, or in development or improvement s in product /processes /services/ if the startup is a scalable business plan with a mission to create wealth and with a high potential of generating job opportunities

  • The entity is not formed by splitting up/reconstruction that is already in existence

  • The entity shall cease to be a startup if the turnover has exceed Rs 25 crore /has completed 7 years of existence and 10 years for biotechnology startups from the date of registration/incorporated. The startups are eligible for tax benefits only if it has the certification obtained from the Inter-Ministerial Board

who are eligible

The start ups have to satisfy the definition as per the G.S.R notification 501(E). Those applicants who satisfy the rule are eligible for start up recognition. At the time of submitting the application they need to provide all valid documents.
For more details about the scheme visitwwwstartup.mrpl.co.in

The application forms are available at www.startupindia.gov.in

Suggested reading
1. How to become a polymer engineer in petro chemical plants or plastic industries
2. Characteristics-of-successful-entrepreneur

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