Govt gives 4 months rent waiver to the STPI-based IT Companies

New Delhi: Government of India is taking several steps towards minimising the impact of COVID-19 on the economy. Moving towards the same, in view of the challenges thrown by COVID-19 outbreak and consequent lockdown, the Government has taken a major decision to provide relief from payment of rental to the small IT units operating out of the Software Technology Parks of India (STPI).  Most of these units are either Tech MSMEs or startups.

The Ministry of Electronics and Information Technology (MeitY) has decided to provide a rental waiver to these units housed in STPI premises in the country from March 01 to June 30 i.e. for 4 months period as of now.

Relief from rent

Software Technology Parks of India (STPI) is an autonomous society under the Ministry of Electronics & Information Technology, Government of India and it has 60 centres across the country. The initiative to provide a rental waiver to the units located in these centres will provide relief to the industry in this crisis situation emerged due to COVID19 pandemic. This initiative will provide benefit to nearly 200 IT/ ITeS MSMEs, operating from these 60 STPI centres. The total cost of the rental waiver provided to these units during 4 months period from 01.03.2020 to 30.06.2020 is estimated to be around Rs. 5 Crore. This effort is also in the larger interest of around 3,000 IT/ ITeS employees who are directly supported by these units.

About STPI

Software Technology Parks of India (STPI) has played a seminal role in India having earned a reputation as an information technology superpower. It is a society established in 1991 by the Ministry of Electronics and Information Technology (MEiTY) with the objective of encouraging, promoting and boosting the export of software from India.