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Start learning 50% faster. Sign in now● Statement 1 is correct: As per the definition of the Ministry of Commerce and Industry, a start up is an entity which has been incorporated within a decade or is in operation for less than 10 years. Such an entity has annual turnover of less than Rs. 100 crore in any financial year since its inception. ● Statement 2 is correct: Reserve Bank of India has included Startup in the ambit of the Priority Sector Lending. Under the Reserve Bank of India guidelines, loans of as much as ₹50 crore to startups, as defined by the commerce ministry, will be considered priority sector credit. ● Statement 3 is incorrect: The startups are eligible for tax holidays for a period of three financial years consecutively out of the 10 years since its inception.
X got 32% marks and failed by 96 marks while Y got 58.5% marks and got 63 more marks than passing marks. Determine the total marks in the exam.