Mr. Arun Jaitley, the Finance Minister of India presented his third Union Budget in parliament on February 29, 2016. The budget is offered for the financial year 2016-2017.
The budget mainly aims for the development of agricultural sector. But its also welcoming for the Startup India, Standup India campaign of Mr. Narendra Modi, Hon. Prime Minister of India. Finance Minister says that startups are essential as they generate employment. Startups in India are key partners with government in their programs such as Make in India and Digital India. There are around 18000 startups in India. The country stands third after US and England in the count.
The budding entrepreneurs of India can look up to the budget for following announcements:-
- A wide range of tax benefits have been declared for the startups
- Hundred per cent tax deduction is assured for first three out of five years of startup
- One day registration bill will also be introduced as a part of the Union Budget 2016-2017 to ease up the process of registration
- 500 Crore allocations announced for the Startup India, Standup India scheme, which was declared by Prime Minister last year. It was declared on the occasion of Independence Day 2015
As a part of this scheme, banks will provide loans to women and Dalit entrepreneurs in India, help save social patents and leverage 80 per cent discount on filing patent applications by startups
- Finance Minister also announced major amendment in the Companies Act to promote and ensure favourable growth for startups. Companies Act was passed by the Parliament in 2013
It’s a huge step by the government of India, in the direction of development and growth opportunities for the startups. This encouragement will definitely channelize the young minds of India for the betterment of the country with their innovative ideas.
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