News Update For The Week Four, January,2017
Arun Jaitley presents Union Budget 2017.
Make MyTrip and Go ibibo merge to become the largest Travel Tech Venture in India
SME Sectors benefited largely with the pass of Union Budget 2017
Good News For StartUps as Facebook plans to invest in Startups after its upsurge in revenue.
Highlights of Union Budget:
Government commits to double farmer’s income in 5 years. Over 1600 new enterprises to be set up for startup India Stand Up India. Cash donation of Only Rs.2000 can be accepted by political parties. India adapt massive Digital Economy.
MakeMyTrip and Goibibo merger:
The announcement of MakeMyTrip and Goibibo merge was announced in October, 2016. But the merger was initiated when ibibo contributed $82.6 million in cash to merge with MakeMyTrip.
SME Sectors benefitted largely with the pass of Union Budget 2017:
Finance Minister Arun Jaitley reduced the income tax rate from 30% to 25% for industries with a turnover of up to 50 crores. That is a huge reason for SME enterprises to celebrate the Union Budget.
Facebook earned a revenue of 82.6 US Billion dollar in it’s last quarter. To mention Asia was a very lucrative market the last quarter. Facebook CFO confirmed that they will aggressively invest in Startups with every little profit they make.