Budget 2023-24: Asserting the importance of entrepreneurship for the economic development of the country, Finance Minister Nirmala Sitharaman in her speech today announced to extend the period of incorporation for income tax benefits to eligible start-up one more year till March 31, 2024.
The government has taken a number of measures for start-ups and they have borne results. India is now the third-largest ecosystem for start-ups globally and ranks second in innovation and quality among middle-income countries,” Ms. Sitharaman said as she presented the Union Budget 2023-24 in the Lok Sabha.
Budget 2023-24: Key Highlights for Startups
- The government said that the investment incentives in easing business compliances has only helped boost India’s startup ecosystem. Startups go from 450 in 2016 to 84,000 in 2022.
- One of the major key highlight of the report said that while challenges of funding revenue generation and taxation will saw startups change their domicile from India to other countries like Singapore or Dubai because of easier access to the capital market and better protection of IP this is now changing.
- The report said that startups are now looking to reverse flip and change their domicile back to India only after a month after it emerged that such a shift by fintech unicorn pay costs it investors around 8 thousand crore rupees.
- India has now seen the 46 growth in domestic filing of patents over 2016 to 2021 after the government strengthened its IPR regime now startups are being envisioned as the spine of New India with the highest fintech adoption rate of 87 per cent vs the global average of the 64 per cent.
- Now, India ranks third in the world for digital adoption, the economic survey 2023 has also pitched for a common approach for regulation or private cryptocurrencies.
- Digital public infrastructure for agriculture will be built as an opensource, open standard and inter operable public good. This will enable 6 inclusive, farmer-centric solutions through relevant information services forcrop planning and health, improved access to farm inputs, credit, andinsurance, help for crop estimation, market intelligence, and support forgrowth of agri-tech industry and start-ups.
- To unleash innovation and research by start-ups and academia, aNational Data Governance Policy will be brought out. This will enable accessto anonymized data.
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