In a bid to turbocharge India’s startup ecosystem, Finance Minister Nirmala Sitharaman unveils a slew of measures in the interim budget, signaling a promising future for entrepreneurial ventures.
Finance Minister Nirmala Sitharaman‘s interim budget announcement for 2024 has brought forth significant measures aimed at boosting India’s startup ecosystem. These initiatives come at a crucial time as startups continue to play a pivotal role in driving innovation, creating jobs, and contributing to economic growth.
“Referring to the interim Budget as the ‘Viksit Bharat‘ Budget, PM Modi said it laid the foundation for developed India,” Finance Minister Nirmala Sitharaman announced. “Startups are engines of economic growth and job creation. We are committed to providing them with the necessary support and encouragement to thrive.”
The budget extends tax benefits for startups and investments made by sovereign wealth and pension funds until March 2025. This move aims to incentivize investment in startups and provide them with the necessary financial support to scale their operations.
“We believe that startups have the potential to transform India’s economy and drive innovation across various sectors,” remarked Prime Minister Narendra Modi. “The measures announced in the interim budget will further strengthen the startup ecosystem and unleash the entrepreneurial spirit of our youth.”
Furthermore, the government has announced the establishment of a corpus of ₹1 lakh crore with a 50-year interest-free loan. This initiative aims to provide long-term financing with minimal interest rates to deserving sections of the middle class, enabling them to build their own houses and fulfill their aspirations.
“The measures announced in the interim budget underscore our commitment to deepening and widening the tax base through tax reforms like Goods and Services Tax (GST),” added Finance Minister Sitharaman. “We are confident that these initiatives will create a conducive environment for startups to thrive and contribute to India’s economic development.”
In summary, the interim budget for 2024 underscores the government’s efforts to provide a conducive environment for startups to thrive and contribute to India’s economic development.
