As the Finance Minister Nirmala Sitharaman unveiled the Union Budget 2024-2025 today, the start-up sector was in special focus as the Union government made job creation a priority, which also meant encouraging entrepreneurship.
Reacting to the Sitharaman's sops for the start-up and tech sector, Mahankali Srinivas Rao, CEO of T-Hub, India's leading startup incubator, said, “Budget 2024 marks a significant milestone for the Indian startup ecosystem, with initiatives that will undeniably foster innovation and growth."
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He lauded the abolition of the 'angel tax' for all classes of investors, calling it a "pivotal move that will create a more supportive environment for angel investments, ultimately benefiting startups and paving the way for India to become a global innovation hub."
With space as the new frontier for revenue generation through indigenous technology and R&D, he appreciated the establishment of a ₹1,000 crore venture capital fund dedicated to boosting the space sector, calling it "another forward-thinking initiative".
"This substantial investment will propel growth in the space economy by supporting innovative startups and groundbreaking research, positioning India at the forefront of space technology and exploration," he explained.
Moreover, he pointed out that the introduction of the Anusandhan National Research Fund and a financing pool of ₹1 lakh crore to spur private sector-driven research and innovation is a "game-changer."
"This fund will power basic research and prototype development, driving commercial-scale innovation and enabling startups to bring cutting-edge solutions to the market," he said, adding that these initiatives will provide startups with the necessary resources and support to "thrive, innovate, and contribute significantly to India's economic growth and technological advancement."
Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.
Published 23 July 2024, 10:58 IST