Union Budget 2019 India: "The two main announcements for the start-up industry from the Finance Minister Nirmala Sitharaman were relief from angel tax and a dedicated TV channel," Sameer Aggarwal, Founder and CEO, RevFin said.
Budget 2019 India: Modi government’s first budget of the second tenure was presented on July 5. While the expectations were quite high from Prime Minister Narendra Modi-headed government, the Union Budget 2019 has provided enough boost to the Startup sector in India, say individuals associated with it. The Modi government’s focus on advanced technology, a television channel for start-ups and angel tax has been welcomed by the startup sector.
“This year’s budget has increased incentives for women entrepreneurs at the grassroots level, will launch a new platform for bill payments for MSMEs along with a separate TV Channel for start-ups. By extending the start-up age from 7 years to 10 years as well as the period of exemption for capital gains from the sale of the house for investment in startups to March 31, 2021 investment in this industry will be highly encouraged,” Devendra and Tejas Parulekar, Co-Founders, SaffronStays.
“The two main announcements for the start-up industry from the Finance Minister Nirmala Sitharaman were relief from angel tax and a dedicated TV channel,” Sameer Aggarwal, Founder and CEO, RevFin said.
“With its focus on job creation, start-ups, MSMEs, infrastructure, digital India and ease of business, Finance Minister Nirmala Sitharaman has presented a visionary Union Budget. The government’s proposal to relax FDI norms for the AVGC (Animation, Visual effects, Gaming, and Comics) industry is a conscious move to attract additional foreign investment in the sector, which will lead to overall growth and sustenance,” Paavan Nanda, Co-Founder, WinZO Games said.
“An investment of Rs 100 lakh crore in the country’s infrastructure for over next five years, a separate payment platform for MSMEs, pension benefits to 3 crore retail traders and shopkeepers who have a revenue of less than Rs 1.5 crore, loans of up to Rs 1 cr for MSMEs, and 2 per cent interest subvention on fresh loans to MSMEs are some of those concrete steps taken by the FM in Union Budget. Moreover, reduction in corporate tax rates, easy norms for FDI in single-brand retail, and a proposal to further simplify tax administration are the economy’s steps towards a bright future,” Nidhi Yadav, Creative Head, and Founder AKS Clothings, said.