Budget 2020-21: Aiming to boost entrepreneurship, Finance Minister Nirmala Sitharaman on Saturday said that an investment clearance cell would be set up to support the startup owners or entrepreneurs in funding.
Budget 2020 India: Aiming to boost entrepreneurship, Finance Minister Nirmala Sitharaman on Saturday said that an investment clearance cell would be set up to support the startup owners or entrepreneurs in funding. The budget also proposed to launch a new portal for the same purpose, Nirmala Sitharaman also said. Entrepreneurship is the spirit of India and has been its strength, she added. Indians have given up greener pastures to come back to India and look at local challenges, Nirmala Sitharaman also said. It will create more opportunities for startup owners and an investment clearance cell will be set up for entrepreneurs, she added. These individuals will be offered assistance in funding as well and a portal will be set up for this purpose, she said.
“While an Investment clearance cell would certainly provide much needed assistance to the investors, given that actual approvals are provided by different authorities, unless there is complete integration the actual impact would be limited”, Moin Ladha, Partner, Khaitan & Co* on investment clearance cell, said.
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The budget also proposed setting up of five new smart cities to boost entrepreneurship through PPP model with states. “Establishment of Investment clearance cell – will augment pace of FDI into India”, Sandeep Jhunjhunwala, Director, Nangia Andersen LLP, said. All the licenses needed to establish business would be merged into a single hub, she added.
“Investment clearance cell to be set up – would this be old wine in new bottle after revamping of FIPB?”, Maulik Doshi – Senior Executive Director – Transfer Pricing and Transaction Advisory Services – Nexdigm (SKP), said.
Meanwhile, market benchmarks Sensex and Nifty turned cautious in late-morning trade on Saturday as Finance Minster Nirmala Sitharaman began presenting the Union Budget 2020-21 in Parliament. After gyrating over 450 points in the morning session, the 30-share BSE Sensex was trading 30.84 points, or 0.08 per cent, higher at 40,754.33 at 1130 hours. Similarly, the 50-share NSE Nifty advanced 10.35 or 0.09 per cent, to 11,972.45.