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Startup India highlights: Finance Minister Arun Jaitley speech emphasised that the NDA government, in the Budget session next month, will announce a friendly tax regime that will encourage setting up of startups in India. Aside from this, FM revealed what the government's thoughts were on the issue at hand. Here is all you wanted to know about Startup India highlights in FM Arun Jaitley speech in 10 points: (PTI)
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1. Startup India highlights in Arun Jaitley speech: We have already worked upon an entrepreneur-friendly taxation regime. There are some steps, which can be taken up by notifications, which would be taken forthwith. Others require legislative provisions, which can only come as part of the Finance Bill when Budget is presented in order to create a friendly taxation regime for startups. (ANI)
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2. Startup India highlights in Arun Jaitley speech: Recognising the need to encourage startups, a fund was suggested in the Budget last year. Both the banking system and the government will make resources available to them. (Source: Twitter)
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3. Startup India highlights in Arun Jaitley speech: Besides Startup India, government will launch Standup India scheme under which, bank branches will lend to entrepreneurs belonging to SC/STs and women. (PTI)
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4. Startup India highlights in Arun Jaitley speech: On Independence Day Prime Minister (Narendra Modi) announced the Standup India scheme. The Standup India scheme would be launched separately. It is a programme, which envisages women entrepreneurs and entrepreneurs belonging to the SC, STs (to get funding from banks). These were the segments which were not throwing up entrepreneurs. (ANI)
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5. Startup India highlights in Arun Jaitley speech: Each bank branch, public sector or private sector, would actually adopt one in the SC/ST category and one in the women category. So they will adopt two such entrepreneurs and fund them to set up establishments. (PTI)
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6. Startup India highlights in Arun Jaitley speech: By funding trading or manufacturing establishment of this segment, almost 3,00,000 new entrepreneurs over the next two years will be created. (ANI)
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7. Startup India highlights in Arun Jaitley speech: To promote startups, the government is easing the process of doing business. (PTI)
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8. Startup India highlights in Arun Jaitley speech: Another very significant difference of what makes it a landmark event is a final break or the ultimate break that you have with the conventional licence raj of India. (PTI)
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9. Startup India highlights in Arun Jaitley speech: We did well to break off from it in 1991 but it was only partial. It was partial because who would be funded there was an invisible role of state, control over land permissions, foreign investment proposal and of course unless the political nods came to venture into newer areas which involved a lot of capital, a lot of energy going into it and an entrepreneur or investors was normally reluctant. (PTI)
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2. Budget 2016 expectations: Saurabh Srivastava, Co-Founder, Indian Angel Network has full fledged list of expectation from the ‘Startup India’ savvy government. He explains, "Currently investors of such companies pay a much higher tax on capital gains while taking a far higher risk as compared to publicly traded shares. We do expect that capital gains tax for AIF funds and angel group investors will be aligned to the current tax regime for investments made in listed shares."
