BUDGET FOR STARTUP
Budget 2024: Ombudsman body and more on Nirmala Sitharaman's to-do list for PLI scheme
Budget 2024: The Modi-led government's policy announcement on July 23 aims to enhance Policy Linked Incentives (PLI). Gunjan Prabhakaran of BDO India suggests quicker disbursements and an ombudsman. The PLI scheme, covering 14 sectors including telecommunication and medical devices, has Rs 1.97 lakh crore outlay. Budget 2025 raised the allocation 33% to Rs 6,200 crore.
ET Explainer: What is angel tax and why has DPIIT sought its removal?
Angel tax refers to the income tax levied by the government on funding raised by unlisted companies, or startups, if their valuation exceeds the company's fair market value. Angel tax was first introduced in the 2012 Union Budget by then finance minister Pranab Mukherjee under the UPA-II regime to arrest the laundering of funds.
Chandrababu Naidu meets union ministers over stalled projects, old promises
Andhra Pradesh CM N Chandrababu Naidu met top central leaders, including Finance Minister Nirmala Sitharaman and Defence Minister Rajnath Singh, to push state-specific demands. Naidu, whose TDP supports the BJP-led NDA, sought a special package for backward districts and financial support for Amravati's infrastructure development.
Chorus grows for angel tax repeal; policy push for EVs
Startup Inc’s calls to do away with angel tax have found support from the government. This and more in today’s ETtech Top 5.
Budget 2024: Will Budget remove the ‘killer’ angel for the sake of Indian startups?
Budget expectations for startups: Ahead of the Budget 2024, the DPIIT has proposed eliminating the Angel Tax for startups to boost capital formation. The department also aims to address the inverted duty structure and high tariffs on electronics inputs. The 'angel tax' issue has sparked political debates, with industry leaders and organizations urging its removal to facilitate startup investments. Startups will await Budget announcements with hopes for measures on angel tax.
Budget 2024: DPIIT seeks Angel tax, inverted duty removal in Budget
The Department for Promotion of Industry and Internal Trade (DPIIT) has proposed eliminating the Angel Tax for startups ahead of Budget 2024, said Secretary Rajesh Kumar Singh. Introduced in 2012 under Section 56(2)(viib) as an anti-abuse measure to prevent tax evasion, the tax is levied above 30%. DPIIT asserts this removal could enhance capital formation in India.
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Spend management startup Dice raises $5 million from Dallas Venture Capital India Fund
Dice, an enterprise spend management startup, has raised $ 5 million in a funding round led by VC firm Dallas Venture Capital. The company will use the fresh capital for its go-to-market initiatives, like strengthening market penetration and customer outreach.
Budget 2024: EV makers seek stability in incentives, call for long-term subsidy assurance before FAME III roll out
Budget 2024: The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme was originally launched in 2015 to encourage the adoption of electric and hybrid vehicles. Under it, a subsidy was provided to EV makers who used it to lower the prices of their products. The second edition, FAME-II, was introduced in 2019 and went on till March 2024 when it was scrapped. There has since been a steep slowdown in EV sales, according to a report by the Federation of Automobile Dealers Associations.
Budget 2024: Skilling industry demands incentives, tax rebates and labour codes in meeting with FM Sitharaman
Ahead of the Union Budget for 2024-25, the Union Minister of Finance and Corporate Affairs held the eighth Pre-Budget Consultation in New Delhi, focusing on employment and skill development. Key figures like Anshuman Magazine and Suchita Dutta emphasized the need for skilled workers and job readiness among graduates. Discussions also highlighted incentives for skill improvement and formal employment practices, including lowering GST rates for employment services. There were calls for greater inclusion of women in the workforce and the expansion of social security measures. Startups advocated for foreign language education to tap into global job markets.
Leather, footwear exporters seek PLI scheme in Budget to boost jobs, manufacturing, shipments
The Council for Leather Exports (CLE) urged the government to extend the Production-linked Incentive (PLI) scheme for the leather and footwear sector to boost job creation and manufacturing. At a pre-budget meeting, CLE Chairman Rajendra Kumar Jalan also requested import duty exemptions on wet blue, crust, and finished leather to enhance competitiveness.
Pre-Budget meeting with FM: Tax sops, higher capex, stable tax regime top industry wishlist
Budget expectations: Indian industry and financial institutions had their customary pre-budget consultations with Finance minister Nirmala Sitharaman on Thursday. The suggestions from India Inc included tax sops, capex boost as well as tax stability.
Budget 2024 FAQs: Quick guide on how to read and understand the Budget
Budget 2024 FAQs: The Budget acts as a detailed plan outlining the government's anticipated income and spending for a fiscal year, covering from April 1 to March 31 of the subsequent year. This financial blueprint is pivotal in defining the nation's economic priorities and allocating resources accordingly. After the finance minister delivers the budget speech in the Lok Sabha, these essential documents are promptly uploaded to the official website, ensuring quick and widespread access to critical financial information.
Focus on agriculture sector in Budget 2024 as it can generate employment: PHDCCI
Budget expectations: In its pre-Budget recommendations to the Finance Ministry, PHD Chamber of Commerce and Industry (PHDCCI) emphasized focusing on the agriculture sector as a vital employment generator. With a significant portion of India's workforce in agriculture, PHDCCI advocates for boosting rural infrastructure, increasing public and private investments, and reducing post-harvest losses.
Budget 2024 may give Indian startups' HQ relocation plans a fresh lease of life
Indian startups domiciled abroad may relocate their headquarters to India via GIFT City, utilizing its SEZ for tax benefits. Amendments this year enabled unlisted firms to directly list on GIFT IFSC. IFSCA aims to finalize GIFT City listing norms by July for August implementation, facilitating e-commerce and tech firms' return like Razorpay, Zepto, Meesho to tap into India's growing stock market and access capital through global listings in GIFT City or specific overseas jurisdictions.
Startups’ pink slip count falls to 10,000 amid funding blues
Firing in first half of 2024 lesser than H2, H1 of ’23, signalling a slight recovery. Ola Electric is in the final stages of laying off over 600 after sister company Ola Cabs fired around 200 workers in late April. Industry executive told ET, even with the slowdown in layoffs, startups are still not out of the woods.
Govt needs to adopt granular approach to support biz, promote jobs: PwC Chairman
PwC in India Chairperson Sanjeev Krishan emphasizes the need for a granular and tailored approach to support small businesses, promote job creation, and ensure inclusive economic growth in Modi 3.0 government's agenda.
Women find their feet in India’s space sector
Saraniya Periaswamy and Umamaheswari K played instrumental roles in the successful debut of the world’s first rocket equipped with a 3D-printed engine by Agnikul Cosmos from Sriharikota. They oversaw the project from inception to launch, highlighting women's growing contributions to India's space sector. Agnikul aborted the mission four times in the past few months before witnessing success on May 30.
Modi 3.0: Growth sequel starring jobs, investment
The full budget, likely to be presented early in July, will detail specific measures toward this end. "The focus would be to promote labour-intensive growth that will create jobs, with continued emphasis on macroeconomic stability," a top government official aware of the details told ET. A host of measures on startups and taxation - including inverted duty structure correction, along with GST rate rationalisation - is under discussion, said the person cited above.
Commerce Ministry may seek more funds for startups in forthcoming Budget
The Commerce and Industry Ministry plans to request additional funds for startups in the upcoming Budget to boost innovation. A new scheme may replace the current seed fund program, set to conclude in 2025. The government aims to support early-stage entrepreneurs and promote deep tech startups to address societal challenges.
Startups seek advice on IPO timing in choppy markets
Multiple new-age companies looking to go public are seeking counsel on their next moves in response to the stock market volatility following the general election results on Tuesday. These companies are looking for advice on the timing of their public listings even as they remain confident about India's macroeconomic prospects, founders, investors and investment bankers told us.
Deep tech startup policy likely in forthcoming Budget
The new government may announce the full Budget for 2024-25 in July. An official said that startups have to convert their innovation into intellectual property rights and for that extensive R&D is required.
Deep tech startup policy likely in forthcoming Budget
The commerce and industry ministry may propose a dedicated policy for deep tech startups in the forthcoming Budget, to be announced by the new government. The policy, in final stages, aims to promote innovation and R&D. Voting for the Lok Sabha polls is over, with results on June 4 and a new government taking oath this month.
Here are the key mistakes that founders make at different stages of building startups
When you a building a startup you must know what are the things that could go wrong while launching your dream project. To make it easier for you, we have made a list of mistakes that founders are likely to make at different stages of growth and funding of a startup.
Vivek Bindra announces program for 100 selected startups to help them become IPO-ready
The number of startups in India has surged from 400 in 2016 to approximately 1.14 lakh. To promote startups Vivek Bindra has announced a program to aid startups in achieving IPO listings. With support spanning funding, technology, and marketing for 30 months, the initiative aims to propel 100 selected companies towards IPO readiness.
'World Bank's biz-ready formula & startup concerns on budget agenda'
The Department for Promotion of Industry and Internal Trade (DPIIT) will take up for discussions lingering concerns of startups on issues around Angel tax, taxation of Employee Stock Option Plans and bank guarantee commitments in tenders in the upcoming budget to be presented after the general elections.
Agritech firms expect budget to open up opportunities for them
The government will promote investment in post-harvest activities including aggregation, modern storage, efficient supply chains, primary and secondary processing and marketing and branding, finance minister Nirmala Sitharaman said.
Definition of startup for tax sop to be amended
The government has proposed to amend the definition of “eligible startup” under the Startup India scheme to get a tax holiday, to one that has been incorporated between April 1, 2016 and March 31, 2025.
Budget 2024: Key takeaways for tech and startup sectors
In her Budget speech, finance minister Nirmala Sitharaman announced a slew of policy measures, including a corpus of Rs 1 lakh crore with a 50-year interest-free loan and a new scheme to strengthen deeptech for the defence sector.
Direct tax: Budget expectations from startups, crypto industry
Start-ups have experienced a funding winter lately. Tax benefits may provide a necessary fillip to the industry. The crypto industry has been highlighting the impact that the one percent withholding tax on crypto gains has had on diversion of user traffic to foreign platforms.
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