BUDGET IMPACT ON STARTUPS
Budget 2024: Don't hold your breath, electrify!
India's air quality crisis demands immediate action with a focus on energy and transportation sector reforms. Accelerating EV adoption is vital to lower pollution levels and decrease oil dependence. Transitioning to electric vehicles presents significant economic opportunities and job prospects. The future of India's environment hinges on these crucial decisions.
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.
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.
IPO-bound cos wary after poll results; NBFCs’ balancing act
Happy Friday! New-age firms planning to go public are moving cautiously as stock market volatility remains a concern after the 2024 general election results. This and more in today’s ETtech Morning Dispatch.
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.
Quick commerce 2.0, and other top tech & startup stories this week
Quick commerce, the buzziest sector in the consumer internet industry, is undergoing a significant transformation. We, at ETtech, have been tracking the sector super closely and bringing the biggest and most impactful stories to you, first.
- Go To Page 1
We want to make India a manufacturing hub, but it has to be Aatmanirbhar too: Nirmala Sitharaman
India's economic prospects face challenges from global uncertainties and rising commodity prices. Policy certainties, inflation concerns, job creation, and electoral targets shape the path ahead, reflecting a mix of opportunities and challenges in the evolving economic landscape, says Finance Minister Nirmala Sitharaman
Amid cost conservation focus, startups keep tighter rein on top rung hikes during appraisals
Startups and ecommerce companies are focusing on profitability and cost conservation, with some holding back pay raises for senior staff during appraisals. Some founders are forgoing hikes on their own, while others are forgoing them. Sandeep Murthy, partner at VC fund Lightbox Ventures, suggests that the main goal is to create a stakeholder advantage.
India Inc investing in employee benefits despite constrained budgets, rising premiums, says Plum report
A survey by Plum reveals a doubling in adoption of customizable insurance programs for employees, a 15% rise in maternity benefits, and a 110% increase in comprehensive healthcare offerings. Amid budget constraints, companies prioritize employee well-being, with benefits now emphasizing sustainability. Startups lead in offering extensive health coverage and telehealth services
Unicorn hiring trends; smartphone makers to gain further ground
The ongoing funding winter and concerns over profitability have not deterred homegrown unicorns from onboarding top talent. This and more in today’s ETtech Top 5.
Anand Mahindra says Indian regulators should make life simple for potential unicorns
Anand Mahindra was delivering the fourth Annual Atal Bihari Vajpayee Memorial Lecture on ‘The role of industry in building a resilient and resurgent India’. The Mahindra group chairman pointed to the importance of the government and industry working in a collaborative manner to achieve scale, innovation, and global reach.
Newspace raises $52 mn, the largest equity raise for an Indian defence startup
Newspace Research & Technologies (NRT), a leading drone manufacturer in India's defence sector, has secured $52 million in a bridge round, marking a significant equity raise. The funding includes $33 million in equity from prominent investors and $19 million in debt facilities from SBI’s startup hub and SIDBI. NRT, specializing in swarm drone technology, collaborates with the Ministry of Defence and aims for global expansion, having demonstrated swarm drone operations in Japan.
Starting up after 50: Lessons on entrepreneurship from the ‘wisdom generation’
Entrepreneurs over 50 are finding success by leveraging their years of expertise and experience. Vivek Srivastava, founder of Integrated Brand Heuristics, emphasizes the need for persistence and building a committed team. Daisy Malik, founder of The Roots Organic and Natural Store, highlights the challenges of marketing and advocating for organic food. Rekha Kochhar, founder of Boutique Bites of Health, shares her accidental journey into entrepreneurship and the importance of lifelong learning and innovation.
Instagram or YouTube? Indian brands torn between the two for maximum ad impact
Instagram vs YouTube is the power battle that is shaping where brands put their money, and users their attention. Who will garner eyeballs; who will take home more ad budgets? ET speaks to marketers to find out the parameters that will determine who emerges triumphant in this gladiatorial royal rumble.
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.
Interim Budget: Here's what economists and financial experts are saying about Modi 2.0's last budget
Finance Minister Nirmala Sitharaman today presented the Interim Budget which has been hailed by economists and financial experts for focus on infrastructure, fiscal consolidation, rural spending, and measures to support growth and fiscal prudence.
Interim Budget 2024: Check full text of FM Nirmala Sitharaman's speech here
The Finance Minister presented the Interim Budget 2024 in a speech that lasted for 48 minutes. The budget focuses on four main areas: women, poor, farmers, and youth. The government aims to empower the poor and has implemented various programs to achieve this. Direct Benefit Transfer has resulted in significant savings for the government, which has been used for the welfare of the poor. The budget also highlights initiatives for women empowerment, youth development, agriculture, infrastructure, and taxation reforms.
Concessional corporate tax rate of 15% for eligible ‘start-ups’ has not been extended beyond March 31, 2024
No extension of concessional tax rate: Interim Budget 2024 has disappointed the manufacturing start-up companies by not extending the sunset date for concessional corporate tax rate of 15% beyond March 31, 2024. Some industry experts are of the opinion that this non-extension might impact the government's Make In India initiative.
Budget 2024: Tax holiday for startups, sovereign funds extended by 1 year
The tax holiday scheme for startups, announced for the first time in the Union Budget 2017, offers 100% tax rebate to eligible startups on profits made for a period of three years in a total time frame of 10 years of operations. The government has been extending the benefits for one year in every budget since then.
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.
Budget 2024: Need for crypto-friendly budget, level-playing field, says WazirX's Rajagopal Menon
Rajagopal Menon says Indian crypto industry seeks level playing field, stable banking connections, and optimized taxes in upcoming budget. Regulatory measures expected to address TDS reduction, loss tax rule change, and taxation alignment with equity shares. Support for innovation and blockchain development crucial, G20 roadmap to be followed, optimized crypto taxes to boost investor confidence and encourage investment in Indian crypto ecosystem are needed. Closer collaboration between industry and government also needed for balanced regulation and mutual benefits.
PLI 2.0 in Budget 2024: Pushing the envelope towards ‘Making for the World’
Interim Budget: India's manufacturing sector is being reinvented to achieve the country's ambition of becoming a $10 trillion economy. The Production Linked Incentives (PLI) scheme has played a strategic role in elevating India's manufacturing capabilities and attracting global companies. The scheme has already shown success in sectors like electronics, pharmaceuticals, and telecom. To further drive innovation, the government should extend PLI benefits to R&D investments. A dedicated PLI scheme for the chemicals sector could boost its growth and position India as a global hub. Additionally, a PLI scheme for the space sector could help India become a global leader in space technology.
India Inc eagerly awaits Finance Minister's February 1 Budget for growth boosting measures
India Inc wants Finance Minister Nirmala Sitharaman to announce more measures in her interim Budget for fiscal 2024-25. Industry also calls for increased capital expenditure outlay. Sitharaman had indicated that it would be a vote-on-account. Expectations include reduced customs duty on medical device imports. The forthcoming budget is viewed as pivotal for Geographic Information Systems (GIS).
Budget 2024: Space industry seeks liberal FDI policy, PLI scheme in Union Budget
Interim Budget: India's space sector seeks liberal FDI policy, production-linked incentive, and GST exemption. They also want lower tax rates, reduced withholding tax, and a comprehensive regulatory framework. The industry body, ISpA, demands PLI for space manufacturing and components. They urge the government to procure and adopt space tech solutions and provide reasonable spectrum usage charges. Satellite operators should have depreciation and capital subsidy for infrastructure investments. IN-SPACe projects the space economy to reach USD 44 billion by 2033.
Budget booster for EVs; QR frauds spike
The government could set aside Rs 10,000-12,000 crore for the third installment of the Faster Adoption & Manufacturing of Electric Vehicles (FAME) scheme.
Congress head Kharge hits out at government for using Startup India as publicity tool for PM
On the eve of National Startups Day, Kharge took to social media platform X and said the government’s Startup India initiative has become a vehicle to garner publicity for Prime Minister Modi as it has miserably fallen short on delivery.
Startup ecosystem: Why it's time to acknowledge and learn from challenges of 2023
Even though funding dropped in 2023, some of the larger companies with cash reserves were able to acquire struggling products and companies at reasonable prices
Budget 2024: Can interim budget make new kids, aka startups, happy?
Union Budget: The startup community has faced funding woes and layoffs through 2023. Over 28,000 jobs were cut in new-age firms amidst a $8.8 billion funding low. Past government schemes like Startup India aimed at aiding startups. Startups anticipate the interim budget for relief, seeking tax reforms and incentives for growth amid the challenging climate.
Founders facing down rounds wary of impact on angel tax
A founder who is in the middle of raising a down round said the threat of getting I-T notices has gone up especially after the government brought overseas funds under ‘angel tax’, or Section 56(2)(viib) of the Income-Tax Act, 1961, from 2023-24.
Load More
