Government to announce friendly tax regime for startups in Budget

“The objective is to reinforce commitment of the government towards creating an ecosystem that is conducive for growth of start-ups”, the PMO said.

Stating that the role of Government should be that of a facilitator and not a regulator, Union Finance Minister, Arun Jaitley on Saturday said once the Startup India movement takes off, it will lead to the eventual freedom from the license raj for Indian entrepreneurs.

While clearances, financial regulations, and other issues still hold back India’s entrepreneurs, Arun Jaitley reiterated that the government is working on helping Indian entrepreneurs with ideas and tools, a friendly tax regime, better use of technology and innovation, such that the sky will be the limit for Indian entrepreneurs.

“We ostensibly broke away from it in 1991, but the break was only partial”.

“We as the government will have to see that we remove the clutter so that you can focus on your core business and not compliances”, Sitharaman said.

The government has had to look at new areas like the Mudra Scheme, which was set up to target 25 per cent of the bottom layer of the society.

The event at the Vigyan Bhavan official conference complex has been a top draw.

Jaitley also said the global economy had undoubtedly slowed down, but that India could be satisfied that “even in a crisis-like situation in the world” India is growing. But this one is with a difference.

He also assured that the government would create an environment for potential entrepreneurs who are world-beaters and. “Otherwise at the formal launches we always have the usual suspects”.

“Our effort over last few years has been to restrict the role of the state in policy, “he added”.

The campaign will be launched officially by PM Narendra Modi later in the day. I find that the traffic of industry visiting North block has nearly ended. There are no files that have to be pushed. Prime Minister Narendra Modi is due to announce an action plan for boosting the startup eco-system in the evening.

The private sector’s own expansion itself is throwing up a challenge, because they have overstressed themselves and their stress in turn gets reflected on our banking system.

The finance minister said he will announce start-up friendly tax measures in his forthcoming budget as he seeks to unshackle them from the existing regime. The finance minister also noted the success of the MUDRA scheme which is aimed at creating small entrepreneurs in the country.