According to Commerce and Industry Minister Piyush Goyal, measures included in the Budget, such as extending the term of incorporation for qualified aspiring entrepreneurs for the purpose of giving tax advantages, will significantly help to boost the nation’s startup ecosystem.
In order to provide tax advantages to support aspiring entrepreneurs, the government on Wednesday proposed to prolong the term of incorporation for qualified businesses by an additional year, until March 31, 2024.
Nirmala Sitharaman, the minister of finance, has also suggested easing regulations for new businesses by extending the ability to carry losses forward for ten years.
According to Goyal, from the inception of the Startup India program, the government has continually supported the startup ecosystem, and the startup scene in the nation has grown significantly.
“So, my sense is that this (Budget) will certainly give a lot of support and help to the startup ecosystem so that it flourishes in the years to come,” the minister told as per reports.
He said that the Budget also put a lot of emphasis on encouraging new businesses in the agricultural industry, creating “agri-preneurs,” and providing them encouragement to develop better concepts for cold storage facilities, food processing, and value addition in the agricultural sector.
