Budget 2019 scores bring rewards for startups; here’s why start-ups are the exaltation
And you will be rewarded handsomely if you have spent for ‘start-ups’. More so, why you shouldn’t be? After all, you are contributing to the national eco-system in terms of development.
There has always been an ideology tagged, which often comes from traditional minds — Business is that cobweb that comes with lots of risk involvement; you have as vulnerable to fall trap in the web as a spider gets trapped in own woven net.
Previous what they call — a rare profession — now that things have already started turning into a new leaf; it’s all going to start fusing in air.
The most exciting among all the news is the entrepreneurial bug is spreading rapidly. The flow and the intensity have been such quick to a point of being remarkable — Women are flocking ahead have their hands, and exceeding the expectation successfully — What a transformation?
Generally speaking, this has contributed to the collective aspirations of a huge Indian population at a deeper level.
On July 5th, 2019 things took a U-turn for entrepreneurs. They have got the ball fall in their court after the crucial decision taken by FM Mrs. Nirmala Sitaraman — Union Minister of Finance and corporate affairs.
What are the Perks?
There are numerous things that are new and crucial for the overall development of the entrepreneurial ecosystem. The highlights are:
- We’ve got dedicated TV channels for start-ups
- Relaxation of the ‘Angel Tax’ — A mountain unburdened
- Ease of the FDI rules into start-up segments
Following that, the budget threw light on specific opportunities in agriculture, electric mobility, digital currency, and focus on skill training in Al, IoT, and Big data.
Aren’t you able to find a pattern? These go back to ink and support the original campaign of the central government—“Start-Up India”, which was designed in 2015.
A TV channel for startups:
There are provisions that the government is going to launch a new TV program on national broadcaster Doordarshan, solely for startups in the country, which will serve as a platform to match venture capitalists with emerging start-ups. On the front end, as reported, the design and implementation of the TV program are bestowed upon the hands of start-ups.
Skilled Entrepreneurs in the Agricultural Industry
Besides, the government is all set to help around 80 “sustained business incubators" and 20 tech business incubators as mentioned in the Budget of FY19-20. Mrs. Sitharaman is quite confident about being to help create 75,000 skilled entrepreneurs in the agricultural industry sectors.
This again is a great gesture and intelligent move from the union government to integrate the agricultural sector with the aid of business.
FDI Insurance
We have got 100% FDI in insurance arbitrator, a section in which most digital insurance start-ups fall in.
To put it differently, the government has allowed 100% FDI in single-brand retails and initiated the removal of 30% of the local sourcing norms. The major result that shows up is startups like Pepperfry, Urban Ladder, Nike and others who operate offline and sell products to consumers with a single brand are likely to be benefitted from the new provisions of the Union budget.
What is the motto behind?
We are a nation of geeks — technological experts. The fact finds assurance when you find enough statistics that confirm that the technological landscape has evolved to be ranked “fourth largest” over the world.
In another perspective, India is being a wise wrecker to be able to provide more than 80,000 jobs per year. But there has always been deep fitted issues — more precisely with the stakeholders — over the provisions of some tax exemptions.
With the leap of trust and action that has come from Indian masses to envision “business” as a prioritized career, our government has foresighted the brilliant future of the startup ecosystem. This clearly reflects in the Union budget provisions.
As such, the prominent look out for the government was to solve the road-block — Angle Tax issue. As of the current information, apparently, the investors who file requisite declaration and provide information in their returns refrain from any kind of scrutiny on the valuation of share premium.
Digital Transactions:
Previously, merchant tax discounts were applicable for all the digital transactions. We cannot ignore the fact that digitalization is the first thing that is going to bloom, or is already blooming. Generally speaking, digitalization and start-up ecosystem have to go hand in hand, if we are green with a start-up system. For the records, the attempt was to eradicate the pushing digital payments to put a positive impact on the acceptance of digital currency, especially for higher transactions.
Final Words:
The start-up culture is the one that links to every other sector of the country. Accordingly, the entire segment is supposed to get a polished touch. Based on that, the finance minister announced several measures for the smooth implementation of connect sectors like labor laws, education, and rental housing segment which will have a direct impact on start-ups in the country.
