Budget 2022: Big upgrade for the Indian startups!

The Finance Minister of India presented the Budget for 2022-23 today, it has a big boost up for the startups. Here is everything you need to know about the Budget for startups.

The finance minister of India Nirmala Sitharaman presented the union budget for the year 2022-23 today. The budget highlighted and includes tech startups which are called the backbone of the Indian economy as said by the PM of India Narendra Modi.

The Budget explained the below contents,

  • There will be a digital university that teaches multiple languages online, the web portal will be notified for skill development.
  • NABARD will mobilise the startups which are serving the agricultural and rural sectors. “A fund with blended capital, raised under the co-investment model, will be facilitated through NABARD. This is to finance start-ups for agriculture and rural enterprise, relevant for farm produce value chain. The activities for these start-ups will include, inter alia, support for FPOs, machinery for farmers on rental basis at farm level, and technology including IT-based support,” she said.
  • Good news for startup investors based in India. 15% cap on LTCG surcharge reduces tax for angel investors. Investors for long have been seeking parity between domestic and foreign investors. This will give more strength to Indian startups and enhance the countries economy.
  • Tax incentives will be provided for one more year to startups that had already been extended through 2023, given the COVID-19 pandemic.
  • To make the financing easier for the data centres and energy storage projects infrastructures will be upgraded.
  • Start-ups will be promoted to facilitate ‘Drone Shakti’ through varied applications and for Drone-As-A-Service (DrAAS). “In select ITIs, in all states, the required courses for skilling will be started.” Stated the Minister.

“Startups are drivers of growth for India’s economy and over the past few years, the country has seen a manifold increase in successful start-ups.” Said the finance minister said.