India Announces Start-Up With New Tax Regime
Indian finance minister Arun Jaitley announced Saturday ‘Start-up India’ saying it would offer final break from the conventional raj and a new tax regime would come into force.
The Prime Minister Narendra Modi is expected to announce an action plan in the evening for boosting the eco-system of it.
Jaitley said the government is pursuing a policy to offer more freedom to companies and apart from the “Start-up India” they will come up with “Stand-up India” scheme too under which each bank branch, public sector or private sector, would lend to entrepreneurs belonging to SC/STs and women.
The minister said under the scheme about 300,000 new entrepreneurs will be created over next two years of time frame.
He added further the credit growth is important to boost the sluggish economic growth of India.
Without briefing more details Jaitly said, “The Reserve Bank (of India) and the government, acting in tandem, are going to add to bankers’ ability to lend with vigor and in greater amounts.”
Earlier on Friday the commerce and industry Minister Nirmala Sitharaman tweeted easier registration, simple exit policy and transparent tax regime will boost to start-ups.
She added, “A greater synergy between the startups, venture funds, seed funds, incubators, industry and the government.”
As of now just 9 percent of start-ups are led by women in India.