Measures announced in the Budget such as extending the period of incorporation of eligible budding entrepreneurs for providing tax incentives, would provide a lot of support to further strengthen the countrys startup ecosystem, Commerce and Industry Minister Piyush Goyal has said.
The government on Wednesday proposed to extend the period of incorporation of eligible startups by one more year till March 31, 2024, for providing tax incentives to encourage budding entrepreneurs.
Finance Minister Nirmala Sitharaman has also proposed to ease norms for startups by extending the benefit of carrying forward losses to 10 years.
Goyal said that the government has consistently been supporting the startup ecosystem and since the launch of the startup India initiative, the country has had significant growth in the startup arena.
“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
(Except for the headline, this story has not been edited by The Federal staff and is auto-published from a syndicated feed.)