Role of Budget 2024 in India’s Startup Landscape

By Sunil Sonkar 3 Min Read
3 Min Read
Role of Budget 2024 in India's Startup Landscape

India’s startup world is like a buzzing beehive of creativity and energy, making a mark on the global stage. More than 116,000 cool projects in robotics, clean energy and healthcare are being done by Indian entrepreneurs, shaping the future. But wait, there is a challenge – in 2023, their funding dropped by a whopping 73%, showing tough times and confusing tax rules.

Now, all eyes are on the Union Budget 2024. Why? It is like a reliability for startups – helping them or making things a bit tough. Startups really need help to grow – simpler rules, easy taxes and money for new ideas in AI and clean energy.

Startups like getting special presents from the government such as tax breaks and more time before paying taxes. This helps them grow and hire more people. The upcoming budget is like a big question – will it be a boost for startups, helping them reach new heights, or a test of their strength?

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To help startups do well, they need a place that helps them grow. This means having simple rules, easy ways to follow the rules and fair ways to get money, especially for AI, healthcare and clean tech. Beyond money, clear rules and talking openly with the government are crucial.

Fixing tax issues is a big deal too. There are different taxes for different kinds of shares and that can be confusing. Venture Capital (VC) folks worry about taxes on their earnings, affecting fundraising for local companies. Making ‘angel tax’ apply to foreign investors causes more worries, so we need smart rules to handle it.

Tax breaks and bonuses have really helped startups stay afloat. Extending existing tax breaks and letting them carry forward losses for a longer time can give startups more time and space to grow. It seems like your message got cut off. Could you please provide the information or phrase you would like me to simplify?

The budget can also be a superhero for the environment. By supporting projects that help the Earth, like clean energy and protecting nature, we can make positive changes in different areas and create a cool environment for sustainable ideas. If there are tax breaks for these sustainable projects, it would encourage entrepreneurs to fight climate change and create a fairer future.

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