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Below is post-budget quote on Startups and SMEs by Mr. Amit Pamnani, Chief Investment Officer, Swastika Investmart

Most of the segments like Industries, Startups, salaried & business class all have been given gifts of savings. Over 80,000 startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) across the country can leverage the tax benefits presented by the budget to build a strong ecosystem. With an extension of the incorporation date for start-ups, firms can leverage the 3-year tax benefit scheme.

The major sector, which is going to be benefitted, is agri-tech. It is encouraging to see the Union Budget 2023 be a pro-farmer budget, with the announcement of setting up of Agriculture Accelerator Fund to encourage agri-startups by young entrepreneurs and simultaneously increasing agri-credit target by 20 lakh crore at animal husbandry, dairy and fisheries sector by the finance minister.

Many MSMEs and industries can benefit from the reduction in customs duties. Sectors like Metals, ships, Seeds, chemicals, crude, glycerine, mobile phones, camera lens, TV, toys, bicycles, and automobiles will get direct augmentation in profits.

It's an opportune time for MSMEs and startups to come forward and take the advantage of supply gaps with the support of government schemes. If they are facing resource crunch they shall take government and experts support to arrange the same.

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