2024-07-24 03:50:15 pm | Source: PR Agency
Budget Reaction on Startup by Akshay Mehrotra, Cofounder & CEO, Fibe, India`s leading fintech and consumer lending platform
Below the Quote on Budget Reaction by Akshay Mehrotra, Cofounder & CEO, Fibe, India`s leading fintech and consumer lending platform
This year’s Budget has taken a forward-looking approach, aimed at building a self-reliant economy with MSMEs and startups as key drivers of Bharat's next phase of growth. It is encouraging to see the Government’s focus on creating more jobs for the youth with enhanced focus on skill upgradation. This clubbed with the reduction in taxes for the salaried class signifies the strategy to support individuals in the middle-income group and younger professionals, leading to their professional development.
Furthermore, the efforts to promote sustainable energy solutions will give a boost to more ‘Make-in-India’ businesses and boost innovation in the clean energy space, creating more job opportunities for the youth. Besides, the focus on MSMEs is another step forward in driving the nation's progress. The enhancement of Mudra loans to Rs. 20 lakh will fuel the growth of mid-level companies (INR 50 lakh to 2 crore revenue) and ensure they get enhanced opportunities. Lastly, the increase in capital gains tax will pose challenges for venture capitalists and investors, especially when exiting. On the other hand, the abolishment of angel tax will provide the much-needed boost to the startup ecosystem and help them thrive in India.”
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