"The GDP growth for the last quarter of the fiscal year 2018-2019 was estimated at 5.8%, which is the lowest it has been in the last five financial years. While the increasing of exemption for angel tax to Rs 25 crore capital in the Interim Budget earlier this year was a welcome move, we expect an angel tax holiday in this budget. This is important considering that a lot of the disruptive innovations and job creation comes from the startup ecosystem, which is the need of the hour since unemployment is at a four decade high of 6.1%. We also want the government to provide higher tax exemptions for small businesses, ease the regulatory norms and come up with a single window clearance to ease the compliance process which will encourage entrepreneurship and promote India as a start-up hub in alignment with the Startup India initiative by the Government of India".
Mr. Manoj Mehta, Chairman, Jain International Innovation Foundation
“The GDP growth has sunk to a dismal 5.8 percent in the last quarter of the financial year 2018-2019, the lowest it has been in the last five financial years. Tasked with the responsibility of reviving an ailing economy, the government needs to roll out measures to facilitate ease of doing business for startups. They help in job creation and are going to play a key role in helping us overcome the historically low unemployment rate of 6.1%. While successful state-backed incubation centers in Rajasthan, Kerala, and Telangana clearly demonstrate the government’s commitment to promoting entrepreneurship, it should go one step further and encourage homegrown startups to deliver government projects. It will inspire trust and help create lucrative public-private partnerships that will help boost the country’s infrastructure. We also expect more incentives in the form of financial support to incubators funded by private players, an angel tax holiday, and a single window clearance for startups to smoothen the compliance process”.
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