“This year’s union budget announced an increase in the MSME budget of Rs 15,700 crore, double the previous year’s allocation, which will initiate technological interventions in the start-up and MSME space. We welcome this budget as a progressive step to promote entrepreneurship and encourage start-ups in India.
The budget also emphasized on innovation and research development. Besides, a host of substantial announcements were made on the divestment front, including the introduction of IPO of Life Insurance Corporation in 2022. The Government’s support to the Start-up Ecosystem in India continues even this year as the FM proposed One-Person Company without any restriction on paid up limits, which will benefit the start-ups and innovators.
The Minister of Finance also reiterated the Government’s focus to further simplify the GST structure. We are hopeful that this will remove the anomalies and smoothen the process for businesses.”