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IAMAI welcomes start-up initiatives announced in the Union Budget 2016

However, the association is disappointed that the long standing demand of the industry is not met which would have further boosted the start-up ecosystem in India

BestMediaInfo Bureau | Mumbai | March 1, 2016

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After the budget was announced yesterday, the Internet and Mobile Association of India (IAMAI) has welcomed the budgetary announcements made by the Union Finance Minister, Arun Jaitley.

Reacting to the budget, Subho Ray, President, IAMAI, said, “The focus on leveraging technology to streamline distribution and the proposed steps for ease of doing business in India are indicative of the government’s resolve towards Digital India and supporting entrepreneurship.”

A long standing demand of the association on the proposal for Amendment of Companies Act to register start-ups in one day is a welcome move, and is a step closer towards ease of doing business in India.

The body has also welcomed the following announcements in the Union Budget 2016:

  • The announcement of 100 per cent tax deduction programme for three years over a period of five years for start-ups approved before FY2019 under the start-up India scheme. This is a step towards providing incentives to start-ups in the form of better incubation, talent and capital;
  • The announcement on the proposal to set up a dedicated e-marketing platform for agriculture and hopes that the innovation of the digital industry will be harnessed for this;
  • To expand the digital literacy scheme in rural India and setting up of a Higher Education Financing Agency. The twin move will support the increased manpower requirement for the ICT sector from a larger catchment area and will certainly boost employment generation.

The association however had different pre-budget expectations which suggested more on the taxation front to waiver of capital gains tax, waiver for VC funds, to bring them at par with stock markets and so on. It is disappointed that the long standing demand of the industry is not met which would have further boosted the start-up ecosystem in India.

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