It is encouraging to see the government’s continued focus to boost start-ups and entrepreneurs in India. The “Stand Up India Scheme” to promote entrepreneurship with a dedicated Rs. 500 crore fund is a welcome move. The government’s initiative to amend the present Companies Act to enable registration of the companies in one day is commendable. The policies announced regarding ease of doing business provide a supportive ecosystem for the growth of start-ups.
While, the union budget 2016 has announced lowering of the corporate tax for new manufacturing units incorporated on or after March 1, 2016 at 25 per cent with a view to promote industrial activity and generate jobs, we were expecting a robust approach to incentivize Indian device manufacturers.
The special patent regime with 10% rate of tax on income from worldwide exploitation of patents developed and registered in India is a step in the right direction to boost innovation. We hope the patent process in India for indigenous companies become simpler as well to boost a culture of innovation and research. We believe “Skill India” has the potential to help start-ups grow to the next level with the right skilled human capital.
Overall, the Union Budget 2016 has focused on agriculture, rural and social sector in order to create macro stability. We were hoping for a more growth focused announcement.
Technuter.com News Service