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‘Start-up India’: New tax regime for startups- Arun Jaitley
The government said that it will put in place a new tax regime for startups as it looks to unshackle them from the regulatory regime for large companies. Addressing the opening session of 'Start-up India' event, finance minister Arun Jaitley said that some of the new tax rules would be announced through executive orders, while some of them would be done in the budget.Prime Minister Narendra Modi is due to announce an action plan for boosting the startup eco-system in the evening.
The government is looking at a regime to give startups complete freedom from the state, Jaitley told a gathering comprising entrepreneurs who began queuing up outside the Vigyan Bhawan at least an hour in advance for the day-long "Start-up India" event.
Jaitley said startups could emerge as an alternate engine of growth at a time when the global economy posed several challenges.He said the Narendra Modi government had been pursuing a policy where more freedom was being given to companies, which was evident from fewer businessmen visiting the finance ministry or the pile of files in Foreign Investment Promotion Board(FIPB) coming down.Besides "Start-up India", the finance minister said the government will launch "Stand-up India" scheme under which, bank branches will lend to entrepreneurs belonging to SC/STs and women.The Stand-up India would be separately launched. It is a programme, which envisages women entrepreneurs and entrepreneurs belonging to the SC, STs (to get funding from banks). These were the segments which were not throwing up entrepreneurs.