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This is what Budget 2017 had in store for startupshttps://www.businessinsider.in/tech/this-is-what-budget-2017-had-in-store-for-startups/slidelist/56905849.cms2017-02-01T12:57:23+05:30

This is what Budget 2017 had in store for startups

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Feb 1, 2017, 12:57 IST

Announcements

Announcements — Indian Economy has:

1) Witnessed 36% increase in FDI.

2) Become 6th largest manufacturing country in the world.

3) To make India: ''Tech India''

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Measures taken

Measures taken — ''Digital Economy for speedy accountancy''

1) Providing employment and infra to youth.

2) Credit Link to entrepreneurs : NABARD corpus has been alloted 40,000 cr.

3) 100 mini labs for entrepreneurs in the agriculture sector.

4) Will support NABARD to digitize 63,000 co-ops.

5) Further liberalization of the FDI sector. 95% of FDI is coming through the automatic route.

6) Thrust in digital transactions.

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Youth

Youth — 1) Education: An innovation fund will be created at the secondary level to promote creativity. Science will be given priority.

2) Skill India: 100 India International centres to be set up.

Taxes

Taxes — 1) MSMEs: Propose to reduce income tax of companies with an annual turnover of 50 crores to 25%. (5% decrease in tax) About 67 lakh companies fall in this category. 96% of companies to get this benefit.

2) Allow a carry forward of MAT till 15 years

3) Exemptions for startups:
Holding rights relaxed. Holding period for long term capital gain lowered to 2 years.

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Digital Economy

Digital Economy — -16,000 new enterprises have come up

-Promotion of digital economy to weed out corruption.

-Private investment through lower cost of credit.

-Shift of digital platform has huge benefits.

-125 lakh people have downloaded BHIM app.The Govt will launch 2 new schemes to promote BHIM.

-Aadhar Pay- enabled payment systems will be launched shortly in September for non-card holders.

-10 lakh new PoS terminals by banks.

-20 lakh Aadhar based PoS also to be launched.

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