Bengaluru: The budget announces a few steps to drive startup, including the extension of a tax holiday, and R & D drone policy liberalization and defense.
Holiday tax for startup has been extended a year, which will help them meet working capital requirements.
Startup joined until March this year eligible for the termination of taxes, but now the date has been extended until March 31, 2023.
Startups, under the scheme, qualified for a 100% tax break on profit made for three consecutive years.
The first 10 years have since been established, given that their annual turnover did not exceed Rs 25 Crore in any financial year.
Vidit Aatrey, founder and CEO of the Meesho Social Trade platform, said the benefits of tax and reduction of overlapping compliance will increase the ease of doing business in India.
For Agritech Startup and rural companies, a fund will be facilitated through Nabard, with the contribution also from the private sector.
The drone sector, which saw the liberalization of major policies last year, has received further steps with the budget pushing drone-as-a-service under a program called Drone Shakti.
Drones will be promoted for plant assessment, digitizing land records, spraying insecticides, and nutrients.
In choosing itís, the government will make a curriculum related to drone technology skills.
Mughilan Thiru Ramasamy, CEO, and one of the founders of Skylarm Drone, said, “The introduction of Drone Shakti will ensure business momentum and encourage faster adoption of UAVs in this country.” Drone Drone, he said, would allow the drone industry to collaborate with farmers to improve operational efficiency and maximize profitability.
R & D defense will be opened for industry, startup, and academics, with 25% of the R & D budget which is intended to increase private sector participation in critical defense projects.
The private sector can now carry out the design and development of military platforms and equipment working with Drdo and other organizations through the SPV model (special purpose vehicle).
The independent nodal umbrella body is being arranged for various testing and certification requirements.