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Budget 2024 Unveiled: Nirmala Sitharaman Extends Key Tax Benefits for Startups, Acknowledges Their Role in Economic Growth

Finance Minister Nirmala Sitharaman has presented Budget 2024. Even though no exemption has been given in Income Tax, the last date for the benefits of some special tax exemptions available to startups has been extended. Finance Minister Nirmala Sitharaman said certain tax benefits for investments made by startups and sovereign wealth funds or pension funds as well as tax exemption on certain income of certain IFSC (International Financial Services Centre) units are set to expire on March 31, 2024. Which has now been extended to 31 March 2025.

Startup Ecosystem Appreciated

Finance Minister Nirmala Sitharaman praised startups while giving her budget speech in Parliament. He told how the government provided help to startups and how startups played a big role in generating employment. He told how startups proved helpful for farmers also.

Finance Minister Nirmala Sitharaman said that India’s economy has performed better in the last 10 years. Startups also helped the farmers a lot. Here he was referring to Agritech startups, which are improving farming with the help of technology and are also giving farmers access to bigger markets. This is helping the Modi government’s vision of increasing the income of farmers.

Gave Training To 1.4 Crore Youth Through Skill India

Nirmala Sitharaman said that 1.4 crore youth were trained through Skill India Mission. There are 54 lakh such youth who were upskilled i.e. work was done to improve their skills. The Finance Minister said that 43 crore loans were given in the last 10 years through PM Mudra Yojana, whose value was Rs 22.5 lakh crore. He told that entrepreneurship was promoted through all this.

Young Entrepreneurs Got Benefits

Finance Minister Nirmala Sitharaman said that the youth are getting benefits with the help of schemes like Fund of Funds, Startup India and Startup Credit Guarantee. He said that this youth is an employer. On promoting women entrepreneurship, Nirmala Sitharaman said that 30 crore Mudra loans were given to women entrepreneurs. She said that the number of working women is increasing rapidly. Nirmala Sitharaman also said that policies related to MSME i.e. small, medium and small scale industries were also made, so that they can move forward. Work is going on to make business easier for MSMEs.


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