Finance Minister Arun Jaitley on Saturday announced that the government will introduce a friendly tax regime that encourages start-up companies in India. Jaitley was speaking at the launch of the Start-up India event, and said that the plan is a final break from the conventional licence raj and regulatory regime. Jaitley said the government’s job is to act as a facilitator and not a regulator.
New tax rules will be announced through executive orders, and those that cannot be will be passed in Parliament. Prime Minister Narendra Modi will speak at the event later on Saturday, and is expected to announce a simplified plan to boost start-ups and funding for them in the country.
Jaitley also said the global economy had undoubtedly slowed down, but that India could be satisfied that “even in a crisis-like situation in the world” India is growing. The government and Reserve Bank of India are also planning to take measures to add to banks’ lending capacities in this current climate.
Besides this, Jaitley also announced a scheme, Stand Up India, which will lend money to women entrepreneurs and ones from schedules caste and scheduled tribes.
Buy an annual Scroll Membership to support independent journalism and get special benefits.
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!