The goal of Prime Minister Narendra Modi’s Start-up India program, which he announced in 2016, was to identify methods to make it simpler for start-ups to commence operations and thrive. It also includes simplifying the funding process and offering tax benefits.
The Union Budget 2021 extended tax breaks for “eligible start-ups” until March 31, 2019. All eyes are now on whether the government extends this advantage further or provides any other incentives to allow start-ups to develop into “unicorns” swiftly. Unicorns are privately held start-up enterprises worth more than $1 billion.
India has come a long way toward being the favoured incubator for start-ups.
Toward the end of last year, India surpassed the United Kingdom to take third place on the list of countries with the highest number of unicorns. In a single year, it added 33 unicorns.
Ahead of the Union Budget 2022, micro and small firms, who account for the majority of new businesses in the nation, are hoping that Finance Minister Nirmala Sitharaman would give some incentives to assist them in weathering the uncertainty generated by the COVID-19 outbreak.
During the epidemic, the education industry is undergoing enormous transition, with most classes moving online. During this time, a large number of EdTech companies sprung up. However, the government lowered the education budget last year in order to secure appropriate finances for healthcare, which is a must. This year, the industry anticipates more support from the Union Budget 2022.
Prime Minister Narendra Modi has declared January 16 to be National Start-up Day. While this was a nice gesture to raise awareness about these tiny businesses working hard to become large, the government’s actual policy measures would provide the essential launchpad for them to go from zero to unicorn.