Union Budget 2023 - #Budget4Startups

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2023 DECODING #BUDGET4STARTUPS Decoding The #Budget4Startups

Key Takeaways

Extension For Startups For Tax Exemption, Carrying Forward Losses

3 Centres of Excellence For AI To Drive Domestic Innovation

National Digital Library To Boost Inclusion Skilling & Industry 4.0 Push

National Data Governance Policy To Be Formulated

Easing, Compliance & Filing For Startups

Push For Battery Manufacturing, Green Fuels

Exemption Extension For Startups

Eligibility criteria for startup tax exemption benefit extended for those startups incorporated before April 2024 from April 2023

‘Eligible startups’ can carry forward losses from up to 10 years from incorporation, extended from seven years

2023

Digital Public Goods For Agritech

Open source, open standard and interoperable digital public infrastructure for modernising agriculture

Development of inclusive solutions for agritech adoption, crop planning and health, farm input access, credit, insurance, market intelligence

Agriculture Accelerator Fund proposed for young agritech entrepreneurs in rural areas

2023
Indian Agritech Funding Snapshot (2014-2022)
Total Capital Raised 3-Year Funding CAGR Deal Count Funded Startups Most Funded Hub $2.2 Bn 47% 247 110+ Bengaluru

AI Labs To Drive Domestic Innovation

Three Centres of Excellence for AI to be set up in top educational institutions

CoEs will help realise vision of “Make AI in India and Make AI work for India” Industry partnerships for research & development of scalable solutions in agriculture, health, and sustainable cities National Data Governance Policy to be set up to enable access to anonymised data

“200+ VC-backed Startups In India Innovating In AI”

2023

Green Technologies Get A Push

Expansion of Green Credit Programme to incentivise environmentally sustainable and responsive actions

INR 35,000 Cr allocation for investments towards energy transition, India’s net zero goals and energy security

Setting up battery energy storage systems with capacity of 4,000 MWH

National Green Hydrogen Mission target expanded to 5 MMT by 2030

2023

Revamping Credit Schemes, Fintech Regulations

Revamped credit guarantee scheme for MSMEs through INR 9,000 Cr infusion; cost of credit reduced by about 1%

Comprehensive review of existing financial regulations through consultation with public and regulated entities

Simplified ‘risk-based’ KYC for financial services along with further digitalisation of KYC systems

“Digital Lending Opportunity To Touch $1.3 Tn by 2030 Or 60% Of Overall Fintech Market”

2023

Skilling To Meet Industry 4.0 Needs

Skill development schemes for new-age Industry 4.0 courses in coding, AI, robotics, mechatronics, IoT, 3D printing, drones

30 Skill India International Centres will be set up across different states

Unified Skill India Digital platform to enable demand-based formal skilling, employer linking and entrepreneurship schemes

2023
“$240 Mn Raised By Indian Skill Development Startups From 2014-2022”

India’s 5G Push

100 5G labs to be set up in engineering institutions for developing applications using latest-gen telecom services

Development of smart classrooms, precision farming, intelligent transport systems, and healthcare applications

Boosting private partnerships for new business opportunities, models and employment generation

2023

DigiLocker Expansion

One-stop solution for updating and consolidating proof documentations of individuals using DigiLocker built around Aadhaar

Scope of documents available in DigiLocker for individuals expanded to include Aadhaar, PAN Entity DigiLockers for use by MSMEs, large business and charitable trusts in storing and sharing documents

2023

Ease Of Compliance Burden

Common portal for ‘Unified Filing Process’ for companies to share information or returns with other agencies

Company PAN to be used as the common identifier for all digital systems by government agencies to further improve ease of doing business

100 joint commissioners to be deployed for disposal of small tax litigation appeals by companies

“India’s EoDB Rank Has Improved From 142 To 63rd Between 2014 And 2019”

2023

Democratising Digital Education

National Digital Library to facilitate device-agnostic availability of quality books in multiple languages, genres and levels

States to set up physical libraries and infrastructure for accessing National Digital Library

Financial sector regulators and organisations to provide learning material to digital and physical libraries

2023

2023

DECODING #BUDGET4STARTUPS

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