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
EXPLORE DETAILED COVERAGE
