Union Budget 2022-23: Startups may Get a Boost from more Incentives
By Team Startupcity | Friday, 14 January 2022, 23:59 Hrs
Finance Minister Nirmala Sitharaman in the forthcoming Union Budget, could come up with more incentives and policy measures keeping an eye on creating the right ecosystem for unicorns to come up, reliable sources said.
For investment till March 31, 2022, the finance minister announced extension of tax holidays for startups along with exemption of capital gains in her last budget.
“We will further focus on startups and unicorns. Expect more policy measures in the budget,” an insider said.
In the coming months, the unicorns are expected to go in for large scale employment generation. Last year, more than 30 startups in India entered into the Unicorn club notwithstanding the Covid pandemic.
Prime Minister Narendra Modi said that about 10,000 start-ups have come up in India despite the Covid 19 pandemic in the last few months. “Startups (in India) are entering a golden age,” Modi said, adding that the new mantra of the youth is “compete and conquer.”
With a total valuation of USD 274.17 billion, India is now home to 81 unicorns. With a total valuation of USD 89.17 billion 44 unicorns were born in 2021. More than 10 unicorns were born in India since 2020. In 2021, the number was 38. Sources said that there are many more waiting in the wings to join the unicorn club in the next few months.
With over 60,770 officially-recognized startups across 636 districts, India has emerged as the third largest ecosystem for startups globally after the US and China.