Budget will spur job creation, boost investments in startups: Finance minister Nirmala Sitharaman
Nirmala Sitharaman on Sunday said the budget proposals will spur job creation, encourage investments in startups, leave more money with the middle class, ease credit flow to small and medium businesses, and keep up the thrust on infrastructure creation to boost economic growth.
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Speaking at an event in Bengaluru, Sitharaman also said the abolition of the so-called angel tax would help budding entrepreneurs. «Most startups were having this grievance that funding comes to them through venture capital funds, and when we have the angel tax, they are scared to come with the money, and angel tax should be removed,» she said.
Introduced by the UPA government in 2012 and imposed under Section 56 (2) (vii b) of the Income Tax Act, angel tax is typically applied to additional funds raised by startups from angel investors over and above the 'fair market value' of the company.
Initially aimed at curbing money laundering through this route, the provision later drew criticism for discouraging startup funding.
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