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Union Budget: Central Government May Announce Measures To More Sectors To Amplify Startup Ecosystem
Writer: Shiva Chaudhary
A post-graduate in Journalism and Mass Communication with relevant skills, specialising in content editing & writing. I believe in the precise dissemination of information based on facts to the public.
India, 27 Jan 2023 11:43 AM GMT
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She writes about gender issues, human interest, and environment.
Creatives : Shiva Chaudhary
A post-graduate in Journalism and Mass Communication with relevant skills, specialising in content editing & writing. I believe in the precise dissemination of information based on facts to the public.
Credit Guarantee Scheme for Startups (CGSS), Fund of Funds for Startups (FFS) scheme, and Startup India Seed Fund Scheme (SISFS) are executed as part of the Startup India initiative to provide funding at various phases of a business cycle in the startup.
In the upcoming budget, the central government is expected to announce measures to further amplify the startup ecosystem in the nation and promote domestic manufacturing by addressing the inverted duty problems in specific sectors, said the official sources.
Along with this, in the budget, which is to be presented on February 1, the fiscal incentives as per the production-linked incentive (PLI) scheme are anticipated to be revealed.
Know About PM Gati Shakti Programme
The government may consider funding infrastructure projects that have been authorised by the Network Planning Group (NPG), which was established as part of the PM Gati Shakti programme, said the official sources.
Last year, on October 13, Prime Minister Narendra Modi inaugurated the Gati Shakti - National Master Plan, which was aimed at developing an integrated infrastructure to decrease logistics expenses.
For unified planning and integration of ideas, the NPG has representation from numerous connectivity infrastructure ministries/departments, including their heads of network planning division. Before creating a DPR (detailed project report) during the planning stage, all of these departments need clearance from the NPG.
Further, an inverted duty structure entails taxing inputs at greater rates than final goods, resulting in credit accumulation and cascading expenses.
Efforts Toward India's Startup Ecosystem
A number of efforts have already been taken by the government to encourage startups in the nation. Credit Guarantee Scheme for Startups (CGSS), Fund of Funds for Startups (FFS) scheme, and Startup India Seed Fund Scheme (SISFS) are executed as part of the Startup India initiative to provide funding at various phases of a business cycle in the startup.
One of the official sources said, "The commerce and industry ministry has suggested steps to further promote ease of doing business for startups," quoted NDTV.
In order to foster innovation and encourage private investment in the startup ecosystem, the government established the Startup India programme in January 2016.
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