In a bid to encourage entrepreneurship, the government will announce friendly taxation regime for startups during the budget, Finance Minister Arun Jaitley said. He was addressing the inaugural session of 'Startup India, Standup India' held at Vigyan Bhawan in New Delhi.
"We have already worked upon an entrepreneur-friendly taxation regime; there are some steps that can be taken by notification, which would be taken forward. Others require a legislative provision, which can only come as a part of the finance bill when the next budget is presented, in order to create a friendly taxation regime for startups," said Jaitley.
Prime Minister Narendra Modi will present the action plan for entrepreneurs during the 'Startup India Standup India' event.
Jaitley said entrepreneurs should take a cue from the Indian entrepreneurs in the Silicon Valley. "We expect the new India to take a cue from those Indians who—elsewhere in the world, particularly in the Silicon Valley—have sent a huge delegation here; utilise their sense of entrepreneurship and innovation, generate ideas and create wealth, and use that wealth to create and support future startups across the country and elsewhere in the world."
He said for an overpopulated economy like India, entrepreneurship is the only alternative.
"If you look at the direction in which the conventional global economy is moving today, we are almost moving from a crisis situation, literally by the day. Looking down the tunnel, nobody can envisage how the world economy is going to look like one or two years from now," Jaitley said.