As India anticipates the presentation of the Interim Budget 2024 by Finance Minister Nirmala Sitharaman on February 1, 2024, the startup ecosystem is closely monitoring the government's fiscal measures aimed at fostering innovation and entrepreneurship. Despite being a vote on account, the Interim Budget includes significant initiatives that promise to support the growth of new-age technologies and data-driven businesses, key drivers of the digital economy. Key Highlights from Interim Budget 2024: Corpus for Innovation and Research: The creation of a corpus of Rs. 1 lakh crore with 50-year interest-free loans is set to enable long-term financing for research and innovation in sunrise sectors. This initiative is expected to attract and retain top talent in the industry and provide cutting-edge recruitment solutions. Support for Startups: The government continues to empower youth and startups through various schemes such as PM Mudra Yojana, Fund of Funds, Start Up India, and Start Up Credit Guarantee. These measures are designed to create a conducive environment for the startup ecosystem to flourish and contribute to the nation’s ‘atmanirbharta’ (self-reliance). Industry Leaders’ Perspectives: Dr. Ravinder Goyal, Co-Founder of Erekrut HR Automation Solutions Pvt Ltd, lauds the government's vision to foster innovation and entrepreneurship. "The creation of a corpus of Rs. 1 lakh crore with 50-year interest-free loans will enable long-term financing for research and innovation in sunrise domains, helping the country attract and retain the best talent in the industry," he states. Dr. Goyal appreciates the government's continued efforts to support startups and believes these measures will significantly contribute to India's goal of becoming self-reliant. Positive Reception: Business leaders hail the budget for its focus on key sectors such as agriculture, infrastructure, green ecosystems, and emerging technologies like AI and digital. Although no major announcements were made due to the interim nature of the budget, the existing measures are seen as steps in the right direction to sustain growth and innovation. Future Outlook: With the main budget expected in July following the general elections, the Interim Budget 2024 sets the groundwork for continued support and growth in the startup ecosystem. The strategic investments and supportive policies are anticipated to help startups overcome challenges related to funding, infrastructure, and technology, thus ensuring a robust and dynamic economic landscape. Additional Insights: The Interim Budget also touches upon measures for de-risking credit inflows to MSMEs, GST adjustments for SMEs and exporters, and exempting GST TCS obligations on e-commerce operators. These initiatives aim to simplify processes, reduce compliance costs, and enhance operational efficiency for small businesses and exporters. To gain deeper insights into how the Interim Budget 2024 impacts the startup ecosystem and other sectors, Read the full story featured on other websites like  TechiExpert
CXO Today
TV 9
Data Quest