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Removal of angel tax to attract investors and boost startup investments.
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Customs duty reduction for gold and silver to promote gems and jewellery exports.
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Setting up of 12 industrial townships, including one in Maharashtra, to create jobs and a strong ecosystem.
The removal of angel tax, introduced in 2012, is expected to boost startup investments in India. Commerce and Industry Minister Piyush Goyal stated that this move will attract investors into the country. Angel tax was imposed on funding raised by unlisted companies, or startups, if their valuation exceeded the company’s fair market value.
The customs duty reduction for gold and silver from 15% to 6% is another significant move. This will not only help small artisans but also promote the country’s gems and jewellery exports. Additionally, the budget has announced steps to promote diamond trade, including safe harbour rates for foreign mining companies selling raw diamonds in India.
The setting up of 12 industrial townships, including one in Maharashtra, will help create jobs and a strong ecosystem for the industry and trade. These townships will provide a boost to the country’s industrial growth and development. Overall, the budget announcements are expected to have a positive impact on the startup ecosystem and the industry as a whole.
