• Budget 2016: The Entrepreneur Edition

    Finance minister Arun Jaitley revealed the Budget for India today – it’s been called a mixed bag with some good ideas in place but not enough to put growth on full throttle. Entrepreneurs have been hopeful to get more from the budget and so this might have even disappointed them a tad.

    Here are the highlights that you as entrepreneurs and women need to know.

    For Startups:

    1) Start-ups to get 100% tax exemption for 3 years except MAT which will apply from April 2016-2019

    2) The Companies Act is  to amended for ease of doing business; to enable registration of companies in a day

    3) Suitable changes to be made in customs and excise duty rates to improve competitiveness and boost Make In India

    4) Special Patent Regime proposed to power innovation and research

    5) A work in progress for reforms in insolvency and bankruptcy laws.

    6) Government to set apart Rs 412 crore to encourage organic farming

    7) Govt to provide Rs 500 crore for Stand Up India scheme

    8) Govt to pay 8.33% towards employee pension fund for first three years

    Budget 2016

    Budget 2016 (pic by Morgan Mckinley)

    To Encourage Women/Women Entrepreneurs:

    1)  Stand up scheme’ to promote entrepreneurship in SC/ST and women. This scheme will be allotted Rs 500 Cr

    2) National hub to be created to help SC/ST entrepreneurs

    3) LPG connection in the name of women members of poor connections, Rs 2000 crore earmarked for the scheme

    For Education:

    1) The Focus will be on quality education

    2) 62 new Navodaya vidyalayas to be opened in next two years

    3) A Digital depository for school leaving certificates

    4) A Higher Education Financing Agency to be set up, with a fund of 1000 crore