Finance Minister Nirmala Sitharaman unveiled proposals for tax benefits targeting startups and pension funds during the budget presentation on February 1, 2024, at 11 am in the new Parliament building
The government has taken various measures to promote startups in the country. As many as 1.17 lakh startups are recognised by the government so far.
An Action Plan for Startup India was announced on 16th January 2016. In this, the government provides tax and non-fiscal incentives.
The minister also said that the Indian economy has been put on strong and sustainable growth path.
The finance ministry in its latest monthly economic review asserted that the Indian economy will become the third largest in the world in the next three years with a GDP of USD 5 trillion from the current USD 3.7 trillion. In addition, the review accentuated that India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030).
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