Ashley Menezes, Partner and COO, ChrysCapital and Chairperson, IVCA comments, “This budget reflects a robust commitment to creating an enabling environment for startups and fostering innovation and entrepreneurship."
In a landmark shift for India's entrepreneurial landscape, the Union Budget has introduced game-changing reforms that promise to invigorate the startup ecosystem and catalyse technological innovation. The much-anticipated removal of the angel tax is hailed as a pivotal development, aimed at eliminating barriers for early-stage companies and attracting a surge of domestic and foreign investment. This decisive move ensures that unlisted companies can flourish and scale within India, offering a much-needed boost to the country's burgeoning startup scene.
“We extend our heartfelt gratitude to the Finance Minister, Nirmala Sitharaman, for presenting a forward-looking Union Budget. The announcement of the removal of the Angel Tax for all classes of investors is a monumental reform and a major step forward for Indian companies and investors. This decisive move ensures that our unlisted companies can thrive and scale from within India,” he says.
Additionally, he lauds the capital allocation to spacetech and laments, "The announcement of a venture capital fund of Rs. 1,000 crore dedicated to space technology development will undoubtedly spur innovation and growth in this critical sector. The future looks promising with these initiatives as India’s startup and space economy aim at new heights.
The budget unveils a significant initiative with a dedicated venture capital fund for space technology development. This substantial investment is set to ignite advancements in this critical sector, positioning India at the forefront of space innovation.
Collectively, these measures signal a promising future, reinforcing India's commitment to fostering a dynamic and globally competitive startup and space economy.
