Indian startups cheer new Budget at latest Elevate session

Indian startups cheer new Budget at latest Elevate session

Dubai: Indian startups will most likely benefit from the country’s 2022-23 budget, which calls for longer tax incentives. Earlier, startups incorporated between April 1, 2016 and March 31, 2021 were eligible for a tax benefit scheme. India extended the eligibility until March 31, 2023. Eligible startups will get a 100 per cent tax rebate on the profit made for a period of three years in a total time frame of 10 years of operations. “A lot of important announcements were made by the finance minister relating to tax concessions and startup investing – I am sure all of this will boost India’s startup ecosystem,” said a Consulate General of India official during the opening of the Elevate IX session on Wednesday. Several startups interviewed by Gulf News at the event found the Budget to be overall positive, but said that they were yet to make a full assessment of India’s financial policy for the new year. The Elevate sessions were started as a platform to showcase 500 startups from India at the innovation hub outside the Indian pavilion at Expo 2020 Dubai. India has emerged as the world’s third-largest startup ecosystem and has seen a series of high-profile IPOs (initial