The Union Budget 2016 was presented to the public today and while it doesn’t do a lot for the consumer technology market, there are some provisions for startups and digital literacy. Here’s summing it up..
With the Startup boom hitting India, Finance Minister Arun Jaitley announced that the government will update the Companies Act to ensure a conducive environment for start ups. The government plans to ease the process of registration. The government also hopes to achieve a one-day registration completion.
Commenting on the occasion, Anurag Avual, Founder and CEO, Shopmatic said, “It takes a lot of time and effort into running and building a successful business. What is great to note is that a bill is being introduced for ease of doing business and to enable registration of companies in a day, will certainly ease the process. In totality we are quite pleased with the startup and entrepreneurial announcements, specifically the Special Patent Regime proposed to power innovation and research that we believe will nurture and mentor the next wave of tech stars that will drive a successful economy.”