“Start-ups” and “entrepreneurship” have definitely been the buzzwords in the Narendra Modi government as these words have found special mentions in the last two consecutive budgets. Finance Minister Arun Jaitley has allocated 1,000 crore to establish a mechanism to be known as SETU (Self-Employment and Talent Utilisation).
The FM’s proposal to decrease the rate of tax on payments by way of royalty and fees for technical services to non-residents from 25 to 10 per cent is a win-win situation for MNCs and start-ups in India, observed Sanchit Vir Gogia, CEO, Greyhound Research.
“It will help promote entrepreneurship and create more jobs for people rather than them being job seekers. MNCs will now be inspired to invest in India and create more demand for their services,” he said.
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