The Union Budget of India is mostly about giving us an insight into how the government decides to spend public funds for the overall development of the Country.
India’s Finance Minister, Nirmala Sitharaman, presented her maiden budget to the Parliament on Friday and walked us through the various plans which may take India’s economy to $ 5 trillion by 2025.
The Indian startup ecosystem felt, the Interim Budget, which was helmed by Piyush Goyal in February, had overlooked their problems.
However, giving a major boost to thousands of startups across the Country, the Narendra Modi led Government announced a list of measures the Government is going to take to “release the entrepreneurial spirit” in the Country.
Keep reading to find out what the Budget for new India has in store for business heads and startup founders.
Budget 2019 highlights for startups
1) The Modi Government will soon launch a TV program exclusively for the startups in India, which will air on the Doordarshan channel. This program will serve as a medium through which emerging startups could meet venture capitalists and investors. This TV program will be directed, executed and run by startups themselves.
2) The Startup India Scheme, which was launched in 2016 to support entrepreneurship among women and marginal segments of the society by providing them financial assistance, has produced more than 300 entrepreneurs as of today. Mrs. Sitharaman said, this scheme will continue till 2025. This can prove to be a major boost for aspiring entrepreneurs.
3) A reduction in Goods and Services Tax (GST) and Income Tax for electric vehicle (EV) makers and owners has been proposed in the Parliament. This move could prove to be profitable for EV startups in the Country.
4) Sitharaman announced, startups will no longer be under the scrutiny of Angel Tax. Angel tax is applicable to startups which have raised their capital by selling shares above the market value. This excess capital is considered as income and taxed accordingly, a move which was started in 2012. The waiver of angel tax could be a huge relief for startup owners.
5) The Finance Minister proposed a 100 percent foreign direct investment (FDI) to insurance intermediaries. The FDI limit is currently 49 %. Apart from this, the Government also announced 100 % FDI in single brand retail startups. Startups like PepperFry and UrbanLadder, which operate single brand stores, will benefit from this move.
6) The Government will also establish around 100 business incubators—80 for livelihood businesses and 20 for tech, in the financial year 2019-20. According to the Government, this will help create up to 75,000 skilled entrepreneurs.
7) Businesses with an annual turnover below Rs. 5 crores can file quarterly GST returns, said Sitharaman.
Apart from all this, the several measures announced for labour laws, rental segment and education can have an indirect impact on the startups of our Country. With so many incentives announced to boost the Indian startup ecosystem, we may see a substantial growth in Indian startups.
What is your opinion about Union Budget 2019? Comment below and let us know.
Indian Origin Arvind Krishna To Take Over As IBM Chief Executive Officer
International Business Machines Corporation, more popularly known as IBM, is an American multinational company which majorly deals in information technology. One of the biggest companies in the world, IBM currently ranks 38 on the Fortune 500 list of companies.
IBM offers a portfolio of interests in cloud computing, artificial intelligence, analytics, commerce, data and the Internet of Things. The company was helmed by Virginia Rometty, the Chief Executive Officer (CEO.) Now, Arvind Krishna will take over the reins as the new CEO of IBM.
Arvind Krishna is a graduate of the prestigious Indian Institute of Technology, Kanpur (IIT-K) and has a Ph. D. in Electrical Engineering from the University of Illinois. Arvind Krishna previously worked as IBM’s Senior Vice President for Cloud and Cognitive Software.
Virginia Rometty will retire after 40 years at IBM. She was the first woman head of IBM. Virginia Rometty remarked about the appointment of Arvind Krishna and said he is the right person to lead the Company into the cloud computing era. Multiple companies like Microsoft, Amazon, Oracle and Adobe are heavily investing in cloud computing as well.
Arvind Krishna’s appointment as the CEO of IBM was welcomed by Indians as Arvind Krishna joins a unique club of Indian origin CEOs. This club includes Satya Nadella (Microsoft,) Sundar Pichai (Google and Alphabet,) Indra Nooyi (PepsiCo,) Ajay Banga (MasterCard) and Shantanu Narayen (Adobe.)
Arvind Krishna will take over as IBM’s CEO on April 6th, 2020.
Read About How Alphabet CEO Sundar Pichai here: Sundar Pichai To Lead Alphabet Inc As New CEO
Women Startup Summit – Ecosystem For Women Entrepreneurs In India To Be Promoted
The Women Startup Summit was held recently in Kochi and was hosted by Kerala Startup Mission (KSUM,) in association with the Indian Women Network, under the Confederation of Indian Industries. The summit brought together various women entrepreneurs and women leaders from different parts of India, who shared their experiences and stories with a crowd of students and aspiring entrepreneurs.
The main topic of the day long summit was to tackle the problems which restrict the women of Kerala from entering the field of entrepreneurship. The topic was discussed by the speakers of the summit, which included Kerala State Planning Board member Dr. Mridul Eapen and Kerala IT Secretary M. Sivasankar. Mr. Sivasankar listed the three main reasons which stop the women of the State from venturing into the business sector.
The first of the three reasons he stated was “social barriers,” such as girl students not being able to put in more study hours at their school or college because of strict hostel rules imposed for their safety. The second reason cited by Sivasankar was the increased need for experienced woman with professional experience of 5 to 10 years heading “brown startups.” The third reason mentioned was the lack of women coordinators at the KSUM Innovation and Entrepreneurship Development Centres.
Dr. Mridula Eapen said the lack of awareness among the women of Kerala about their potential may be a factor in less women opting for a career in the field of entrepreneurship. She stated in her inaugural speech, “The proposals and points emerging in a meet like this will have their resonance in the policy making decisions of the board. The summit is definitely a strong step towards women empowerment.”
The meet also hosted the “She Loves Tech 2019 Global Startup Competition,” with Dr. Nusrat Sanghamitra of CyCa OncoSolutions winning the competition.
Despite having a high literacy rate only few women from Kerala are willing to venture into the field of startup. Kerala Government organized the Women Startup Summit in an effort to eliminate this problem and encourage the women of Kerala to participate more in the startup industry.
Facebook Reveals Details Of Its Cryptocurrency Libra
On the 18th of June, Facebook revealed details of its brand new cryptocurrency called Libra. An alternative to cash, this cryptocoin can be used to buy things or send money to people with close to no fees. The cryptocurrency is going to be launched by an association called The Libra Association, which consists of a group of companies interested in getting Libra out into the world.
You can use Libra to buy or cash out your Libra at local stores like grocery stores and through third party wallet apps. To make using Libra an easier task, Facebook owned Calibra Wallet will be built into WhatsApp and Messenger, thereby simplifying transaction processes. Although certain countries have banned the use of cryptocurrencies, Facebook is trying to break new ground with the launch of Libra.
While Facebook is launching Libra, the social media giant is not going to be in complete control of the cryptocoin. The coin will be controlled by a consortium consisting of its founding members, Visa, Uber and Andreessen Horowitz. The three companies have invested at least $ 10 million each into the creation of this cryptocurrency.
Customers interested in holding or transferring the newly acquired token will be given multiple options to do what they wish. To further simplify matters, Facebook will let customers access transactions through this cryptocurrency via a special app designed for iOS and Android.
To protect the identity of its users while making transactions through the new app, Facebook won’t require you to share personal details. “The advent of the internet and mobile broadband has empowered billions of people globally to have access to the world’s knowledge and information, high fidelity communication, and a wide range of lowercost, more convenient services,” the Libra Association said in a paper announcing the cryptocurrency.
Libra will be made available to the world during the first half of 2020. As of now, Facebook is focusing on building relationships in international waters.
Stay tuned for more updates.
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