India's finance minister proposes tax benefits for startups and pension funds, aiming to further boost economic growth. Learn more about the latest developments.
Illustration: Uttam Ghosh/Rediff.com
New Delhi, Feb 1 (PTI) Finance Minister Nirmala Sitharaman on Thursday proposed some tax benefits to startups and pension funds.
The government has taken various measures to promote startups in the country. As many as 1.17 lakh startups are recognised by the government so far.
An Action Plan for Startup India was unveiled on 16th January 2016. In this, the government provides tax and non-fiscal incentives.
The minister also said that the Indian economy has been put on strong and sustainable growth path.
The finance ministry in its latest monthly economic review said that the Indian economy will become the third largest in the world in the next three years with a GDP of USD 5 trillion from the current USD 3.7 trillion.
It also said India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030).
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