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The government on Thursday proposed to extend the tax incentive for startups and investments made by sovereign wealth or pension funds for one more year till March 2025. Finance Minister Nirmala Sitharaman said that certain tax benefits to startups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC (International Financial Services Centre) units are expiring on March 31, 2024.

The announcement is in view of the government s aim to have 100 percent electric vehicles for public mobility and 40 percent for personal mobility by 2030. The Union Budget for 2024 has not brought much cheer for startups, particularly early stage, as government cuts budget for major flagship schemes under Startup India initiative.

US based digital news startup has shut down in less than a year after its high-profile launch, and the staff learned about this development via a news article published by The New York Times. Several employees of the media outlet posted on social media that they got laid off and the company is closing down via The New York Times article.

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Homegrown dairy tech startup Stellapps is in advanced talks to raise approximately $20 million in its Series C fundraising round, the media reported. According to Inc42, about 70 per cent of the funding will be raised from existing investors, such as Celesta Capital, Omnivore, Gates Foundation, IDH Farmfit Fund, Blume Ventures, and Qualcomm Ventures.

During her interim Budget speech on Thursday, Finance Minister Nirmala Sitharaman highlighted the positive impact of government initiatives such as startup credit guarantees and the Small Industries Development Bank of India (SIDBI) fund of funds scheme in generating employment opportunities for the country s youth.

During the presentation of the Union Budget 2024, Finance Minister Nirmala Sitharaman made a number of policy announcements aimed at accelerating the country s technology and startup ecosystem, particularly in the sunrise sectors.

The interim budget for 2024-25 has proposed to extend the tax holiday offered to startups, sovereign and pension funds, and certain investment units housed in GIFT City’s International Financial Services Centre (IFSC), by one year until March 31, 2025.

While presenting the Budget 2024 today, February 1, Finance Minister Nirmala Sitharaman said, our focus is on four major classes for welfare youth, women, poor, and farmers. In the context she added that PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs 22.5 lakh crore for entrepreneurial aspirations of the youth of the country, saying, Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth.

Budget 2024: In a respite for the startup ecosystem, the Centre on Thursday announced to extend tax benefits for startups and investments made by sovereign wealth and pension funds to March 2025. Certain tax benefits to startups and investments made by sovereign wealth or pension funds as also tax exemption on certain incomes of some International Financial Services Centre (IFSC) units are expiring on March 31 this year.