Need to cre­ate con­ducive en­vi­ron­ment for young en­trepreneurs: Prabhu

Business Standard - - YOUR MONEY -

Com­merce and In­dus­try Min­is­ter Suresh Prabhu on Satur­day said there was a need to cre­ate a con­ducive en­vi­ron­ment and bring changes in old reg­u­la­tions to pro­mote bud­ding en­trepreneurs.

“Had a fire­side chat with the start-ups from Ma­ha­rash­tra and reg­u­la­tors on one plat­form. As en­trepreneur­ship blooms, we need to cre­ate a con­ducive en­vi­ron­ment for our young en­trepreneurs and bring changes in old reg­u­la­tions to catch up with tech­no­log­i­cal changes,” he said in a tweet.

The state­ment as­sumes sig­nif­i­cance as the gov­ern­ment is work­ing on sup­port mea­sures for start-ups that are rais­ing con­cerns over an­gel tax is­sues.

The gov­ern­ment is con­tem­plat­ing hike in the in­vest­ment limit for avail­ing in­come tax con­ces­sions by star­tups and pro­vide a more clear def­i­ni­tion for the pur­pose.

Giv­ing re­lief to bud­ding en­trepreneurs last year, the gov­ern­ment al­lowed star­tups to avail tax con­ces­sion only if to­tal in­vest­ment, in­clud­ing fund­ing from an­gel in­vestors, does not ex­ceed ~10 crore.

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