Need to create conducive environment for young entrepreneurs: Prabhu
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.