For our tech-savvy youth, this will be a golden era. A corpus of ₹1 lakh crore will be established with 50-year interest-free loan provided. It will be for long-term financing or re-financing with low or nil interest rates.
“Modi ji understands well that India’s rapid growth at scale can be achieved only by using technology at mass level. Government is the beneficiary of technology platforms like UPI, Aadhar, ONDC, EVM, DBT, GST and Income tax portals. This leapfrogged India into 5th largest economy in the world. Promoting technology innovation is a smart step, therein govt is not spending money but incentivising entrepreneurs to take risks, innovate and contribute to nation building. We are a software services company and would be encouraged to invest in building products as there is clear incentive for the same. Usually building product means one has to invest upfront without any guarantee of return. With this scheme Modi ji is saying to the entrepreneur that you go ahead and build it, we are sharing part of the risk with you.”
Avinash Sethi
Co-founder of an IT start-up
“That sounds like a significant and positive development for the tech-savvy youth. The establishment of a ₹1 lakh crore corpus with a 50-year interest-free loan for long-term financing or re-financing, along with low or nil interest rates, is likely to provide substantial support for innovation and entrepreneurship in the technology sector. This initiative could foster the growth of startups, encourage technological advancements, and create a favorable environment for young innovators. Overall, it seems like a promising step towards empowering the youth and boosting the technology landscape.”
Shawez Shaikh
Co-founder of an IT start-up
The finance minister of India, in the interim budget speech, has placed a clear focus on several key areas, including fiscal consolidation, infrastructure spending, consumption, and capital expenditure. The government is persisting in the path of fiscal consolidation, projecting a fiscal deficit of 5.1% of GDP for the fiscal year 2025. An encouraging move is the provision of interest-free loans for technology spending by the youth, aiming to foster growth momentum.
Notably, the interim budget exhibits policy restraint with no new tax proposals announced. An appreciable aspect is the extension of sunset dates for the tax holiday for startups, along with tax benefits extended to sovereign wealth funds and the aircraft leasing business in International Financial Services Centres (IFSCs), providing much-needed tax certainty.
Two significant announcements stand out. Firstly, the introduction of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) promises an annual benefit of Rs 6,000 for farmers owning up to two hectares of land. Additionally, the government has unveiled the Pradhan Mantri Shram Yogi Maandhan (PM-SYM), offering a monthly pension of Rs 3,000 for workers above the age of 60 in the unorganized sector. These initiatives reflect the government's commitment to supporting farmers and unorganized sector workers.
CA Sahil Jain
“Modi ji understands well that India’s rapid growth at scale can be achieved only by using technology at mass level. Government is the beneficiary of technology platforms like UPI, Aadhar, ONDC, EVM, DBT, GST and Income tax portals. This leapfrogged India into 5th largest economy in the world. Promoting technology innovation is a smart step, therein govt is not spending money but incentivising entrepreneurs to take risks, innovate and contribute to nation building. We are a software services company and would be encouraged to invest in building products as there is clear incentive for the same. Usually building product means one has to invest upfront without any guarantee of return. With this scheme Modi ji is saying to the entrepreneur that you go ahead and build it, we are sharing part of the risk with you.”
Avinash Sethi
Co-founder of an IT start-up
“That sounds like a significant and positive development for the tech-savvy youth. The establishment of a ₹1 lakh crore corpus with a 50-year interest-free loan for long-term financing or re-financing, along with low or nil interest rates, is likely to provide substantial support for innovation and entrepreneurship in the technology sector. This initiative could foster the growth of startups, encourage technological advancements, and create a favorable environment for young innovators. Overall, it seems like a promising step towards empowering the youth and boosting the technology landscape.”
Shawez Shaikh
Co-founder of an IT start-up
The finance minister of India, in the interim budget speech, has placed a clear focus on several key areas, including fiscal consolidation, infrastructure spending, consumption, and capital expenditure. The government is persisting in the path of fiscal consolidation, projecting a fiscal deficit of 5.1% of GDP for the fiscal year 2025. An encouraging move is the provision of interest-free loans for technology spending by the youth, aiming to foster growth momentum.
Notably, the interim budget exhibits policy restraint with no new tax proposals announced. An appreciable aspect is the extension of sunset dates for the tax holiday for startups, along with tax benefits extended to sovereign wealth funds and the aircraft leasing business in International Financial Services Centres (IFSCs), providing much-needed tax certainty.
Two significant announcements stand out. Firstly, the introduction of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) promises an annual benefit of Rs 6,000 for farmers owning up to two hectares of land. Additionally, the government has unveiled the Pradhan Mantri Shram Yogi Maandhan (PM-SYM), offering a monthly pension of Rs 3,000 for workers above the age of 60 in the unorganized sector. These initiatives reflect the government's commitment to supporting farmers and unorganized sector workers.
CA Sahil Jain