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Budget 2023🧧, Economic Survey💫, Spotify's growth🎧
Budget 2023, Economic Survey calls for simpler tax rules, Spotify's user growth beats estimates, Funding Deals and more.
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Budget 2023: FM Nirmala Sitharaman to present the last full budget today🧧
Union Finance Minister Nirmala Sitharaman will present the last full budget of the Modi 2.0 government today, 1 February 2022.
The finance minister will present her fifth straight budget on Wednesday at a time when the economy is slowing due to global headwinds. Budget 2023 will be given in paperless form just like the previous two union budgets.
The budget session of the Parliament began on Tuesday with President's address. This year's budget session is going to have 27 sittings till April 6 with a month-long recess to examine the budget papers.
Part-I of the budget session will conclude on 13 February while Part 2 will reconvene on 21 March and conclude on 6 April.
Economic Survey calls for simpler tax rules to bring startups back💫
Pointing out that startups operating in India are exploring “reverse flipping”, or shifting domicile from countries like Singapore back to India, the Economic Survey 2022-23 has suggested measures to accelerate the process.
This comes after fintech major PhonePe highlighted the challenges it faced in completing its shift back to India and that its investors had to pay Rs 8,000 crore in taxes to do so.
Simplification of taxation of Employee Stock Options (Esops), and multiple layers of tax and uncertainty caused by tax litigations. It has also recommended easing procedures for capital flows with lesser restrictions on the inflow and outflow of capital.
Roadside assistance startup ReadyAssist has acquired multi-brand two-wheeler workshop chain SpeedForce for $10 million in a cash-plus stock deal.
Superfood brand Nourish You has raised $2 million as a part of its seed funding round from a clutch of individual investors including Y Janardhana Rao, Rohit Chennamaneni, Nikhil Kamath, Abhijeet Pai, and Abhinay Bollineni among others.
Spotify's user growth beats estimates, expects 500M listeners next quarter🎧
Spotify has reported fourth-quarter results that beat expectations for both active users and subscribers, and forecast the number of listeners would reach 500 million next quarter.
The number of monthly active users rose to 489 million in the quarter, beating Spotify's guidance and analysts' forecasts of 477.9 million.
Premium subscribers, who account for most of the company's revenue, rose 14% to 205 million, topping estimates of 202.3 million, according to IBES data from Refinitiv.
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