Budget 2024💼
Startup investors get capital gains, Rs 1000 Cr to bolster space sector, Fintech lenders in focus and more.
Good morning and welcome to Wednesday’s edition of Rise & Shine!
"Care about what other people think and you will always be their prisoner."
— Lao Tzu
Today’s quote sheds light on the importance of staying true to oneself and not being held captive by the opinions of others.
True independence comes from within, and it's essential to prioritize our values and beliefs over the judgments of others.
Tech Updates
Startup investors get capital gains boost as secondary deals rise
Investors exiting their positions from unlisted securities, including startups, will gain significantly from the budget proposal to slash long-term capital gains (LTCG) tax on unlisted companies to 12.5% from 20%.
Rs 1,000 crore VC fund to bolster space sector; industry welcomes move
The Union government will set up a Rs 1,000 crore venture capital fund dedicated to investments in the space economy, the FM said in her budget speech. Srinath Ravichandran, cofounder of spacetech startup Agnikul, noted that the fund would likely attract increased private sector participation and facilitate the growth of larger players within the space startup ecosystem.
Fintech lenders in focus as FM announces slew of measures for MSMEs
In her budget speech in the Lok Sabha, the FM said the budget provides special attention to micro, small & medium enterprises (MSMEs), which can give a major push to digital lending startups. The limit for Mudra (Micro Units Development and Refinancing Agency) loans will be doubled to Rs 20 lakh for entrepreneurs who have successfully repaid the previous ‘Tarun’ loans.
TDS for ecommerce operators cut to 0.1% from 1%
The central government’s decision to reduce the tax deducted at source (TDS) from 1% to 0.1% for ecommerce operators will free up crucial capital that can be reinvested into the business. Separately, the proposal to set up ecommerce hubs to encourage exports will also help sellers and new-age D2C brands, industry executives and marketplaces said.
Abolition of angel tax cheers startups, investors
Addressing a long-standing demand of the startup and venture investment ecosystem, finance minister Nirmala Sitharaman proposed abolishing the angel tax for all investor classes in the budget. The sunset clause for angel tax provisions under the income tax law will become effective on April 1, 2025. This tax was introduced in 2012 to curb money laundering and is codified under Section 56(2)(viib) of the Income Tax Act.
FM announces development of population-scale digital public infra in agri, credit, ecommerce
Finance minister Nirmala Sitharaman on Tuesday said that the government will propose the development of population-scale digital public infrastructure (DPI) tools by the private sector in areas of credit, ecommerce, health, law and justice, logistics, micro, small and medium enterprises (MSME) service delivery, and urban governance.
😄 Short Story: Breaking Free
Tom was always concerned about how his colleagues perceived him. He would often change his decisions and actions to fit in and gain approval. This constant worry made him anxious and unfulfilled.
One day, Tom decided to focus on his values and what made him happy. He stopped seeking validation from others and started making choices that aligned with his true self.
Over time, Tom felt a newfound sense of freedom and happiness, realizing that living for himself was far more rewarding than living for the approval of others.
Tweet of the day🐥
As you navigate through your day, remember that caring too much about what others think can imprison you.
Rise & Shine encourages you to break free from this mindset and stay true to yourself.
Have a liberating and self-assured Wednesday!
Thanks for reading till the end!