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Express News Service
BENGALURU: The Union Budget 2020-21 scored few hits but had many misses when it comes to India’s IT/ITES industry and startup sectors.
The Modi government’s digital first approach right from Rs 50,000 crore allocation for R&D to digital census did find praiseworthy mentions among tech industry leaders, however the expectations of more policy related clarity on companies working out of Special Economic Zones, tax rebates, employee related measures were found amiss.
Although Finance Minister Nirmala Sitharaman’s claim of a big boost to startups by extending the tax holidays till March 31, 2022, is perceived as an worthy move, the announcement came with a rider that only those firms registered with Inter Ministerial Board (IMB) would be able to claim the benefit.