The Make In India week drew large investments, with a lot of mobile handset manufacturers joining the movement, including Samsung, Lenovo and Foxxconn. Modi had announced an action plan for growing entrepreneurship in the 'Startup India' event. Last month, Jaitley had said that the union budget will be startup-friendly this year.
Apple is looking to to open their own stores in India and companies like OnePlus and Le coming to India for mobile manufacturing. Here are the key initiatives on the tech industry from budget 2016.
- The Government decided not to distribute hard copies of the budget under Green MoF.
- E-marketing platform for farmers will be launched. That platform will help them for online procurement and selling.
- Schemes for digitalizing land records and money for roads will also take place.
- Two digital literacy schemes announced under Digital India initiative. "In rural areas, 6 crore households will have digital literacy in next 3 years", said Jaitley. The scheme to be called National Digital Literacy Mission Scheme.
- Rs 500 crore for Dalit entrepreneurship -- two projects per bank branch to benefit 2.5 lakh entrepreneurs.
- Government to amend motor vehicles act to allow startups to run buses on specific routes. This can mean players like Uber, Ola and other taxi companies can have a bus service.
- In the budget session of parliament, an amended Companies Act will be presented. This will make it easier for startups for registering themselves in a day.
- 500 Crore will be invested in start-ups under Startup India initiative. "100% tax deduction on profit for new startups for first three years", Said the FM.
- Special patent regime proposed to power innovation and rese.
- The Scope of e-Assesment to be expanded to 7 mega cities.
- The finance department will use data analytics to catch the tax evaders.