Here Are All The Tech Announcements From The Union Budget

29/02/2016 6:24 PM IST | Updated 15/07/2016 8:26 AM IST
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Indian Finance Minister Arun Jaitley (C) arrives at Parliament House in New Delhi on February 29, 2016, ahead of release of the General Budget. India's government is likely to lay out growth-boosting measures and overhaul its tax regime in its budget, after warning that a weak global climate was hurting Asia's third-largest economy. AFP PHOTO / Money SHARMA / AFP / MONEY SHARMA (Photo credit should read MONEY SHARMA/AFP/Getty Images)

With focus on Prime Minister Narendra Modi's Make in India and Digitial India initiatives, there's a lot of expectation riding on the Union Budget 2016 to help India's start-up industry.

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.

make in india

  • 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.
  • ALSO READ: Here Is All The Tech That The Rail Budget Talked About

  • 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.
  • rural computer

  • 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.

startup india

  • 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.

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