Key Highlights of the Union Budget 2024-25 Impacting the New-Age Economy

• The government has abolished the angel tax for all classes of investors starting April 1, 2024, to boost the Indian startup ecosystem and entrepreneurial spirit.
• A central outlay of Rs 2 lakh crore has been passed to facilitate employment, skilling, and other opportunities focused on MSMEs.
• To enhance the ease of doing business, the government plans to simplify rules for FDI and overseas investments, and extend C-PACE services to reduce closure time for LLPs.
• The government aims to expand the space economy 5-fold in the next 10 years and has set up a Rs 1,000 crore venture capital for this purpose.
• The budget includes measures for climate finance to support the country's climate commitments and green transition, along with raising LTCG and STCG taxes.

Source: Entrackr