Startup firms (Representational Image)
In her first Budget speech, Finance Minister Nirmala Sitharaman on Friday said an exclusive television channel is proposed to be set up for startups that will serve as a platform for discussing issues affecting their growth and match-making with venture capitalists.
Presenting the full-time Budget for the financial year 2019-20, Sitharaman proposed to start a television programme on DD National exclusively for startups that will be executed by startups themselves.
"We propose to start a television programme on DD National exclusively for startups," the Finance Minister said, adding that channel will be designed and executed by startups themselves.
Union FM #NirmalaSitharaman on #Startup 's & #Standup India :— PIB India (@PIB_India) July 5, 2019
"We propose to start a television programme on @DDNational exclusively for startups.This channel will be designed and executed by startup's themselves."#Budget2019 #BudgetForNewIndia pic.twitter.com/yMqY6UHKWU
The proposed step will serve as a platform for promoting startups, discussing issues affecting their growth, match-making with venture capitalists and for funding and tax planning, Sitharman stated. She said startups in India are taking firm root and, therefore, growth needs to be encouraged.
In other startups-friendly move, the Union Minister further announced that the firms who will provide details in tax returns will have no scrutiny in respect of valuation of share premium. Moreover, funds raised by the startups will not be asked for any scrutiny by the tax department, Sitharaman said.