Page 23 - NIS English 16-28 Feb 2022

Union Budget | Industry-Manufacturing

Tax exemption limit increased for startups

Existing tax exemption limit for SPECIAL ATTENTION
startups has been extended by one TO SMALL AND
more year.
Till now, the startup gets a tax MEDIUM ENTERPRISES
exemption for three years, which (MSMES)
has been increased to four years.
The Finance Minister said that An assistance of
startups have emerged as a sector Rs 2 lakh crore has
to advance the economy, in view been announced
of the Corona pandemic, tax to help the most
exemption has been given to them. affected MSME
CREDIT GUARANTEE OF 50 sector during the
THOUSAND CRORE RUPEES TO THE Corona period.
TOURISM INDUSTRY The government
Since 2014, the central government has extended the
has paid the most attention to the Emergency Credited
infrastructure related to the tourism Line Guarantee
sector. But to help the badly affected Scheme for the
sector during the Corona period, the
Finance Minister has given relief in the MSME sector till
form of a credit guarantee of Rs 50,000 March 2023 and
crore. increased it by Rs
50,000 crore to Rs 5
RS 65,000 CRORE WILL BE RAISED
THROUGH DISINVESTMENT lakh crore.

A target to raise Rs 65,000 crore To strengthen
through disinvestment in the financial the MSME sector,
year 2022-23 has been set. Air India programs worth
disinvestment has been completed. A Rs 6000 crore will
strategic partner has been selected for be started for this
Neelachal Ispat. The IPO of Life Insurance
Corporation of India or LIC will also be sector in the next 5
released soon. years.

Udyam, e-Shram,
NCS, and ASEEM
portals will be
interlinked and
their scope will be
75 DIGITAL BANKING UNITS TO BE widened.

FORMED TO PROMOTE DIGITAL PAYMENTS They will now
perform as portals
In order to promote digital payments with live organic
in the country, the Finance Minister databases.
It will enable
in Budget 2022 announced the credit facilitation

creation of 75 digital banking units and enhance
in 75 districts through scheduled entrepreneurial
opportunities.
commercial banks in the country.

New India Samachar February 16-28, 2022 21