Union Budget 2024 Enhances Support for Startups and MSMEs

"Budget 2024-25 will boost StartUps and the StartUp ecosystem through bold and innovative proposals like ending "Angel Tax" and introducing paid Internship". This is how the Union Minister Dr Jitendra Singh summed up his joy and satisfaction over the budget presented by Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman in Parliament today.

As the Minister Incharge of Science and Space related Ministries and  someone who has very passionately promoted the growth of StartUps in India over the last few years, Dr Jitendra Singh pointed out that the raise in Mudra loan limit to Rs 20 lakh, Rs 1 lakh crore for Anusandhan National Research Foundation and planning five times increase in next ten years while earmarking Rs 1,000 crore Venture Fund for Space StartUps all supplement each other to together further strengthen the India's StartUp ecosystem.

“In order to boost the Indian Startup ecosystem, the Union Budget 2024-25 abolished Angel Tax for investors” says Union Minister Dr. Jitendra Singh expressing his happiness and satisfaction over the Union Budget 2024-25 presented in Parliament today.

Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy and Department of Space and MoS Personnel, Public Grievances and Pensions Dr. Jitendra Singh underscored that the nine priority areas primarily focus on boosting Startups, generating employment, skilling, MSME’s and the middle class for Modi. Govt 3.0 making this its 1st budget after taking office.

The second Priority area i.e. employment and skilling gets a major boost as Prime Minister’s package of 5 schemes are innovative initiatives for employment, Skilling and other opportunities for 4.1 crore youth over a period of 5 years. Divulging in details the Union Minister said that the 1st Scheme under PM’s Package will provide one month's wage to all persons entering the workforce.

“The 5th scheme launches a Comprehensive scheme for providing internship and apprentice opportunities to youth in top 500 companies to 1 Crore youth in 5 years, in order to promote skilling and apprentice culture”, says the Science and Technology Minister.

Highlighting the budget Dr. Jitendra Singh said nearly 20 lakh youth will be skilled over a 5-year period. The Science and Technology underscored that 1,000 Industrial Training Institutes to be upgraded in hub and spoke arrangements in collaboration with state governments and Industry for skill development.

To carry forward the acquired skills and promote self-employment the Model Skill Loan Scheme to be revised to facilitate a guaranteed loans up to 7.5 lakh and help nearly 25,000 students annually. Increasing the limit of Mudra loans to ₹ 20 lakh from the current ₹ 10 lakh for those who have successfully repaid previous loans under the ‘Tarun’ category marks A revolutionary step to promote entrepreneurship.

Union Budget 2024-25 announces the setting up of Bharat Small Reactors in partnership with the Private sector and collaboration in research & development of Bharat Small Modular Reactor as nuclear energy is expected to form a significant part of Energy Security.

Rs. 1 Lakh Crore budgetary support announced for Anusandhan National Research Foundation (NRF) and set up a mechanism for spurring private sector driven research and innovation on a commercial scale.

Further strengthening of Space Economy by setting up a venture Capital Fund (VCF) of rupees 1 Lakh crore thus expanding space economy by 5 times in the next 10 years.

Enhanced allocation to DSIR from 5746.51 crore in 2023-24 to 6323.412024-25marking an increase of 10.03%. Dr. Singh also shared that out of Rs 6323.41 crores for DSIR, an amount of Rs 6265.80 Crore has been earmarked for CSIR.

Dr. Jitendra highlighted that for promoting Women led Development, an allocation of more than 3 lakh Crore for women welfare schemes earmarked. He called the budget to be an exceptional and empowering one.