Tax benefits for startups in budget will motivate youth to innovate: PM Modi

New Delhi: Prime Minister Narendra Modi on Wednesday said the tax benefits for startups in the budget will motivate youngsters to innovate.

PM Modi while addressing BJP workers and leaders on Budget 2022 said, “We have also provided tax benefits for startups in this budget. The provisions done for youth innovation and Research and Development (R&D) will motivate our youngsters to innovate.” He further said that the government is set to kickstart Ease of Doing Business 2.0.

“We have all faced the pandemic together and strongly. Our economy’s fundamentals are strong, the direction is right and our pace is rapid,” he added.

The Prime minister said that the Budget proposes to make a four-fold increase in public investments from UPA years; will open up immense opportunities: “In 2013-14, public investment was at just Rs 1.87 lakh crore. In this year’s budget, we have pegged it at Rs 7.5 lakh crore. Compared to UPA, this has seen a 4X rise. This will promote FDI and will create modern infrastructure in the country,” he said.

He further said that the country’s Micro, Small and Medium Enterprises (MSME) are the oldest and strongest pillars of the Indian economy.

“During COVID, we started the Emergency Credit Line Guarantee Scheme (ECGLS). This scheme has safeguarded nearly 1.5 crore jobs, and aided 6 crore lives,” he said.

“PLI schemes, too, is a good example. Today, India is emerging as a centre of mobile manufacturing. We are also witnessing good results in the automobile and battery manufacturing sector,” he added.

PM Modi said the Budget has given importance to sports, budget for it has increased three times over the years and will benefit youth.

“The budget for sports has seen a triple-fold rise in the last 7 years. This will benefit our youth. This youth, that makes the nation proud, comes from farmers’ families mostly,” he added.

The Prime Minister said that very soon optical fiber connectivity will be completed to all the villages.

“Today cheap and fast internet has become the identity of India. Very soon optical fiber connectivity will be completed to all the villages. 5G service is going to give a different dimension to ease of living and ease of doing business in India,” he said.
Union Finance Minister Nirmala Sitharaman tabled Union Budget 2022-23 on Tuesday.