Union Budget 2022: Centre taking significant steps to boost startup ecosystem, says Piyush Goyal

Budget 2022: Commerce and Industry Minister Piyush Goyal said that start-ups should leverage modern technologies for local and global markets

Press Trust of India January 21, 2022 16:22:18 IST
Union Budget 2022: Centre taking significant steps to boost startup ecosystem, says Piyush Goyal

Union Minister Piyush Goyal. ANI

New Delhi: The government is taking significant steps such as resolving the angel tax issue, simplification of tax procedures, and self-certification, in a bid to boost the startup ecosystem of the country, Commerce and Industry Minister Piyush Goyal said on Friday.

He also said that huge opportunities are there for startups in tier 2 and 3 cities and areas like advertising, marketing, professional services, fitness and wellness, gaming and sports and audio-video services.
Startups should leverage modern technologies for local and global markets, he said while speaking at the launch of NASSCOM's Annual Technology Startup Report.

"We are trying to take significant steps to boost the startup ecosystem... We have the Budget coming up soon and all of us are anxiously waiting to see and hear what is done with some of the asks (recommendations)...," Goyal said.
He added that the government is focusing on reducing compliance burden to promote ease of doing business.
Over 26,500 compliances have either been simplified, digitalised or completely removed from the statute and "we have been able to decriminalise almost 770 offences," he added.

Talking about Open Network for Digital Commerce (ONDC), he said this platform would enable interoperability between e-commerce companies and provide small and large players an opportunity to reach the common man.
"The next UPI moment can be the ONDC, which will help new-age technology in taking access to common man at affordable cost and also giving our startups new opportunities to grow in India," the minister said.

Read all the Latest News, Trending News, Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.

Updated Date:

also read

Union Budget 2022: Government committed to reduce imports in defence sector, says Nirmala Sitharaman
India

Union Budget 2022: Government committed to reduce imports in defence sector, says Nirmala Sitharaman

The finance minister said that 5 per cent of Universal Service Obligation Fund would be provided for R&D and technology upgradation

Union Budget 2022: Data centre, energy storage system to be given infrastructure status, says Nirmala Sitharaman
India

Union Budget 2022: Data centre, energy storage system to be given infrastructure status, says Nirmala Sitharaman

Sitharaman also informed that private equity and venture capital investors invested Rs 5.5 lakh crore in startups

Union Budget 2022: E-passport with embedded chip to be rolled out for ease in international travel, says Nirmala Sitharaman 
India

Union Budget 2022: E-passport with embedded chip to be rolled out for ease in international travel, says Nirmala Sitharaman 

The personal particulars of the individual applying for e-passport would be digitally signed and stored in the electronic chip embedded in it