Decoding Parliamentary panel’s stand to make startups Atmanirbhar

Advertisement

BEGIN ARTICLE PREVIEW:

While it’s true that the pandemic has caused many startups to lower shutters, however, those which manage to survive the rough weather might actually benefit from the black swan event in the long run. A Parliamentary panel on Tuesday (September 15) came out with a report to increase funding opportunities for the country’s startups as the Covid pandemic has led to a system-wide cash crunch. MP Jayant Sinha, head of the panel which came out with the recommendations, later tweeted that increasing domestic funding is vital to realise the vision of Atmanirbhar Bharat.The Sinha-led panel has asked for the long term capital gains tax on income made from investment in startups should be abolished at least for the next two years. With the deal funnel drying up over the last few months, startup founders are hopeful that cash might start pouring in if this recommendation is accepted by the government.Anurag Jain, cofounder of Tiger Global-backed KredX, says that LTCG recommendation will not only make startups as an asset class more lucrative for investors, but also serve as a breather for the ailing companies battered by Covid. Akash Gehani, cofounder and CEO of Instamojo agrees but cautions that …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE