India announced its new budget for 2024 on Tuesday, 23rd July. The new budget featured policies aimed across various sectors to offer growth, sustainability, and digital advancement. However, as an NRI, the greatest highlight of this budget has been the policies regarding angel tax for startups.
The focus on digital infrastructure stands out as a significant boost for India’s digital sector. With the commitment to expand broadband and 5G networks, this budget will accelerate the growth of digital businesses and startups.
The added emphasis on tax reforms and incentives for investment is another positive step towards creating a more business-friendly ecosystem with lower running costs to attract global investors, such as myself.
RedSwitches and businesses alike rely heavily on digital platforms to reach our wide customer base – and now that the budget allocates over $12 billion towards improving digital infrastructure, it’ll introduce new expansion opportunities. While we are a registered company in India, better connectivity will allow us to deliver enhanced services and drive technological advancements.
Furthermore, abolishing the angel tax is a big step towards supporting innovation and startups. It will cultivate a supportive environment for new businesses since the government is actively promoting entrepreneurship and ensuring the Indian economy remains competitive globally. These initiatives, combined with broader economic growth and job creation goals, are commendable.
Essentially, I believe the most recent regulations aimed at digital infrastructure would greatly benefit the business community. This strategic direction aims to create a durable and prepared economy for the future, not merely short-term gains. As a company owner, I have high hopes for this budget’s future in the digital industry and beyond.
Author: Glenn Gonsalves, CEO of RedSwitches
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