With the government’s promise of making India the NextBig startup hub, Finance Minister Arun Jaitley has made a few but key announcements during his budget 2015 speech.
Here they are as follows:
Startup Fund: The government will allot Rs 1,000 crore towards funding startups during FY 15-16.
GST: The long awaited GST will be implemented by April 1, 2016
Jan Dhan Yojana: Postal network to be made part of Jan Dhan Yojana, with every post office in the country being able to carry out financial transactions
More IITs and IIMs: Addressing the current knowledge and skill gap in India, the government has announced that it will setup an IIT in Karnataka and an IIM in Jammu & Kashmir.
Mudra Bank: The government will setup a bank boost lending entrepreneurs in the SME space, especially those from SC/ST communities. The government is allocating Rs 2,000 crore towards this move.
Research: The government has allotted Rs 150 crore towards research apart from RAW and space inventions.