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Finance Minister Nirmala Sitharaman tabled the much anticipated Union Budget for FY 2025-26 on February 1, which also marked a record 8th Budget presentation for the 65-year-old. In a major relief to the middle class, Sitharaman announced that there would not be any tax liability on income upto Rs 12 lakh for salaried persons under the new tax regime and raised the basic exemption from Rs 2.5 lakh to Rs 4 lakh.
Speaking on this front, Prashanth Prakash, partner at Accel, said, "The Union Budget lays a strong foundation for Viksit Bharat, driving transformative reforms that will redefine India’s economic and entrepreneurial landscape. With a Rs 10,000 crore boost to the Fund of Funds for Startups and over Rs 91,000 crore in AIF commitments, the government is fortifying India's startup ecosystem for exponential growth. A particularly exciting development is the exploration of a DeepTech Fund of Funds, aimed at accelerating advancements in critical technologies such as AI, quantum computing, and semiconductor research. This move aligns with India's vision to lead the global innovation curve, ensuring that homegrown startups can compete at an international scale."
"Further strengthening India's research and innovation pipeline, 10,000 fellowships will be granted under the PM Research Fellowship Scheme, supporting cutting-edge research at IITs and IISc. This will foster a new generation of deep-tech entrepreneurs, enabling India to build world-class, tech-first startups that are not just solving local challenges but also shaping global markets."
"By integrating capital accessibility, technological advancements, and academic excellence, the government has created a robust foundation for India's entrepreneurial ecosystem to thrive. These initiatives will empower startups to drive economic growth, generate employment opportunities, and enhance India's global competitiveness," Prakash added.
Union Budget 2025 | Nirmala Sitharaman, as Finance Minister, presented her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', the Modi govt gave income tax relief for those making up to Rs 12 lakh per year in salaried income. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.