Technology and Business Services
Budget 2021 is a sigh of relief for startup ecosystem
05 Feb 2021
1 min read
Budget 2021 was the most keenly watched event by the startup
sector and Finance Minister Nirmala Sitharaman has offered a number of
initiatives to foster growth in the sector. The government has acknowledged the
need for specific initiatives to boost various segments within the broader
startup ecosystem.
One initiative that stands out for the sector is the ease of
norms for Non-Resident Indians (NRIs) to set up a one-person company (OPC) to
promote startups. Other positive steps include the revision of the definition
of small companies and a proposal to decriminalise several procedural and
technical compoundable offenses under the Limited Liability Partnership (LLP)
Act.