Chandigarh, July 5, 2019: Co Founder of Pumpkart and Chairman, PHDCCI’s Punjab Start Up Panel K S Bhatia, has welcomed the Union Budget 2019 and called the same stupendous and phenomenal for the economy, particularly Start Ups.
“India needs at least 50-60 Unicorns for Economic Growth of 5 trillion USD by 2024.” Said Bhatia. Bhatia added, “The Union Budget has shown a very sincere effort at promoting the growth of Start Up Culture in India.”
He said that Start Ups accounted for 30 per cent the total FDI coming into the country. Bhatia said that Startups are capable of generating business volumes of 1 trillion USD FDI every year , with dedicated government support.
“This budget would bring relief for startups as the government has eased angel tax regulations and the startups will not require scrutiny by IT department.” Said Bhatia.
He emphasized that capital gain exemption to start ups will give a major boost to the startup growth in India. Bhatia added that women entrepreneurship will be encouraged by tax exemption.
Bhatia appreciated the National Education Policy which aims at bringing higher education in India to the International level.