Union Budget 2024-25 to Boost Startups with Abolished Angel Tax and Paid Internships, Says Dr. Jitendra Singh

Union Minister Dr. Jitendra Singh praised the Union Budget 2024–25 for its bold initiatives, such as the elimination of the "Angel Tax" and the introduction of paid internships, in a move that is expected to greatly improve India's startup ecosystem. Expressing his joy and satisfaction, Dr. Singh highlighted how these measures will fuel the growth and development of startups across the nation.

Presented by Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, the budget includes a host of innovative proposals aimed at fostering entrepreneurship and innovation. As the minister in charge of Science and Space-related ministries, Dr. Singh highlighted the significant increase in the Mudra loan limit to ₹20 lakh, the allocation of ₹1 lakh crore to the Anusandhan National Research Foundation, and a ₹1,000 crore venture fund dedicated to space startups. These initiatives, he noted, are designed to strengthen and expand India's burgeoning startup ecosystem.

Union Budget 2024-25 also places a strong emphasis on employment and skill development. Prime Minister Narendra Modi's package of five schemes aims to create opportunities for 4.1 crore youth over the next five years. One of the standout initiatives is a scheme that offers one month's wage to individuals entering the workforce, which is expected to provide a substantial boost to employment.

In addition, the budget introduces a comprehensive scheme to provide internship and apprenticeship opportunities to one crore youth in the top 500 companies over the next five years. This initiative is part of a broader effort to enhance skill development and promote an apprenticeship culture among young people.      

Dr. Jitendra Singh highlighted that nearly 20 lakh youth will be skilled over a five-year period through the upgrade of 1,000 Industrial Training Institutes in collaboration with state governments and industry partners. The revised Model Skill Loan Scheme will facilitate guaranteed loans of up to ₹7.5 lakh, benefiting approximately 25,000 students annually. The increase in Mudra loans to ₹20 lakh for successful borrowers under the 'Tarun' category is seen as a significant step to promote entrepreneurship.

The budget also emphasizes energy security with the announcement of Bharat Small Reactors in partnership with the private sector and collaboration in research and development of Bharat Small Modular Reactors. Additionally, ₹1 lakh crore has been allocated to the Anusandhan National Research Foundation to spur private sector-driven research and innovation on a commercial scale.

Further strengthening the space economy, a venture capital fund of ₹1,000 crore has been established, with the aim of expanding the sector fivefold in the next decade. The allocation to the Department of Scientific and Industrial Research (DSIR) has been increased by 10.03%, from ₹5,746.51 crore in 2023-24 to ₹6,323.41 crore in 2024-25, with ₹6,265.80 crore earmarked for the Council of Scientific and Industrial Research (CSIR).

Dr. Singh also noted the significant allocation of over ₹3 lakh crore for women welfare schemes, emphasizing the budget's commitment to promoting women-led development. He hailed the Union Budget 2024-25 as exceptional and empowering, poised to drive innovation, entrepreneurship, and inclusive growth in India.