While presenting the Union Budget 2016-17 in Parliament, Financial Minister Arun Jaitely announced that the government will be updating the Companies Act to ensure conducive environment for start ups. The government aims to ease up the process of registration, and hopes to complete the procedures within one day.The announcement follows the government initiative to encourage entrepreneurship among SC/ST people in the country. It may be recalled that the Prime Minister Modi had recently announced several measures to push start ups in India. He also inaugurated a new initiative called Start Up India on the lines of Digital India and Make in India. Also Read - Government rolls back 29.44% import duty on mobile phone componentsAlso Read - Union Budget 2016-17: TCS and Wipro hail SEZ scheme extension, digital plans
Among few main highlights of the Start Up India initiative includes make the startup process easy, help save local patents, tax exemptions, 80 per cent discount on filing patent applications by startups. Also Read - Union Budget 2016-17: Prices of modems, set-top-boxes and routers likely to go up
The government has also announced a few important measures for improving lives of people in rural areas through Digital Literacy. It has launched a National Digital Literacy Mission Scheme, which will cover about about 6 crores of houses in rural areas in the next three years. Details about the scheme will be announced shortly.
Finance Minister has also an unified e-portal for agriculture. The portal will be launched on Baba Ambedkar s birth anniversary this year. For power consumption, the minister announced it will be distributing LED bulbs.