| | AUGUST 20248India's Finance Minister, Nirmala Sitharaman, has extended considerable support to startups in the latest budget, a much-needed boost for the Indian startup ecosystem. The momentum of startup growth in India appears to have slowed. After reaching a milestone of 100 unicorns by the end of 2022, only three new unicorns have emerged in 2024. Major startup hubs such as Bangalore, Hyderabad, and Delhi have all felt the impact. The situation at Byju's exemplifies this downturn. Once India's most valuable startup, Byju's is now facing significant challenges, including missing a financial statement deadline, defaulting on a $1.2 billion loan, and losing both its auditor and several board members.Despite the ongoing funding challenges, India's startup ecosystem has seen over $3.6 billion in funds being launched or closed this year. To foster a robust startup environment, it is crucial to support ventures addressing grassroots-level challenges. In the latest budget, Finance Minister Nirmala Sitharaman has abolished the angel tax, providing significant relief to the startup community. "To bolster the Indian startup ecosystem, boost the entrepreneurial spirit, and support innovation, I propose to abolish the so-called angel tax for all classes of investors," Sitharaman stated. Additionally, she expanded the definition of "eligible startup" for tax benefits under the Startup India scheme. Currently, there are 117,000 registered startups under this scheme. To qualify for incentives, a startup's turnover must be less than 100 crore in any of the previous financial years. We present our country managers special issue at this interesting juncture. Do let us know your thoughts.Sujith VasudevanManaging Editoreditor@ceoinsightsindia.comThe Future of Startupsin India EditorialVol 05 · Issue 10 - 8 ·AUGUST, 2024 Publisher Alok ChaturvediSenior Designer Girisha M Antony Arnold. F Madhusmita SahooNoidaRohan S Jaspreet K Niteesh Pandey advertise@ceoinsightsindia.comEditorial queries editor@ceoinsightsindia.comAdvertising ManagersNilesh Singh To subscribeVisit https://www.ceoinsightsindia.com/subscribe/ or send emailto subscription@ceoinsightsindia.comMagazine Price is Rs. 150 per issuePublisher Alok ChaturvediPrinted and Published By Alok Chaturvedi on behalf of InfoConnect Web Technologies India Pvt. Ltd., and Printed at Executive Prints - 113/7, Ground floor, Old madras road, Halasuru, Bangalore - 560008 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017.Copyright © 2024 Info Connect Web Technologies India Pvt. Ltd., All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.GM - Sales & Marketing Amrit SinghCirculation Manager Magendran Perumal Editorial Viswanathan A Keerthana Kantharaj Roopalatha H Roshan Akthar Managing Editor Sujith Vasudevan
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