Union Finance Minister Arun Jaitley in his Budget for 2018-19 said the government’s policy think-tank NITI Aayog would start a national programme to direct efforts in artificial intelligence, including research and development of its applications. He also highlighted the Start-Up India programme and a venture capital industry-focused taxation regime. He said the government would take additional measures to strengthen the environment for their growth and successful operation of alternative investment funds (AIF) in India. He said that the government would evolve a separate policy for hybrid instruments – convertible bonds, preferred stocks, equity swaps and structured notes – to attract foreign investment in startups and venture capital funds.
The finance minister also spoke of a working group in his ministry examining the policy and institutional development measures needed for creating the right environment for fintech companies to grow in India.
A series of other proposals announced by Finance Minister Arun Jaitley in his Budget have generated considerable interest within the startup community. The details are eagerly awaited before assessing the real impact of these overtures. However there are contentious issues like angel tax which he did not touch. Jaitley’s speech includes the creation of a new regulatory regime for angel investors, five lakh Wi-Fi hotspots in rural areas, a national programme for artificial intelligence, and hybrid instruments to attract venture capital investment. 500,000 Wi-Fi hotspots in rural areas would help expand digital connectivity, facilitating the growth of a host of internet-enabled services including e-commerce, online education, healthtech and others.
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