One of the striking features of today’s Budget 23 announcement was the echoing of India’s global recognition as a powerhouse of entrepreneurship and innovation. This was mirrored in the government’s initiative to support the vibrant ecosystem by extending the date of incorporation for income tax benefits from 31 March, 2023 to 31 March, 2024. This will provide opportunity for several startups to flourish, especially in the travel and tourism industry, which are yet to recover from the blows that were dealt during the pandemic. The foresight shown with the proposal of extending benefit of carry forward of losses on change of shareholding of startups from seven to ten years, along with an enabling regulatory framework introduced by developments in GIFT IFSC will further provide employment and entrepreneurial opportunities within the tourism industry, and provide an impetus to budding entrepreneurs in the space. With the commencement of India’s Amrit Kaal, the future of India’s startup ecosystem appears bright, and the travel and tourism industry is all set to play a major role in the economy’s development.
–Rikant Pittie, Co-founder, EaseMyTrip
