The Indian government expects increased investment in the deep tech startup sector as a result of the abolition of angel tax, Minister for Electronics and Information Technology Ashwini Vaishnaw said on July 23.
Vaishnaw, who was speaking at a press conference at Rail Bhawan in New Delhi, said, “For deep tech startups angel tax was a major issue, specifically in regards to determining valuation. With angel tax now being removed, this has now been resolved.”
Vaishnaw also said that in a bid to amp up the mobile component ecosystem, the government has fulfilled a long pending demand of the industry. “We are working on developing mobile component ecosystem. The budget has announced rationalisation of customs duty which will hugely benefit the industry.”
Vaishnaw added that server and laptop industry has started manufacturing in India. “The success we have witnessed in mobile manufacturing, we will witness the same in this sector,” he said.
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