Pumpkart CEO praises UT’s boost to startups
Application for them tax-free property registration
Capital gains tax exemption a big step: KS Bhatia
Chandigarh, September 4, 2022: Pumpkart CEO KS Bhatia hailed UT Chandigarh administration for announcing various concessions for start-ups, saying these measures will give them a big boost and revive the startup ecosystem in the long run .
“I personally commend the UT administration for granting tax exemptions to start-ups. The capital gains tax exemption is an important step,” Bhatia said in a statement on Sunday, while advising the administration municipal authority to allow tax-free property registration.
“This will encourage more startups to come and invest in the region. Likewise, the seed funding of Rs 50 crore is a good step, but it should be increased to Rs 100 crore. The minimum seed funding should be Rs 50 lakh per start-up,” he added.
Bhatia, who has set up more than 150 agricultural machinery shops in Karnataka with a US$2 million grant from the Karnataka government, said UT Chandigarh also needs skill centers as well as service centers. incubation.
“UT administration should also encourage startups in logistics, fintech and agri-tech which can contribute a lot to the economic development of Punjab and Haryana. The government should create starter parks,” he said.
Thinking further, Bhatia said, “In the startup parks, plots should be allocated to startups at a very reasonable price to some bigger startups moving out of other cities like Bengaluru, Delhi, Mumbai and Hyderabad. This will encourage them to work from startup parks instead of their headquarters in their home town. This will help us promote and sustain the startup ecosystem in Chandigarh. »