In February, Budget 2017 was presented at a time when the Overall Business Confidence Index (OBCI) had slipped to a fourth quarter low of 58.2. The national economic survey was presented by the government to set the stage for this year’s budget. Paying heed to a few of these suggestions in the survey, Budget 2017 extended income tax rebates for startups for three out of the first seven years since incorporation. Read more: How India's 2017 Budget Is Both Good And Bad For Its Startup SceneAbolishing the Foreign Investment Promotion Board (FIPB), which currently governs FDI issues in India, is another step taken in Budget 2017. He also stated that currently out of 5 million (50 lakhs) companies registered in the country, only 6,90,000 (6.9 lakhs) filed income tax returns.

Source: Forbes February 11, 2017 11:15 UTC