Dubai: Indian startups will most likely benefit from the country’s 2022-23 budget, which calls for longer tax incentives.
Earlier, startups incorporated between April 1, 2016 and March 31, 2021 were eligible for a tax benefit scheme. India extended the eligibility until March 31, 2023. Eligible startups will get a 100 per cent tax rebate on the profit made for a period of three years in a total time frame of 10 years of operations.
“A lot of important announcements were made by the finance minister relating to tax concessions and startup investing – I am sure all of this will boost India’s startup ecosystem,” said a Consulate General of India official during the opening of the Elevate IX session on Wednesday.
Several startups interviewed by Gulf News at the event found the Budget to be overall positive, but said that they were yet to make a full assessment of India’s financial policy for the new year.
The Elevate sessions were started as a platform to showcase 500 startups from India at the innovation hub outside the Indian pavilion at Expo 2020 Dubai. India has emerged as the world’s third-largest startup ecosystem and has seen a series of high-profile IPOs (initial public offerings) that have defied the economic gloom of the pandemic.
Here are some of the startups that made pitches during the latest Elevate session.
1. Insta Printz: Insta Printz was founded with the goal to enable new uses for the extraordinary potential that 3D printing offers. They have leveraged their experience to create a range of 3D printing services, which together form a backbone for the 3D printing industry. The company’s tie-ups with some big brands is a major revenue source.
2. Coexin Technologies Healthcare: This company is into manufacturing electronic cognitive diagnostic and exercise tools. Founded in 2021, the startup deals with navigational, measuring, electromedical, and control instruments manufacturing.
3. D3S Healthcare Technologies: This firm is focused on saving lives by providing effective, low cost breast cancer care to hospitals and clinics around the globe.
4. Neomotion Assistive Solutions: NeoMotion is building a portfolio of 20 products over the next five years to cater to the needs of the elderly, patients and the physically challenged. Their products offer significantly superior functions and features at competitive prices.
5. Althion Tech Innovations: Founded in 2017, Althion Tech Innovations is a Hyderabad-based med-tech company developing IoT (internet of thing) enabled medical equipment and devices that solve pressing healthcare problems. Their user-involved product development process ensures a deep understanding of the milieu surrounding the use case.
6. Spectrum Mill: This startup, led by a 17-year-old entrepreneur, intends to break down corporate barriers for prospective job applicants on the spectrum by leveraging a digital platform to train them in testing and helping them monetise their talents.
