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Microsoft to collaborate with Assam govt. to nurture startup ecosystems in the state

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  4 Feb 2020 12:59 PM GMT

GUWAHATI: An inclusive global program of the Microsoft designed to support startups would now collaborate with the Assam government to support the startup ecosystem in the state.

A team from Microsoft for Startups met officials and authorities of the state industries and commerce department on Monday to discuss the possibilities, according to media reports.

It is said that the giant tech also submitted a proposal to facilitate its expertise on cloud computing and artificial intelligence to startup organizations so that they could gain through national and international experience.

To encourage the entrepreneur community of the state, Microsoft would also conduct reach-out programs.

The company along with the Assam government would also organize a Startup Summit among all stakeholders in Guwahati in April. The Microsoft team also visited the state-owned marquee incubation center, ‘the Nest’, and was quite impressed by the infrastructure set up at Ambari (Guwahati).

Industry department Commissioner and Secretary K.K. Dwivedi said the state government would provide all sorts of support to support this partnership with Microsoft. He also highlighted that these programs would highly be fruitful in creating employment opportunities and developing entrepreneurship capabilities among the people of Assam.

It is important to note that, in a major boost for the startup’s community, Finance Minister Nirmala Sitharaman on Saturday announced a five-year tax holiday on employee stock ownership plan (ESOPs) for start-ups. “To boost startups, tax burden on employees due to tax on ESOPs to be deferred by five years or till they leave the company or when they sell, whichever is earliest,” the finance minister said in her Budget speech in Parliament.

One of the biggest steps from the Indian government in tax norms was doing away with angel tax for the startups last year.

The Budget 2020-21 focuses on the improvement of ease of doing business for startups.

The proposal to set up an investment clearance cell that will provide end-to-end facilitation and support to entrepreneurs is a step in the right direction.

Also Read: All income tax exemptions will have to go: Nirmala Sitharaman

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