In Brief: Tax incentives likely for startups in the budget 2020; Dedicated Freight Corridor in talks with Amazon, Flipkart for delivery
The government will likely provide tax incentives for startups in the union budget 2020 to support the growth of entrepreneurs; The Economic Times reported citing sources. According to the reports, the Department for Promotion of Industry and Internal Trade (DPIIT) has suggested various measures to the finance ministry for incorporating in the budget.
The recommendations include extension of tax incentives to incubators supported under Atal Innovation Mission, reduction in GST (Goods and Services Tax) rates on AIF (alternate investment fund) management fees and tax benefits on ESOPs, they said. Finance Minister Nirmala Sitharaman is likely to present the Budget for 2020-21 fiscal on February 1, 2020.
Dedicated Freight Corridor in talks with ecommerce giants for delivery
The Dedicated Freight Corridor Corporation of India (DFCCIL) is planning to partner with ecommerce companies like Amazon and Flipkart to boost its parcel business, media reports said. DFCCIL is talking to these companies for using its logistics hubs. According to a Business Standard report, the partnership will help in reducing the average delivery time of a parcel for major cities. The Indian Railway Board has already initiated a pilot with Amazon by providing it parcel space in Sealdah and Mumbai Rajdhanis.
The eastern and western dedicated freight corridors project, which will be passing through Punjab, Haryana, Maharashtra, Gujarat, Rajasthan, Uttar Pradesh, Jharkhand, and West Bengal, will likely cut the parcel delivery time for metro cities from five days to one day.
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