Overall, the Union Budget 2016 proved to be quite conservative, as the government tried to resolve basic priorities rather than introducing something disruptive.
However, efforts have been taken to heighten Government's Startup India, Make in India and Digital India campaigns. Amendment in Companies Act, speedy registration, access to capital for MSMEs are key steps toward promotion of ease of doing and starting business.
With the drastic modification of the Employee Provident Fund scheme, we will see start-ups registering their companies with EPFO. To a certain extent it will help to subdue insecurities and help start-ups attract good talent.
Promotion of entrepreneurship education and training, easy access to mentors and credit providers are significant steps towards cultivating startup ecosystem especially in rural India. It also shows that empowering good business ideas, and removing glaring hurdles for starting business are the need of the hour to boost nation's GDP.