“The budget announced a few laudable incentives for startups. The period of incorporation has been extended by a year to March 2023 to avail of tax benefits. For corporates, extension granted for new companies to set up manufacturing facilities to 2024 from earlier 2023. These will provide a breather for start-ups and encourage more start-ups in India. India is becoming the hub for entrepreneurship, with India’s start-up story growing from strength to strength. Around 14,000 start-ups were recognized during the financial year 2022, with about 555 districts in India had at least one new startup. We are already seeing ample evidence of the start-up activity in the commercial office space. During 2021, in the top three cities of Delhi-NCR, Mumbai and Bengaluru, start-ups leased about 2.2 million sq feet of space during 2021, a 56% rise from 2020”.
