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Home»Startups»Nitin Kamath’s vision to create more startup entrepreneurs in small towns in India
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Nitin Kamath’s vision to create more startup entrepreneurs in small towns in India

prosperplanetpulse.comBy prosperplanetpulse.comJuly 14, 2024No Comments2 Mins Read0 Views
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With the Union Budget 2024-2025 announcement fast approaching and certain anticipation building, Nitin Kamath, Co-Founder and CEO, Zerodha, shared his vision for change. He said that the time has come to nurture a new wave of entrepreneurs emerging from small towns and villages in India.

Kamath’s suggestion is simple and profound: encourage the wealthy to invest in startups outside urban centers. He identified a critical gap: venture capitalists generally avoid rural and semi-urban areas, he said. This is why small towns and villages are primarily dependent on the wealthy locals for investment opportunities.

Kamath’s key suggestion is to tweak section 54F of the Income Tax Act, which allows tax exemption on capital gains if the proceeds are reinvested in residential property. He argues that including startup investments alongside residential properties in the section would make startup investments attractive and accessible.

Kamath, through a post on the X social platform, acknowledged that there is a risk of this provision being misused. However, he stressed that the benefits far outweigh the risks. Currently, the tax exemption limit for sale of long-term assets is Rs 100 crore. Residential properties are excluded.

His vision is not just about financial incentives, but also about fostering entrepreneurship in areas that have long been overlooked. By shifting the investment focus, there will be opportunities to unlock untapped potential, stimulate the local economy, and create jobs.

The impact of such a policy is enormous. It is believed that a policy change could boost investment in local start-ups and at the same time lead to more balanced economic development. It could also reduce migration pressure to cities. It could bring prosperity to inland areas.





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