The last year had been a rude shock to everyone in the country, particularly for those who run small businesses and startups or work in the unorganised sector. As part of the Union Budget for 2021-22, Finance Minister Nirmala Sitharaman announced several measures to improve the business and operating environment for small companies and startups. Sitharaman also announced that the government would bring gig economy workers under the proposed labour code. "For first time globally, social security benefits will be extended to gig and platform workers. Minimum wages will apply to categories of workers. And they will all be covered by state insurance corporations," she said Investment and regulatory incentives Production Linked Incentives: Government has earmarked Rs 1.97 lakh crore towards incentives to boost manufacturing in 13 sectors. Textiles: 7 mega investment textile parks will be established over 3 years. Fintech: Develop a fintech hub at the International Financial Services Centre in Gift City, Gujarat. Insurance: Increase the foreign direct investment limit to 74% from 49% in insurance companies. Small companies: Revised the definition under Companies Act of 2013, with paid-up capital requirement set at less than Rs 50 lakh and turnover less than Rs 2 crore. One-Person-Companies: Allowing incorporation of OPCs without a restriction on paid-up capital and turnover, allowing conversion to any other type of company, reducing residency limit to 120 days from 182 days to set up an OPC and also allow non-resident-Indians to incorporate OPCs. StandUp India: To improve credit flow to women and persons belonging to…
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