Budget 2024: Kiran Mazumdar Shaw welcomes abolishing of angel tax, focus on skilling

Kiran Mazumdar Shaw, Chairperson, Biocon & Biocon Biologics called upon the government to consider GST exemption for all cancer drugs to make cancer care more affordable for patients

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New Delhi: Welcoming the announcements made in the Union Budget, Kiran Mazumdar Shaw, Chairperson, Biocon & Biocon Biologics said: “It builds further on the government’s pre-election, Interim Budget and has positive indicators on how the government is looking at India’s economic growth and development.”
“The FM’s emphasis on job creation through skilling is a key underlying theme. Internships at large companies with Government and CSR backed stipends is the right approach to employability and jobs for the future. The budget has also focused on the start up ecosystem and provided a fillip through the abolition of the ‘angel tax’ which is aimed at spurring investments in start-ups, and the emphasis on ‘ease of doing business’ will benefit MSMEs,” said Shaw.
Biocon Chairperson also hailed the focus on innovation. “The government’s focus on research and innovation, especially agritech and industrial research, is a welcome move. The allocation of Rs 1 lakh crore financial pool will spur private sector-driven research and innovation at commercial scale. We will need to read the details to see how this will be allocated to each sector.”
“The removal of Customs duty on three cancer drugs will provide relief to cancer patients. However, the government needs to consider GST exemption for all cancer drugs to make cancer care more affordable for patients,” said Shaw.