Updated on 5 March 2013
There were some sops for micro, small and medium enterprises as well, which will extend some benefits to the start-ups in the bioscience industry. The finance ministry proposed that micro, small and medium enterprises (MSME) will enjoy their non-tax benefits for up to three years after graduating into a higher category. The budget also proposed refinancing capability of Small Industries Development Bank of India (SIDBI) from the current level of over $918 million (Rs 5,000 crore)-to-$1.8 billion (Rs 10,000 crore) per year.
Furthermore, a sum of $404 million (Rs 2,200 crore) would be provided to setup 15 new tool rooms and technology development centers by the Ministry of Micro, Small and Medium Enterprises. Also, funds provided to technology incubators located within academic institutions and approved by the Ministry of Science and Technology or Ministry of MSME will qualify as corporate social responsibility expenditure.