The Union Budget announcement of the abolition of the angel tax is a significant milestone that will boost the startup ecosystem in India, IT Minister Ashwini Vaishnaw said on Tuesday. It is a "very good decision" and has been the biggest demand of deep tech startups, Vaishnaw said, adding that the move will spur investment in startups. "Angel tax has been a long-standing issue...deep tech startups had a major issue on how do you do valuation... that point has been addressed with its abolition," he said at a post-budget conference. The minister said India has taken big strides in domestic manufacturing of mobiles, laptops and servers, and the focus now is to encourage component manufacturing
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