Congress promises to abolish ‘angel tax’, free new ventures from regulations if voted to power 

Rahul Gandhi.

New Delhi: The Congress president, Rahul Gandhi, on Thursday, revealed his economic agenda for the upcoming Lok Sabha election. He said new ventures will not require any regulatory permissions for three years and will get easy access to bank credit if the Congress is voted to power.

He also promised to remove the existing “angel tax” imposed on startups. Currently, angel tax is charged at a maximum rate of 30 per cent. Gandhi asserted that promoting domestic industry will be a key priority for the party and it will ensure that all new businesses are freed from the clutches red tape that will ultimately help to boost the economy.

In an exclusive interview with PTI, Gandhi said, “for the first three years of setting up a new business, we are going to free you up from red tape. You will not need to ask for permission for anything,” and added, “Don’t bother about anything, there is no permission you need. Start your business, get to work.”

Rahul Gandhi further said, “We’ve said that we will remove the draconian and ill-conceived angel tax. I have made that commitment and it’s going to be done.”

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