The Union Budget 2022 had quite a bit takeaways for the Indian startup ecosystem. Here are some of the reactions about the Budget from heads of startups:
Harsh Shah, a co-founder of
Tax on virtual goods is indirectly good as it now brings digital currency under regulatory supervision, a very positive push for cryptocurrency and Web 3.0. This would incentivize startups to create more products & services in the blockchain ecosystem. High GST collection is also a good sign, it gives the govt appropriate resources to boost this long-term plan. The cap on a surcharge on capital gains on any asset is a great thing especially for startup ESOP holders”
Padmaja Ruparel (Co-founder of Indian Angel Network & Founding Partner, IAN Fund)
IAN is glad that our demand for an expert committee to look at regulatory frameworks for the VC industry is addressed in the Union Budget 2022. This budget opens up a huge opportunity for start-ups across Defence, Agriculture, Drone, Fintech and mobility sectors. The focus on digitization across sectors will lead the way towards innovation for start-ups. The introduction of digital rupee using blockchain and other technology will further boost opportunities for start-ups in India. We appreciate the FM’s empathy, in light of covid, by extending the period by a year for startups to avail tax incentives.
Amit Lakhotia, Founder & CEO, Park +
We welcome the spotlight on including clean technologies and electric vehicles in the Union Budget. A national battery swapping policy and special mobility zones for EVs, if implemented well, could have a big multiplier effect on the EV industry attracting new players. The increase in excise duty for unblended fuel by ₹2 per litre will also push manufacturers to develop flexi-fuel engines, in line with the government’s position on cleaner fuels.
We were hopeful of announcements with some direct benefit to car owners and the automobile industry at large, considering the hardship our industry has faced in the last two years due to the pandemic and supply woes. The automotive industry is the biggest source of employment, contributing almost 49% to the manufacturing sector, and new policies boosting growth would have had a much wider impact on the economy.
Chetan Kumar, Co-Founder, Ekank Technologies
Firstly, would like to appreciate our government extending the tax initiatives for startups up to March
2023. Through tax initiatives and new reforms in the direct tax, the startup ecosystem will enhance
effectively within no time. The idea of launching a digital university will help understand people the
culture of India through world-class education.
The Introduction of Digital currency by the central bank will definitely lead away to cheaper currency
management. The highlight of the budget for us is the expansion of the One class, one TV channel’
program of PM eVIDYA which will help promote the regional languages in the country as through the
program, all states will provide supplementary education in regional languages for classes 1 to 12.
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