In the Union Budget for 2023-24, finance minister Nirmala Sitharaman had good news for startups. She proposed to extend tax holiday offered to startups under the Startup India scheme. Among other big ticket announcements, FM said that the government will launch ‘Aatmanirbhar Clean Plant Programme’, Agriculture Accelerator Fund and more. Here’s what some prominent startup founders have to say.
Zaiba Sarang, Co-founder, iThink Logistics
Adopting green and sustainable practices is the way toward future, which has been acknowledged by the government quite profusely in today’s budget. The Union Budget 2023 places a strong emphasis on environmental responsibility. The ‘Panchamrit’ initiative is aimed specifically at achieving net zero carbon emissions by 2070, thus contributing to the green growth of the nation. Continuing to provide impetus for EV adoption in India, the government has taken robust steps through exemptions on customs duty levied upon the machinery imported for the manufacture of lithium-ion cells for EV batteries. The budget has also adequately covered infrastructure development by allocating Rs 75,000 crore, including private investment, towards improving first- and last-mile delivery. As a part of the logistics sector, we are extremely elated at the announcement of these provisions, since they will help solve the current connectivity issues facing the industry, while building a more sustainable future for logistics, where efficiency and environmental responsibility come together to form a sustainable ecosystem.
Jesal Doshi, CEO, B Medical Systems
The Budget acknowledges and supports the healthcare sector. The administration is steadily moving toward fulfilling its objective of allocating 2.5% of GDP for health by 2025. More than 100 crore individuals were immunized as part of the extensive vaccination campaign, marking a great victory for the Indian government. Keeping abreast with the latest healthcare trend, the budget saw an increase in allocation for a flagship government program, the National Digital Health Mission. The budget also stated that specific facilities at a few ICMR Labs will be made available for research by academics from public and private medical colleges as well as R&D teams from the private sector to promote joint research. and innovation. There was an overall focus to become self-reliant in medical devices by starting dedicated multidisciplinary courses for medical devices in existing institutes, government is also proposing a new act for better regulation of medical devices separately from drugs. We believe such initiatives will strengthen the healthcare industry and further foster a culture of sustainable innovation in India.
Atul Rai, Co-Founder & CEO, Staqu Technologies
We solemnly support the Government of India’s aim to establish a strong AI ecosystem in India and utilize potential AI professionals. The government’s centers of excellence for Artificial Intelligence can brilliantly materialize their vision of ‘make AI in India’ and ‘make AI work for India’. The government’s support towards AI and tech advancement in the country can further facilitate the development of the industry by training and incentivizing adequate resources, both human and material. The upcoming opportunities in Industry 4.0 can increase the accessibility of 5G-enabled cutting-edge applications to consumers, subsequently facilitating industry growth. We look forward to a rewarding year ahead with more accessibility for widespread emerging technologies, R&D, and upskilling.
Nishant Behl, Founder, and CEO of Expand My Business
The union budget announced by the FM today strongly defines the direction in which the country’s entrepreneurial transformation is headed to. This year’s budget is positive, pragmatic, and entirely committed to support innovation in the country to accelerate the economy. For startups, the government has extended tax benefits on their incorporation by another year and the carry forward of losses to set off against future profits will now be allowed for 10 years instead of 7 years. Receiving the government’s support through such provisions is quite heartening for budding enterprises, especially since the entire world is experiencing an economic slowdown. Also, policies like increased industry-academia collaboration through National Data Governance Policy, simplified KYC process and access to anonymised data will also positive push for the startups in India to flourish and expand. Entrepreneurship is vital for a country’s economic development and India, and it is heartening to see the government take positive steps in this direction.
Sandipan Chattopadhyay, CEO & MD of Xelpmoc Design & Tech
The union budget announced by Finance minister Nirmala Sitharaman today strongly defines the direction in which the country’s entrepreneurial transformation is headed. This year’s budget is positive, pragmatic, and entirely committed to supporting innovation in the country to accelerate the economy. Policies like increased industry-academia collaboration through National Data Governance Policy, simplified KYC process and access to anonymized data will also be a positive push for the startups in India to flourish and expand further. Realizing the vision of Make AI in India and Make AI Work for India, three centers of excellence for artificial intelligence will be set up in top educational institutions. Entrepreneurship is vital for a country’s economic development and it is encouraging to see the government take positive steps in this direction.
Zaiba Sarang, Co-founder, iThink Logistics
Adopting green and sustainable practices is the way toward future, which has been acknowledged by the government quite profusely in today’s budget. The Union Budget 2023 places a strong emphasis on environmental responsibility. The ‘Panchamrit’ initiative is aimed specifically at achieving net zero carbon emissions by 2070, thus contributing to the green growth of the nation. Continuing to provide impetus for EV adoption in India, the government has taken robust steps through exemptions on customs duty levied upon the machinery imported for the manufacture of lithium-ion cells for EV batteries. The budget has also adequately covered infrastructure development by allocating Rs 75,000 crore, including private investment, towards improving first- and last-mile delivery. As a part of the logistics sector, we are extremely elated at the announcement of these provisions, since they will help solve the current connectivity issues facing the industry, while building a more sustainable future for logistics, where efficiency and environmental responsibility come together to form a sustainable ecosystem.
Jesal Doshi, CEO, B Medical Systems
The Budget acknowledges and supports the healthcare sector. The administration is steadily moving toward fulfilling its objective of allocating 2.5% of GDP for health by 2025. More than 100 crore individuals were immunized as part of the extensive vaccination campaign, marking a great victory for the Indian government. Keeping abreast with the latest healthcare trend, the budget saw an increase in allocation for a flagship government program, the National Digital Health Mission. The budget also stated that specific facilities at a few ICMR Labs will be made available for research by academics from public and private medical colleges as well as R&D teams from the private sector to promote joint research. and innovation. There was an overall focus to become self-reliant in medical devices by starting dedicated multidisciplinary courses for medical devices in existing institutes, government is also proposing a new act for better regulation of medical devices separately from drugs. We believe such initiatives will strengthen the healthcare industry and further foster a culture of sustainable innovation in India.
Atul Rai, Co-Founder & CEO, Staqu Technologies
We solemnly support the Government of India’s aim to establish a strong AI ecosystem in India and utilize potential AI professionals. The government’s centers of excellence for Artificial Intelligence can brilliantly materialize their vision of ‘make AI in India’ and ‘make AI work for India’. The government’s support towards AI and tech advancement in the country can further facilitate the development of the industry by training and incentivizing adequate resources, both human and material. The upcoming opportunities in Industry 4.0 can increase the accessibility of 5G-enabled cutting-edge applications to consumers, subsequently facilitating industry growth. We look forward to a rewarding year ahead with more accessibility for widespread emerging technologies, R&D, and upskilling.
Nishant Behl, Founder, and CEO of Expand My Business
The union budget announced by the FM today strongly defines the direction in which the country’s entrepreneurial transformation is headed to. This year’s budget is positive, pragmatic, and entirely committed to support innovation in the country to accelerate the economy. For startups, the government has extended tax benefits on their incorporation by another year and the carry forward of losses to set off against future profits will now be allowed for 10 years instead of 7 years. Receiving the government’s support through such provisions is quite heartening for budding enterprises, especially since the entire world is experiencing an economic slowdown. Also, policies like increased industry-academia collaboration through National Data Governance Policy, simplified KYC process and access to anonymised data will also positive push for the startups in India to flourish and expand. Entrepreneurship is vital for a country’s economic development and India, and it is heartening to see the government take positive steps in this direction.
Sandipan Chattopadhyay, CEO & MD of Xelpmoc Design & Tech
The union budget announced by Finance minister Nirmala Sitharaman today strongly defines the direction in which the country’s entrepreneurial transformation is headed. This year’s budget is positive, pragmatic, and entirely committed to supporting innovation in the country to accelerate the economy. Policies like increased industry-academia collaboration through National Data Governance Policy, simplified KYC process and access to anonymized data will also be a positive push for the startups in India to flourish and expand further. Realizing the vision of Make AI in India and Make AI Work for India, three centers of excellence for artificial intelligence will be set up in top educational institutions. Entrepreneurship is vital for a country’s economic development and it is encouraging to see the government take positive steps in this direction.
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