Industry reactions to Union Budget 2022-23 (Part-3)

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 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. 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.”

Ashish Agarwal (Director & CEO at SEROS Logistics)

“We at Seros Logistics welcome and support govt mission towards a sustainable future. Government commitment towards Capex hike of 35.4% and a focus on smart expenditure has ensured the acceleration of what the economy has received will continue. As announced in the interim budget 2022, India has emerged as the fastest highway developer in the entire world. The Gati Shakti master plan for expansion of highways/expressways by 25,000 kms in FY23 will go a long way for the logistic sector which will not only boom transport but will also strengthen connectivity between Urban and Rural sectors. Introduction of 100 Cargo Terminals under PM Gati Shakti will boost supply chain for local products and enable efficient logistics for small farmers & enterprises. Focus on green logistics by supporting the EV Market and addressing energy transition and climate action & financing of investments in this space is a brilliant step.”

Tanmay Kumar (Chief Financial Officer, Shiprocket)
“We appreciate Government’s empathy towards the start-ups by extending the period by a year for start-ups to avail tax incentives around the tough times of Covid. The announcement of 'One station, one product' under the PM Gati Shakti plan will help the supply chain of local products. The budget has focused on the development of infra projects which will boost the logistics system in India and will help us to become enablers of effective logistic system. The Government has emphasized on digitisation of payments and it’s a good news for small businesses and entrepreneurs who wants to start their business.” 

Kartik Shah (CEO, Coldrush Logistics)
“The vision of the Indian Government around the "Gati Shakti" plan to expand roads and highways give an impetus to the road transport sector. Highway infrastructure is crucial for the benefit of roadways as they help in time as well as fuel savings and are a path to the prosperity of the nation. The focus on logistics parks that are announced will also surely be a path breaker to build a more integrated logistics system within the country while optimizing overall costs.”

Kapil Makhija - (CEO, Unicommerce)
“The budget’s elaborate focus on building digital economy and technology-enabled development is extremely encouraging. As mentioned during the budget that start-ups have emerged as growth drivers for our economy showcases the immense potential of India's startup ecosystem.  Its evident that the government’s push on 5G, connectivity and logistics will  help the ecommerce industry to develop and grow further. Technology will be a key enabler here leading to improve logistics and ensure faster deliveries. We are excited to see this growth journey and are extremely optimistic about the future. Brands and companies’ increased focus on Tier 2 and Tier 3 cities will prove to be the real game changer. We look forward to continue to partner with the ecosystem players and simplify ecommerce selling with our technology solutions that will support the nation’s growth objectives, generate employment and strengthen India’s digital economy.”

Iesh Dixit (Founder & CEO of Powerplay)
“Union Budget 2022 is progressive – especially with its emphasis on Digitization across India which will benefit the startup ecosystem in the longer run. The FM clearly emphasized the top priorities of the government - PM Gati Shakti for sustainable growth, inclusive development, productivity enhancement, and financing of investments which will not only boost the construction ecosystem but also create a lot of jobs in the construction sector.”

Anil Nagar (CEO and Founder at Adda247)

“After a tumultuous two years in the education sector the government is increasing support through the Union Budget 2022. We welcome the path breaking initiatives of government to revive the education sector:
1. Building digital university will overcome the barriers in class room teaching especially during pandemic and provide universal learning to students across the country.
2. “One Class One TV Channel” scheme will act as a supplementary medium for education in rural areas. This will surely help to cover the loss learning due to covid in last two years.”

Mohammad Azhar, (Lead Government & Public Sector Initiatives at Villgro)
"The tax incentives and effective redressal of issues like payment of Tax even after the country lockdown are one of the more debatable concerns for 2-3 years old startups. The startups differ from traditional businesses and they are focused on innovation, technology, and exponential scaling/sustainability. Therefore, their tax issues are also slightly different from other businesses. Proposal of tax holidays from 3 years to 4 years is a welcoming step from going good to great in bringing sustainability in the startup ecosystem.

Amit Nigam, (COO & Executive Director at BANKIT)
“FinTech industry is an ever-growing sector of the society. As per one of the ideologies of budget 2022 “Aatma Nirbhar Bharat Ka Budget”, the FinTech industry also strives to make everyone self-reliant. According to the budget 2022-2023, India’s growth is expected to grow by 9.27% including high-yielding opportunities for start-ups. As digital payments have grown at rapid pace, the benefits of digital banking should reach every nook and corner. So, 75 digital banking units will be set up in 75 districts by scheduled commercial banks that will be like icing on the cake. Focus on the usage of Digital Payment Apps will also be enhanced from our end. All the 1.5 lakh post offices in India will be connected to the core banking system that will enable people to access their accounts online and transfer money within post office accounts and to other banks also. As tax incentives for start-ups to be incorporated until March 31, 2023, Union Budget sounds favorable for FinTech start-ups. Next phase of “Ease of Doing Business, Ease of Living” is also ready to be launched. Hence, we are looking forward to making the best use of new technological and advantageous opportunities designated by the Union Budget 2022-2023.” 

Yagnesh Sanghrajka - Founder and CFO - 100X.VC

“Well, I think it's a great budget in terms of the infra & the capital goods push so every startup that is probably serving these industries will get a leg up. The extension of the one-year period for new startups is a welcome move. The taxation of digital assets was anyway expected. A lot of positive announcements for Health-tech, Ed-tech, and EV startups; The whole digital push will benefit startups overall. It was a good budget by the FM.”