Post-budget 2019 Quotes By Start-up Sector
Atul Rai, CEO and Co-Founder, Staqu
The new Government’s first Union Budget has perfectly balanced all essential parameters of our economic dynamics including infrastructure enhancement, skill development, job creation, and technological advancement. This has been done while also creating favourable environment for businesses and especially, tech-centric startup. We would specifically like to highlight the Government’s strong focus on the indigenous Research and Development with establishment of National Research Foundation will promote indigenous technological development, particularly around globally scalable technologies such as Artificial Intelligence, Big Data, and Robotics. We believe that this will pave the way for cutting-edge indigenous solutions and make India a technological epicenter in the international grandstand.
B L Mittal, Founder and Executive Chairman, Sastasundar.com
The Union Budget 2019-20 is a progressive budget. It lays the foundation for growth and equality. The budget clearly shows the way forward for a transparent economy.
Neel Juriasingani, CEO & Co-founder, Datacultr
Startups in the technology industry can take clues out of the various topics touched upon in this budget, to understand the direction and focus. The vision of the government to train 10 million industry-relevant skills such as Artifical Intelligence, Big Data, and IoT opens up great avenues for companies & start-ups like us in the space, as well as for those working on building digital infrastructure of a connected India.
Besides, other measures announced such as ease of angel tax will make it smoother for investors to put in their money in startups.
Ashutosh Harbola, CEO & Co-founder, Buzzoka
The budget looks to be a Truly Digital one in nature and strong steps are seen for the upcoming fiscal year. From new channels to be started under the Doordarshan bouquet to provide a platform for startups to disseminate information in the industry to Bharat Net which is targeting internet connectivity in local bodies in every panchayat in the country are all welcome steps.
Also, training of 10 million in industry-relevant skills like AI, IoT, and Big Data will help address the severe skill-shortage of technology and IT. We are really optimistic that the digital path taken by the government is surely matching the $3 Trillion vision.
Rashi Gupta, Chief Data Scientist & Co-founder, Rezo.AI
Training support for supporting advanced technical jobs in the space of AI, IoT is a welcome move. We welcome the government’s vision to train 10 million in industry-relevant skills like AI, IoT, and Big Data because these industries will be a much larger industry for India in the next 3-5 years as compared to what we have seen in IT over last 2 decades. Startups will have an integral role to play towards this growth, so trained resources availability shall help India gain the next leap in the future.
Mohit Agarwal, CEO and Co-Founder, Adda52.com
The Budget announcement for the Indian startups by the Government of India is a sign of relief for all the entrepreneurs’ across the country. One important step of not scrutinizing the startups and investors who have filed the returns has provided a major respite to the startup community. To add to this, it has relieved the startup community from the tax issues, as returns of startups will not be subject to any scrutiny from the Income Tax department. More than half of the startups have received Angel tax notices.
In this world of technology, it is indeed an interesting step by the government of India to air a channel under Doordarshan bouquet only for start-ups. This channel managed by the startups will broadcast programs aimed at inspiring start-ups across the country. It will be a great help to the entrepreneurs, as it will ensure that the important updates from the industry are aired through the channel.
Further, the government’s decision to provide internet connectivity under Pradhan Mantri Grameen Digital Saksharata Abhiyan will not only ensure that the startups are able to reach out to masses but it will be an added advantage for the rural population and provide them an easy access to internet. This is truly the wave of a New and Developing India!
Rajesh Gupta, Founder, Cash Suvidha
We are glad that the Budget 2019 continues with the approach set in the interim budget, which offered exemptions to taxpayers, support to farmers and encouraging digitalisation. We welcome the government’s initiative to set up a new channel for startups to disseminate information in the industry. This will provide a great platform for companies like us to discuss and resolve the key issues and challenges faced by entrepreneurs today. The match-making with venture capitalists over this channel will boost investments in the startups space. Further, in the wake of liquidity crisis in non-banking financial companies (NBFCs), I believe the government’s move to allow Foreign Institutional and Portfolio Investors to invest in debt securities offered by NBFC will certainly help them to raise funds.
Sanjay Kaul, CEO, Sofyx
The pension scheme announced by the Finance Minister for small retailers and shopkeepers is a game-changer. A big part of our economy depends on small trade and shops. Last few years have been very stressful for smaller retailers as they are disadvantaged against bigger tech-enabled giants and online retailers. I would urge the Government to also look into supporting the digitization of small businesses and launching initiatives to support that. Indeed, It is time India includes small retailers in its growth story.
Kushal Nahata, CEO & Co-founder, FarEye
The government’s focus on building a digital India is again highlighted with its willingness to train people on AI, IoT and Big Data. These are key technologies that will transform the supply chain and logistics industry. The initiative to invest 100 lakh crore in infrastructure will definitely have a positive impact on the nation’s logistics and transportation industry both from a business and connectivity perspective.
Mohit Poddar, CEO & Co-founder, Shoes on Loose
Budget 2019 has created an enabling environment for travel start-ups. We are glad that the Finance Minister has spoken about the importance of India’s tourism sector. With government developing 17 iconic tourism sites to improve the flow of domestic and foreign tourists and allocating Rs. 1.05 lakh crore budget for the same, the Indian Tourism Industry is bound to grow exponentially.
Also, a new channel proposed for start-ups to disseminate information in the industry will provide platform to companies like us to better understand the opportunities and gaps in the industry.
Puneet Gupta, Founder and CEO, AstroTalk
The announcement by the government of not scrutinising the startups and investors who have filed the returns has provided a major relief to the startup community. Furthermore, it has brought comfort to tax woes of the community as returns of startups will not be subjected to any scrutiny from the Income Tax department as more than half of the startups in India have received Angel tax notices.
The proposal to establish a channel under Doordarshan bouquet dedicated only to start-ups is an excellent idea by the government. There are already a few start-up shows run by private channels to make people aware of the start-up industry and its working but this will be the first channel that will be handled by start-ups itself. This will not only boost the enthusiasm of the entrepreneurs but will help budding entrepreneurs to keep an eye on the important updates from the industry and make informed decisions for their start-ups.
Internet connectivity is a major challenge for startups that provides services through apps and websites. Government decision to provide internet connectivity Under Pradhan Mantri Grameen Digital Saksharata Abhiyan will help not only startups reach to masses but people of these towns to take the advantages of the services provided by it.
Kushal Nahata, CEO & Co-founder, logistics-tech startup FarEye
The government’s focus on building a digital India is again highlighted with its willingness to train people on AI, IoT and Big Data. These are key technologies that will transform the supply chain and logistics industry. The initiative to invest 100 lakh crore in infrastructure will definitely have a positive impact on the nation’s logistics and transportation industry both from a business and connectivity perspective. Also, the directive to eliminate tax scrutiny on funds raised by startups will make business operations a bit easier.
Saru Tumuluri, CEO, Khosla Labs
On the overall front, the major takeaway from the Union Budget 2019 is certainly the extension of the Stand-up India program until 2025. This will facilitate the growth of numerous start-ups in the country which continue to face financial and operational constraints. We also applaud the government’s decision to launch an exclusive television program for startups as it will give up-and-coming companies a platform to share their vision. As a digital identity solutions provider, we are delighted with the move to ease the KYC norms for FPIs.
Vivek Tiwari, Founder and CEO, Medikabazaar
It is encouraging to see the government’s support for the start-up sector in this Budget. By launching a new channel to give the start-ups a voice and a platform to raise their concerns, connect with investors directly and raise funds is a legacy move that the government has taken. The continued extension of the Stand-Up India and Start-up India programs by the government until 2025 will ensure that start-ups all across the country will receive funds to accomplish their goals and dreams. The government’s Angel Tax reforms like e-verification and scrapping scrutiny with respect to the valuation of share premium of startups who file the requisite declarations will help in increasing healthy funding towards startups.
With the Modi 2.0 government planning to set up more than 1.50 lakh Health and Wellness Centres (HWC) by 2022 under the Ayushman Bharat Yojana and plans to provide healthcare cover of Rs 5 lakh to around 10.74 crore families across the country, this year promises to be a healthy growth for the sector.
Vishal Gupta, CEO & Co-Founder, Momspresso
The Union Budget presented by the Hon’ble FM Nirmala Sitharaman today contained numerous proposals aimed at woman empowerment in India. The decision to create a committee to evaluate and suggest measures to boost women’s welfare is commendable. This reinforces our approach of going beyond just women-centric policies to building women-led movements. Further, the initiatives for ease of access to credit and working capital for MSMEs are welcome and will be beneficial for the overall start-up ecosystem.
Neha Indoria, Co-founder, Boingg!
Lot of favorable incentives were proposed in today’s budget. Launch of an exclusive TV programme sounds promising for a bootstrap start up with minimal marketing spends. The future plans of an e-comm brand entering into a brick and mortar store is made more realistic with 100% FDI. Schemes and incentives to encourage women entrepreneurs will definitely bring a drastic change in the start up industry. Hoping to see most of these implemented for the startup community to grow.
Vipul Jain, CEO, Advancells
We have a balanced view of the budget. While there are no big ticket announcements, infact there is nothing worth mentioning about healthcare, government’s priority looks like it is set on recapitalisation of economy and push on infrastructure growth. Both of this when happen, propels the economy as a whole which is good for every sector including healthcare. From the startup’s point of view it seems that the government has heard a few demands and taken action but it remain to be seen that the enthusiasm around start ups that was evident in the previous administration will get carried over to current administration or not. All in all it seems like a budget that points towards the fact that the government is serious about getting the job done before it makes any new promises.”
Sourav Jandial, Founder, Voyzapp.com
We are thrilled with the government boost for the new-age start-ups. A specially dedicated TV program for Start-ups is something all start-ups shall look forward to. The program may serve as a one-point information house for topics such as start-up funding, issues affecting growth, tax planning etc. Also, the Stand-up India scheme has successfully produced many entrepreneurs in the last 3 years and moving forward we are expecting the numbers to go much higher.
Gurcharan Singh, Co-Founder & Director, LogixGRID
This budget was for the new India. The reforms and schemes will specially benefit the new age entrepreneurs and start-ups. Initiatives like Stand-up India scheme and an especially dedicated program for Start-ups on DD will provide the much-needed thrust to the start-up sector. The start-up program will solve a lot of issues related to the sector like funding, research, and development. Also, the Stand-up India scheme has successfully produced 300 entrepreneurs in the last 3 years and moving forward we are expecting the rate to go much higher.
Saurav Goyal, CFO, Money View
Government plan to allow FII and FPI investment in NBFC debt securities in a great move to ease liquidity condition in the financial sector. This will help mid-size NBFCs by providing another avenue to raise funds. The bond markets have cheered the budget announced by Finance Minister with the 10-year yield dropping by about 10 bps to 6.6%. A very much required clarity on angel taxation along with exemption of capital gains being invested in startups and ease of KYC norms for FII’s would enable an atmosphere of increase in investments and rise in new entrepreneurs.
Manish Lunia, Co -Founder, FlexiLoans.com
There is a strong focus on entrepreneurship through imitative on Startups eco-sysytem and MSME growth including financing. The proposed commercial TV channel for Start-ups likely to instill confidence in the entrepreneurs which will help in access of capital, networking opportunities and wider reach. Easing angel tax will further strengthen the start-up financing ecosystem and remove the ambiguities.
For NBFCs, this budget proposed a great relief amidst the liquidity crunch. Governmment’s credit guarantee for highly rated NBFC is likely to reflect in the overall health of NBFC sector. Additionally, allowing All NBFCs to participate in TREDS is a great move for the sector, this will greatly help several MSMEs in accessing supply chain finance at competitive cost and great ease. Lastly, removing MDR costs for both customers and merchants and promoting digital means of payments will be a big digitization move. Over and above this, a 2% interest rate subvention on loans for GST registered MSMEs will be very beneficial for the MSME and Fintech ecosystem
Ketan Dewan, Co-founder & CEO, Talocity
Startups are the big wave in India. It’s very encouraging to know that we will have a channel for startups and it will be designed by start-ups. A big thumbs up and we will be very happy to be part in whatever way possible. A startup experiences such as, stated below, are on the verge of being extinct. God bless India.
1. Access to Capital occupies more than 60% of the mind-share of a start-up founder & over 80% of timeshare.
2. The ideal path that the start-up had to traverse gets hugely delayed/altered because start-up decisions are made basis survival and not growth.
3. Validation of the idea with some work and if that work can come relatively easy, with a hand of trust, the journey and the model will be so much more meaningful.
It’s brilliant to know that the core concerns of access to the capital & market will be a core focus of the start-up channel and TV watching will be the new guide to enable the envisaged boom of start-ups and the start-up ecosystem.
Rajesh Loomba, Managing Director, Eco Rent A Car
Budget has not been in the favor for passenger transport sector as the fuel prices have gone up and not brought within purview of ITC.
We feel the focus on EVs is misdirected as currently infrastructure is not present and the available vehicles are also untested. Double rates of taxation 5% and 12% persist and continue to create confusion amongst the people.
Author: Baishali Mukherjee
Profile- An independent writer and journalist for last nine years; presently working with Education World, Entrepreneur India, Scrabbl.com and Stoodnt.com. Worked as the content head for four books and have articles and features published in leading print and digital media spaces.
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