Indian Startups Hope for Big Changes in Union Budget 2024
Startups in India are eagerly awaiting the Union Budget 2024, hoping for significant changes that could boost their growth. Early-age startups are looking forward to the removal of angel taxes, while health tech startups expect increased funding for their sector.
Startups play a crucial role in the economy by generating new jobs, ideas, products, and services. As of December 2023, the Department for Promotion of Industry and Internal Trade (DPIIT) had recognized 1,17,254 startups, creating over 12.42 lakh direct jobs.
Expectations from Industry Leaders
Eklavya Gupta, CEO and Co-founder of Recur Club, believes that India’s business credit landscape is on the brink of a major digital overhaul. He stated, “FinTechs are at the forefront of this change, deploying innovative technologies and utilizing in-depth data analytics to streamline and expand credit access.” He added that greater investment is needed, especially in credit guarantee schemes.
Vinod K Singh, Co-Founder and CTO of Concirrus, hopes the government will address the ‘angel tax’ issue. He said, “Eliminating this tax will enhance capital formation and attract vital investments.” He also emphasized the need to streamline the duty structure and reduce high tariffs on electronic inputs.
Rajiv Lamba, co-founder and CEO of Surveysensum, highlighted the importance of technological inclusion. He suggested a 20 to 25 percent increase in budget allocation for AI-based skill development and entrepreneurship. He also called for incentivizing investment in AI startups and R&D initiatives.
Raja S, founder and MD of Hearzap, emphasized the need for increased funding for health tech startups. He believes this investment could bring cutting-edge healthcare solutions to rural and underserved areas.
Vvihan Gulati, Director of Mediagraphics PR, commented on the importance of removing the angel tax to foster a more favorable environment for innovation and growth.
Upcoming Budget Presentation
The Union Budget 2024 will be presented by Union Finance Minister Nirmala Sitharaman on July 23. This will mark her seventh consecutive budget presentation, surpassing Morarji Desai.
