Post budget 2023 Quote on behalf of founders of Momentum Capital , Contentstack & Zuvomo
Post budget quote on behalf of Mr. Ankur Shrivastava (Founder & Managing Partner, Momentum Capital):-
“The government took a slew of measures in Union Budget 2023 to boost the startup ecosystem. The increase in the benefit of carrying forward losses for startups to 10 years is a welcome move. The agriculture accelerator fund for rural agritech startups will also provide a thrust to higher technology participation in the core agri sector. And the National Data Governance Policy will provide access to anonymized data, helping create globally competitive data startups. Having said this, the absence of some long-awaited measures was a bit disappointing for startups & venture investors, especially on ESOPs tax reforms, capital gains tax rationalization with public equities, and overhauling IMB certifications. Also, the extension of angel tax to foreign investment risks dampening the foreign investor sentiment a little. Overall, it was a mixed bag for the startup ecosystem that could have benefitted from a bigger boost in the ongoing funding crunch.”
Post budget quote on behalf of Mr. Nishant Patel(Founder & CTO, Contentstack):-
“I am grateful that the honorable FM has provided continued attention to greater digital enablement for startups in India. It is heartening to note that entrepreneurship is getting continued attention at the policy level. Among other announcements, I will call out the expansion of the scope DigiLocker, which is an excellent initiative toward paperless governance. The expansion in scope will facilitate greater record-keeping and quicker exchange of information with various authorities, regulators, banks, and enterprises as necessary. The objective of eliminating or minimizing the use of physical documents in itself will greatly enhance the effectiveness of service delivery wherever individuals and companies need document-based decision-making and authentication. Esp. for entrepreneurs and startups, it will be a very important initiative so that they could meet compliances and find quick access to financial services.”
Post budget quote on behalf of Mr. Nikhil Sethi(MD, Zuvomo):-
“The budget over-delivers on personal income tax with the 7 lac rebate for the middle class, surcharge relief for NHIs, fiscal consolidation, and largely all fronts. More money in the hands of taxpayers coupled with a healthy economy is expected to fuel spending and investments. I’d bet on banks and infrastructure to do well.”