Post Budget Reaction Quotes from Startup Ecosystem : SigTuple, Baby G, IVY Growth Associates, Foodism & Elever
Sharing below the post-reaction budget quotes from the startup ecosystem: SigTuple, BabyG App, IVY Growth Associates, Foodism, and Elever. Kindly accommodate the same in your esteemed publication.
Name : Dr. Tathagato Rai Dastidar
Company: SigTuple
Designation: Founder & CEO
Addressing the health care announcements made by the honorable FM today he stated, “The newly announced focus on screening and eradicating sickle cell anemia in the country is a step in the right direction. Anaemias and other hematological disorders are endemic in tribal populations of the country. Use of advanced digital technologies can help vastly increase the scale of screening than what is possible today.”
He also added “The proposed National Data Governance Policy, which provides access to anonymized data, will go a long way in supporting the stated mission of making AI work in India.” as he addressed the AI focus stated in the budget.
Name: Birma Ram
Company: BabyG App
Designation: Founder
“The intent is good, but progress has been slow in making India’s startup ecosystem compete with advanced economies. This budget is at best a baby step, what we need are leaps to unlock the potential!”
Name: Rachit Poddar
Company: IVY Growth Associates
Designation: Co-Founder
“India’s last budget laid a strong foundation for the world and the economic growth has been recognized across the globe for its world-class digital infrastructure, unparalleled pandemic mitigation, and achieving sustainable development goals. The current budget will act as an imperative blueprint to spearhead the next phase of growth on 7 pillars i.e. Green Growth, Youth Power, Inclusive Development, Reaching the Last Mile, Infrastructure and Investment, Digitalisation, and Unleashing the potential. The GDP of India heavily relies on Education, Agriculture, Healthcare & Industry, and the government demonstrates a continued interest to serve these areas with significant policies and schemes. A focus on technological advancements with investments into AI centers and Data reforms is a testimony of India’s goal to be forefront of technology updation. This will unlock India to build on several emerging Industries and sectors with high employment-generating capability. This budget will empower financial literacy in rural areas, Industry 4.0, job creation, seamless compliance windows, and capital expenditures. The macroeconomic policies and consolidation will ensure India’s growth in a sustainable manner promoting entrepreneurs to take a big leap in contributing to the growth of our country.”
Name : Prateek Tosniwal
Company: IVY Growth Associates
Designation: Co-Founder
“The Union Budget for the fiscal year 2023-24 has redefined the landscape of capital investment in the country. Certainly, the new policies launched will revive the startup ecosystem in pan India. As per the finance minister, the revamped credit guarantee scheme will take effect from April 1, 2023, through the infusion of Rs 9,000 crore in the corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs. The mentioned policy will be a game-changer for small to medium-scale enterprises in the country. The economy is to grow at 7% in the current year. This is the highest among major economies. India is on the right track despite the time of challenges. Finance Minister Nirmala Sitharaman sticks to the advance estimate for current fiscal year growth of 7 %. Capex’s outlay increased by 33% to Rs 10 lakh crore for FY24. At this level, public capex will be 3.3% of GDP. Equity indices are in the green so far. The Centre’s capex target for 2023-24 is 33 % higher than the budget estimate of Rs 7.5 lakh crore for 2022-23. Overall, it is a great budget for capital investors and investment networks and it will fortify the country’s financial investment ecosystem.”
Name: Vyom Shah
Company: Foodism
Designation: Founder & CEO
The Union Budget 2023 is set to bring a plethora of opportunities for young entrepreneurs. The Government brought in numerous measures such as tax cuts and exemptions that are aimed at helping small businesses grow and expand. These measures will help create more jobs, stimulate economic growth, and encourage innovation in the country. There shall be more incentives for investors and venture capitalists who are willing to invest in start-ups. It is a major step towards providing a much-needed boost to SMEs and start-ups in the country.
Name: Karan Aggarwal
Company: Elever
Designation: Chief Investment Officer
It is a brave budget considering that Finance Minister is presenting the last full budget before the elections.
Instead of loosening purse strings, she ends up setting an aggressive target to reduce the fiscal deficit from 6.4% to 4.5% in 3 years which bodes well for markets and the economy in the long term.
The government continued to propel the shift towards an infrastructure-led development model by increasing capital investment outlay to INR 10 Lakh crore, a 33% increase over last year and a 200% increase since 2019.
Rail infra would get an allocation of INR 2.40 Lakh crore which is 9x that of FY 2014.
These investments can have long-term positive impacts on manufacturing exports, demand, and incomes. While there is something for every sector and section in the budget including some elusive concessions on income tax under the new tax regime, instead of concessions, the government has banked on rising incomes in coming years to boost private consumption and demand. It is a big political gamble but markets would relish it.