Pre-Budget Expectation Quotes from Indian Startups
PrepInsta- Edtech Startup
Budget 2023 is expected to deliver much assistance to EdTech companies in the form of ease of doing business and faster document approval, as well as incentive policies to support innovation and job creation. A strong educational network, we believe, is critical for stimulating the economy and fostering new ideas, technologies, and next-generation businesses. Currently, taxation in India is very high in comparison to other nations, giving investors room for a second thoughts before investing. Therefore, for Ed-tech firms to lure foreign or domestic funding and accelerate business momentum, the government must lower taxes such as dividend tax and capital gains tax to gain investors’ faith to invest in India.– said Mr. Aashay Mishra, Co-founder & COO of PrepInsta
India has the highest proportion of generation Z and millennials interested in digital learning to improve their skills and prepare for the technical jobs. Despite Ed-tech’s success post COVID-19 pandemic, India still falls short of technological resources to provide eLearning to aspirants. Over the years we have come to realise how students suffer because of inadequate internet speed and absence of smartphones, particularly in tier 2 and tier 3 cities. Therefore, from the budget 2023, we anticipate government to ramp up connectivity and offer schemes that bridge the accessibility gap for smart devices. Doing so can enhance the skills of aspiring students as education can be managed and customized as per their preferences. — said Mr. Atulya Kaushik, Co-founder & CEO of PrepInsta
Since the COVID-19 pandemic’s outbreak, EdTech services have massively lowered the country’s skill gaps by linking the country‘s agrarian populace with digital learning. Without a doubt, the government has confined funding to develop high-quality educational infrastructure in outlying areas, but with the adoption of smart tools and hybrid learning models, we can conquer the large percentage of areas where modern education is still missing. Therefore, loan and finance practises must be simplified for Ed- tech startups, which also serve as a driving force in the Indian economy by retaining India’s brilliant minds.– said Mr. Manish Agarwal, Co-founder & CMO of PrepInsta
Pre-Budget Expectation Quote- Cypto Friendly Neo Bank
The Budget for 2023 is scheduled to be discussed on 1st Feb 2023, after imposing a 30% fixed tax rate on all income generated through crypto trading in Budget 2022. After having launched the e-rupee, we are expecting that the government would bring in more regulations for cryptocurrencies. Estimations point out that crypto ownership in India is almost double compared to the rest of the world. These being said, the government will more likely introduce a regressive tax for cryptocurrencies.– said Mr. Kumar Gaurav, Founder & CEO of Cashaa
Mr. Gaurav VK Singhvi, Co-Founder, We Founder Circle
“In the upcoming Union Budget 2023, I expect to see a reduction in Capital Gain Tax for unlisted investments to help encourage angel investors and VCs to hold on to their investments for longer, providing more stability for the startup ecosystem.
I also hope the government takes the correct measures to promote entrepreneurship and startup growth and support innovation and technology development. Additionally, I hope to see efforts to improve the ease of doing business in India, such as simplifying regulations and providing access to funding for small businesses. Overall, I believe that a budget that prioritizes these areas would benefit the Indian economy and society.”– said Mr. Gaurav VK Singhvi, Co-Founder, We Founder Circle
SuperBot:- It’s an intelligent, AI-powered voice agent SaaS startup
Over years, the popularity of Artificial Intelligence (Al) has skyrocketed across industry sectors as a result of the greater push toward automation. While previous budgets acknowledged the relevance of AI technology in modernising India, we now expect prospects and large government initiatives from budget 2023 which can position India as one of the world’s favoured Al leaders. Since we have an AI-powered voice-based product, we are also anticipating announcements and measures to improve digital infrastructure such as high-speed internet and data centres. Moreover, as the founder of the startup, I eagerly look forward to funding and investment opportunities such as venture capital and angel funding to accelerate our business momentum.– said Mr. Sarvagya Mishra, Co-founder & Director of SuperBot (PinnacleWorks)
In the aftermath of COVID-19, almost every second business migrated online after recognizing the significance of automation. Given the centre’s objective for a digitally robust Bharat, Al technology is one of the major sectors that anticipates the Budget 2023 to unveil AI-friendly policies that can revolutionize India’s tech ecosystem. We are hopeful that easier loan disbursements, electronic authorizations, and incentive programs for startups to use digital finance can advance the growth rate of Indian startups. With AI- technology playing a critical function in shaping the nation’s economy, the Union Budget should also include tax relaxation to spur innovation as well as minimize regulatory burdens to aid in the ease of doing business.– said Mr. Ankit Ruia, Director & CTO of SuperBot (PinnacleWorks)
SupplyNote:- India’s first SaaS+ e-commerce platform helping food businesses to scale
As a technology start-up in the food and beverage industry, SupplyNote is keenly aware of the challenges facing the sector. From high taxes to complex liquor regulations and difficulties in obtaining permits and licenses, the industry is in dire need of a more streamlined and business-friendly environment. We hope that the Budget 2023 will address these issues by simplifying the tax bracket and easing regulations around liquor, permits and licenses. Additionally, as the food and beverage industry is one of the largest job creators in the country, we look forward to the government creating a positive environment for the sector, including relaxation on taxes for start-ups and the positive induction of private companies in the government ecosystem. We also hope to see the impactful implementation of ONDC, as it will help to digitize and optimize the backend operations of food businesses and increase profitability.– said Mr. Kushang, Co-founder & CEO of SupplyNote
In the eye of rising costs and reduced margins, we need a budget that supports interest-free loans, allows greater subsidies and reduces tax structure. Another, is the non availability of input tax credit (ITC) that impacts the P&Ls adversely.
We hope the union budget 2023-24 will address these issues to accelerate the growth of the F&B sector– said Mr. Harshit Mittal, Co-founder & CTO of SupplyNote
EV 2-Wheeler Manufacturer- Enigma Quote
The proliferation of electric vehicles exemplifies their growing popularity, as indicated by previous sales figures and the visibility of the number of EV vehicles on the roads. What’s more encouraging is that electric two-wheelers are paving the way for the greater adoption of electric vehicles in India. Despite being a large market, the government must prioritise research over sales if India is to become a world leader in this technology. Incentives should be allocated for collaborations with universities to advance the R&D of EV technology.
Recent controversies involving the alleged misappropriation of funds under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) subsidy program, highlight the need for careful consideration of the long-term consequences of such incentives. Therefore it would be beneficial to allocate the FAME subsidies directly to customers’ accounts. As the growth of the EV industry depends on charging infrastructure, designated funds for the development of charging stations along major roads, both national and state is required. In this regard financial provisions to establish solar-powered charging stations in collaboration with the government to achieve zero-emission capabilities for electric vehicles is highly desirable– said Mr. Anmol Bohre, Co-founder & Managing Director of Enigma
Automovill- After sale car servicing
“Impending recession and negative sentiments in the market has been a great concern for growth stage startups. Demands for higher margin and lean structure from stakeholders and investment ecosystem making startup journey tough for any charismatic results. This could be the time where Govt. could do best for boosting Startups, MSME sectors and entrepreneurs vying for growth post pandemic. We strongly support GST regime, however at the same time MSMEs/Startups also need flexibility of in filings. Working in B2B environments and long-standing contracts makes regulatory filings difficult, which needs more freedom in terms of time and options.
Coming to the Automotive and specially aftersales segment, the entire sector is reeling under tremendous pressure against the availability of spares and low spending of consumers. For better customer satisfaction, we need support for facilitating the availability of imported spares, relaxation on rules by insurance companies and curbs on vehicular lifetime management. Reducing the GST norms for billing on labour specially in After sales ecosystem is always a demand. Labour rates should be at 5% GST like the service charges in some other industries (i.e. hotels). Most of the auto workers lies in the bottom of the pyramid, reducing GST on labour to 5% will boost the income and livelihood opportunities as well as can create more entrepreneurs in the segment.– said Mr. Mridu Mahendra Das, Co-founder & CEO of Automovill