Startup News Magazine

Budget 2023 Quotes by Startups

Ms. Sujata Pawar, Co-Founder & CEO at Avni

A Feminine Hygiene and Menstrual Healthcare Startup

“While the Union Budget 2023 will primarily focus on promoting comprehensive, holistic growth across the nation, it would be great if women’s health and wellness, particularly menstrual hygiene, are kept on high priority. For India to spring up from its menstrual waste problem, we eagerly await government policies that foster the marketing and sale of organic biodegradable menstrual products. This small step can reduce the tons of commercial plastic sanitary napkins that create mountains of landfills. Although the emphasis should be ‘Make in India’, lowering import taxes on raw materials could assist in addressing the initial bottlenecks and motivate more female-led businesses to contribute to a greener India.

 In terms of financing, the seed fund scheme is a great initiative; however, it needs to be more transparent and structured so that startups can easily navigate it. A central database of all possible schemes through which startups can access funding must be established. Having a counsellor or guide accompany the startup to the appropriate incubator will also be beneficial. Moreover, a single-window policy for all registrations such as incorporation, Pan, GST, MSME certificate, and so on will help save time, effort, and money.”

Mr. Vidyarthi Baddireddy, CEO and Co-founder at PickMyWork

“Despite pandemic-induced inflation, the nation witnessed flourishing entrepreneurial ventures as a consequence of early-stage acceleration and venture capital, as well as a push from the gig economic model to initiate and prepare businesses for the future of work. Given the prospects the Indian startup ecosystem holds for global investors, this year’s Budget will be worth watching out for. While this is a promising indicator, the urgent priority of the hour is to devise a policy that further encourages a sturdy startup ecosystem through easier loan disbursements, e-approvals, and more government-led incentives in India’s tier-I and tier-II cities. Although the Fund of Funds for Startups (FFS) has played an integral role in mobilizing domestic capital in the Indian startup ecosystem, government interference should occur directly in this respect to ramp up the startup perks being offered, particularly for early-stage startups. Moreover, the government should also recognize relieving angel tax constraints in Budget 2023, as startups are frequently in the early stages of their growth and may not generate the same level of income or revenues as established businesses. Taxing the funds startups secure from investors may demotivate them from advancing creative solutions and developing new technologies.”

Dr. Ganesh Nikam, Managing Director and CEO of Biojobz

An Industry leader in “Executive Search” & recruitment for the Biotech & Pharmaceutical industry. 

“Since it is a budget wish list, I would like to limit my wishes to two significant demands on taxation. One, considering the holding period, ESOPs should be considered long-term capital gains (LTCG) for tax purposes and should only be taxed at the time of sale rather than at the time of exercise. Two, to incentivize and increase retail investments into early-stage startups, a) Tax credit upto to Rs 5 Lakhs from personal taxable income for any investment loss in recognized startups b) Deferring of capital gains in case it is reinvested in startups, or any SEBI recognized funds.”