Post-Budget Quotes 2023 by Startups
Mr. Kishan Tiwari, Co-Founder & CEO of TSAW Drones
The Hon’ble Finance Minister’s announcement in the Union Budget 23-24 to revitalize 50 additional airports, heliports, water aerodromes, and advanced landing zones is a landmark decision. This will jumpstart the fourth industrialization by effectively utilizing drone technology for automation in logistics, transportation, infrastructure, and rural development and create new-age jobs for the nation’s youngsters. TSAW is committed to supporting the government’s mission by assembling state-of-the-art ‘Made in India’ drones. DRONECO is committed to providing end-to-end drone services for internal sovereignty, last-mile connectivity, agriculture, healthcare and others. The government’s announcement of the Agri Accelerator Fund will encourage more entrepreneurs to serve Indian rich and heritage agriculture Industry. Being a Drone manufacturer, TSAW sees an ample opportunity of collaborating with Agri start-ups to serve and show a real case of Drones in the Agriculture industry.
Mr. Neeraj Tyagi, Co-Founder & CEO of We Founder Circle
“Post-pandemic, many startups were struggling for survival and still are. The announcement of the extension of tax benefits on the incorporation of startups, and additional 3 years to carry forward the losses to set off against future profits will serve as lifeboats to many. Additionally, what is not realized yet is that ease of compliance plays a major role for any business. More so for new businesses and young entrepreneurs. More than 39,000 compliances have been reduced, offering great convenience to startups and encouraging aspiring ones. The Agri Accelerator Fund set up by the government will not only encourage entrepreneurs but also attract investors to invest in Agri startups aggressively. The good thing is that we have some of the most exciting agri startups like Hesa, Anveshan and Growit.”
Mr. Mayank Arya, Co-founder of Yes Madam
“Startups in India demand ease of doing business, and the Hon’ble FM has considered the same by reducing more than 39,000 compliances and decriminalizing 3,400 legal provisions. This will not only provide relief to the existing entrepreneurs but will also encourage the aspiring ones. Additionally, the persisting skill gap in youth is something that is faced in every organization. This implicates a direct impact on the overall employment rate in the country. Therefore, the proposals such as Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 4.0 and setting up 30 Skill India international centres announced in the budget are more relevant now than ever.”
Mr. Manikanth Challa, CEO & Founder of Workruit
“Budget 2023 aims to fulfill youth aspirations, job creation, and macroeconomic stability. From an economic standpoint, this budget is focused on job creation and youth upliftment. What is also motivating is the announcement of the National Digital Library and three AI centres of excellence to enable ‘Make AI for India’ and ‘Make AI work for India,’ which will encourage youth from diverse backgrounds to learn comprehensively. The government’s increased emphasis on developing e-content in all Indian languages and launching a “digital university” will benefit the country’s literacy rate”.
Ishank Joshi, CEO of Mobavenue Media Private Limited
“All eyes were on the government’s plan for the online gaming industry. However, during her speech, Finance Minister Nirmala Sitharaman said that the government would clarify the taxation regime for online gaming. The gaming industry is growing rapidly in India and is anticipated to expand to new heights in the years to come. The sector can reach its full potential and significantly boost the national economy with the correct government backing. Simplification, harmonization and capacity building will consolidate the economy’s growth path.”
Dhananjaya Bharadwaj, Co-founder & CEO of ParkMate
“The Budget 23-24 addressed by Finance Minister Nirmala Sitharaman reinforces the excellence of the Budget introduced last year. The Union budget correctly emphasized the need for greater emphasis on innovation, research, and development, which are vital to India’s ambitious goal of becoming a $5 trillion economy. A special proposal to establish three AI centres will motivate entrepreneurs aiming to launch AI startups. Moreover, it is worth mentioning that the planned infrastructure target is aligned with broader environmental and social goals. Like the rest of the startup community, we fully embrace the Budget 2023”.
Mr. Vijender Reddy Muthyala, Co-founder & CEO of DrinkPrime
Budget 2023 includes interesting plans for the future of AI in India and, more specifically, how to make AI work for India through partnerships between prestigious institutions and businesses! We are especially interested in seeing how the centres of excellence will help startups compete globally, as AI has made massive leaps forward in the last year. At DrinkPrime, we have begun leveraging AI’s power and hope that through government support, we can fast-track this development to make our mission of providing clean, safe, and healthy water with a reality!
Mr. Pradeep KP, Co-founder & CEO of Dhiway
A Budget which has no major surprises and continues to consolidate in a fiscal sense with a continued emphasis on capital expenditure.
In an industry sense, categorial announcements from the Government end for the need to create a Digital Public Infrastructure that can meet the needs of Agriculture, a one-stop solution for identity, a unified digital-based skill platform, and use technology to ease doing business. An important mention was made of the National Data Governance Policy that uses the concept of “Anonymised Data “– in the context of data privacy.
The importance of Trust-based Digital interactions is evident in all these policy pronouncements. Given Dhiway’s unique capabilities in this area, we see a lot of scope and opportunity for us to contribute to the overall process.
Mr. Ali Sait, CEO of Tech Avant-Garde
The education sector in India underwent massive disruption owing to COVID 19 pandemic. The initiatives introduced by the union budget are a welcome change. In terms of education, teacher training through innovative pedagogy, such as Gen Extra Muros (knowledge beyond walls), will help teachers facilitate the extensive use of technology in teaching and learning, remove language barriers, and improve educational planning and management. It also encourages innovation and out-of-the-box ideas through autonomy, good governance, and empowerment. The following Initiatives will lend towards endless empowerment -carte blanche – such as Multidisciplinary education and Pradhan Mantri Kaushal Vikas Yojana 4.0 are preparing Indian youth for the next generation. We look at the overall budget for 5G services to “Make AI in India and Make AI Work for India” as the beginning of knowledge-age education.
Mr. Kushang, Co-founder & CEO of SupplyNote
The food and beverage Industry had high hopes for the Union Budget. In the last year, the sector has faced two major challenges: recovering from the aftereffects of COVID-19 and combating rising inflation and food prices. However, following the announcement, the food and beverage industry had a mixed reaction to whatever little was doled out as part of the Union Budget 23-24. Nonetheless, the industry is optimistic that consistent measures such as skill development and new investments will help the industry recover from the disruptions caused by the Covid-19 pandemic.
Mr. Sarvagya Mishra, Co-founder & Director of SuperBot
This Budget is notable for its renewed emphasis on developing digital infrastructure. The Indian government’s intention to establish three “Centers of Excellence for Artificial Intelligence” in prestigious educational institutions to make “AI Work for India” is a dose of encouragement for entrepreneurs working in the field, hoping to give a new face to sectors and services. These centres will undoubtedly serve as a bridge between educational institutions and leading industries to research and develop practical AI applications across different verticals, including agriculture, health, and sustainable cities. Furthermore, the focus on building a strong AI ecosystem in India and training skilled AI professionals will assist new businesses in acquiring the right talent. This also puts a lot of responsibility on education institutes to strengthen the curriculum in the field.
Mr. Danish Ahmed, Co-founder of HealthTrip
“The Union Budget 2023 is a step towards making India one of the top healthcare destinations in the world. Initiatives like 50 new tourist destinations, 100 new nursing colleges, new R&D centers in healthcare by ramping up facilities in select ICMR (Indian Council of Medical Research) labs, are in the right direction to boost medical tourism as India will not only have quality healthcare workers but also better diagnosis of diseases and ailments.
The announcements of 50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism.
This could be an interesting step towards developing *religion-based* medical tourism. Destinations such as Bodh Gaya, Ayodhya, Amritsar and Ajmer attract millions of tourists who could also benefit from India’s high-quality healthcare services.
Besides, 100 labs for developing apps using 5G services will be set up in engineering institutions to help realize a new range of opportunities, business models & employment generation”.
Mr. Kundan Shahi, Founder of Legalpay
“It has been an excellent move by the Finance Minister to boost the Phase III project of Ecourts. This move will decongest the clogged judicial administrat FCion infrastructure. This will increase the main motive of providing access to justice and inclusion of citizens, making it easily accessible to all. This would ensure the core values of Indians, such as transparency, sustainability, empathy and trust towards the judicial system. This move reiterated that court is a service and not a place”.