Startup News Magazine

Pre-Budget Quotes 2023 by Startups

Mr. Krishna Veer Singh, Co-Founder and CEO of Lissun

Post-Covid, there is a clear focus on investing in the healthcare infrastructure of India. To achieve scale, it is clear that the digital part of healthcare needs direction and a boost. We hope the government allocates more funds to health tech, enabling a large population to be covered with minimal cost.

 Especially on mental health we are seeing mental health issues rising year over year. But last year, we saw a significant and welcome push by the government with the launch of a national tele-mental health program to provide 24×7 free counselling and care to people. On the insurance side, we also had a significant push to cover mental health diseases by IRDA. However, insurers in India seldom offer policies that cover non-hospitalization treatments or OPD reimbursements. Unless mentally ailing patients get hospitalized, they won’t be eligible for coverage. Insurance covers, thus, naturally exclude therapy and psychiatric counselling coverages. IRDA should push for OPD reimbursements for psychology therapy and counselling.

Mr. Neeraj Tyagi, Co-Founder of We Founder Circle 

 “As a startup builder, we would expect some bold initiatives by the government to encourage more participation of small check investors as angel investors in the ecosystem. This could be in the form of tax exemptions on returns from investments, as already the investment is risky in this asset class, so an incentive in the form of tax rewards would work as a catalyst. 

 Also, a tax exemption slab increase in GST would be a big step for startups. Moreover, more active participation of government supported Incubations and seed funding would bring a lot of pace in the Tier 2/3/4 cities startup innovation.”

Mr. Kumar Gaurav, Founder & CEO of Cashaa

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 launching the e-rupee, we expect the government to bring in more regulations for cryptocurrencies. Estimations point out that India’s crypto ownership is almost double that of the rest of the world. This being said, the government will more likely introduce a regressive tax on cryptocurrencies.

Mr. Aashay Mishra, Co-founder & COO of PrepInsta

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 compared 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. 

Mr. Atulya Kaushik, Co-founder & CEO of PrepInsta

India has the highest proportion of generation Z and millennials interested in digital learning to improve their skills and prepare for technical jobs. Despite Ed-tech’s success post COVID-19 pandemic, India still lacks technological resources to provide eLearning to aspirants. Over the years, we have realized how students suffer because of inadequate internet speed and the absence of smartphones, particularly in tier 2 and tier 3 cities. Therefore, from the budget for 2023, we anticipate the 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. 

Mr. Manish Agarwal, Co-founder & CMO of PrepInsta

Since the COVID-19 pandemic’s outbreak, EdTech services have massively lowered the country’scountry’s skill gaps by linking the country’scountry’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’sIndia’s brilliant minds.

Mr. Sarvagya Mishra, Co-founder & Director of SuperBot (PinnacleWorks)

Over the years, the popularity of Artificial Intelligence (Al) has skyrocketed across industry sectors due to the greater push toward automation. While previous budgets acknowledged the relevance of AI technology in modernizing 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 anticipate announcements and measures to improve digital infrastructure such as high-speed internet and data centres. Moreover, as the startup founder, I eagerly look forward to funding and investment opportunities such as venture capital and angel funding to accelerate our business momentum.  

Mr. Ankit Ruia, Director & CTO of SuperBot (PinnacleWorks)

 In the aftermath of COVID-19, almost every second business migrated online after recognizing the significance of automation. Given the centre’scentre’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’sIndia’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’snation’s economy, the Union Budget should also include tax relaxation to spur innovation and minimize regulatory burdens to aid in the ease of doing business. 

Mr. Kushang, Co-founder & CEO of SupplyNote

As a technology start-up in the food and beverage industry, SupplyNote is keenly aware of the sector’s challenges. From high taxes to complex liquor regulations and difficulties in obtaining permits and licenses, the industry needs 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.