Budget 2022: Due to the pandemic, the startups of the country have faced unexpected challenges in the last two years. Most of the funds ran out, many entrepreneurs had to grapple with multiple tax woes and some had to shut down their operations. Now all eyes are on Finance Minister Nirmala Sitharaman, who will present the budget on February 1. Let’s have a look at what startups are expecting from the Union Budget 2022-23…
Jitendra Choksey, Founder and CEO, FITTR
Investing in startups is important as they are the engines of job creation. We expect the government to come out with policies for domestic capital participation and introduce necessary support mechanisms. There is a need for tax exemption in foreign direct investment with emphasis on startup infrastructure development, which will open doors for globalization of Indian startups.
Rohit Gajbhiye, Founder and CEO, FinancePeer
Financepeer : The year 2021 has been great for the fintech sector with record investments, which has outperformed other sectors even during the pandemic. Budget 2022 should encourage the growth and success of the fintech industry with favorable policies and reduction in restrictions. The boom in digital infrastructure would not be complete without a data protection mechanism. In the general budget, emphasis should be laid on the development of infrastructure necessary for data security. Strengthen NBFCs through incentives and investments. New reforms should be brought in the fintech sectors.
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Jatin Paranjpe, Founder, Khelomore
KheloMore : Ease of access will give a boost to sports in India. At present, the 18% GST on sports coaching, booking of sports venues and purchase of sports equipment is a major constraint. The government should bring it down to between 5 and 10 per cent.
Rahul Singh, Co-Founder Mesh
Mesh: We expect this budget to be an innovation and growth spurt. Compliance can be simplified in the budget, tax structure can be simplified with tax incentives, which will create an investment-friendly environment.
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Vijayaraghavan Venugopal, CEO & Co-Founder, FastAndUp
In the last year’s general budget, the spending increased by 137 percent with the allocation of Rs 2.23 lakh crore for the healthcare sector through the PM Self-Reliant Swasth Bharat Yojana from the funds released by the government. Spending on the sector is expected to increase this year as well, as it will affect the entire economy. We expect reduction in GST on domestic healthcare products and companies, including reduction in GST on immunity boosting products.
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