Indian Startups Set High Hopes on Upcoming Union Budget 2024 | Business
As the date for the Union Budget 2024 approaches, the Indian startup community is buzzing with anticipation. Entrepreneurs and innovators across the nation are hoping for policies that would significantly bolster the growth and sustainability of early-stage and health tech companies. Among the most awaited changes are the elimination of the so-called angel tax and an increase in sector-specific funding, which could provide a substantial lift to India’s dynamic and evolving startup ecosystem.
The Indian startup landscape has seen an impressive growth trajectory, with the Department for Promotion of Industry and Internal Trade (DPIIT) recognizing 1,17,254 startups by December 2023. These startups are not just innovating across various industries but have also contributed to creating more than 12.42 lakh direct job opportunities. It is evident that startups are playing a crucial role in driving India’s economic growth and innovation, underlining the importance of supportive measures in the upcoming Union Budget.
Eklavya Gupta, CEO and Co-founder of Recur Club, highlights the rapid digital transformation underway in India’s business credit sector. With Fintech startups at the forefront, employing groundbreaking technologies to disrupt traditional banking and finance sectors, Gupta emphasizes the need for policies that facilitate further innovation and growth within this space.
Voices from throughout the startup ecosystem echo similar sentiments. Vinod K Singh of Concirrus calls for the abolition of the angel tax and a more streamlined duty structure to enhance capital formation and attract investments. This move is seen as essential for nurturing a healthy investment climate that could significantly ramp up startup growth and innovation.
Mirroring this sentiment, Rajiv Lamba from Surveysensum positions technological inclusion and dense investment in AI-based skill development as vital for advancing India’s global standing and internal growth. The emphasis on AI and technology points to the broader expectation among startups for the Union Budget 2024 to prioritize digital transformation and tech empowerment across various sectors.
Similarly, the health tech sector stands at the cusp of transformative growth, with startups like Hearzap leading the charge in bringing advanced healthcare solutions to India’s vast and underserved populations. Raja S, from Hearzap, underscores the critical need for increased funding and support for health tech startups, which can revolutionize healthcare delivery and access across the country.
With Finance Minister Nirmala Sitharaman set to table the Union Budget 2024 on July 23, the startup ecosystem is on the edge of its seat, eagerly awaiting policy shifts that promise to invigorate growth, innovation, and economic contribution. The anticipated removal of the angel tax, alongside enhanced sector-specific funding and support measures, could herald a new era for Indian startups, propelling them to not only national success but also placing them firmly on the global innovation map.
The burgeoning startup ecosystem is a testament to India’s entrepreneurial spirit and innovative prowess. As these startups await the Union Budget 2024, there’s a palpable hope that the government will introduce sweeping reforms and supportive measures to catalyze growth and ensure the continued prosperity of India’s startup landscape. The coming fiscal policies have the potential to not just shape the future of numerous startups but also significantly impact India’s economic trajectory and global business stature.
