INVC NEWS
New Delhi ,
Our Finance Minister, Nirmala Sitharaman presented the fourth Union Budget of the Modi 2.0 Government on Tuesday. In her speech, she said that the budget will lay the foundation for India’s economic growth and expansion for the next 25 years.
The Indian Corporate sector, which employs lakhs of people across the country, expressed its satisfaction over the Union Budget.
“Extending ECLGS with an increase in allocation from 50 thousand to 5 lakh crore is a welcome step by the Indian Government to empower the hardest Covid-hit MSMEs to cope with the challenges arising out of the Pandemic Situation” says Mr. Rajesh Gupta, CTO & Co-founder at BUSY Accounting Software
FM Nirmala Sitharaman also stated that The country has seen a manifold increase in successful start-ups over the past few years and they have emerged as “drivers of growth for India’s economy”. In a big boost for the sector, the existing tax benefits for such businesses, which were offered redemption of taxes for three consecutive years, has been extended by one more year till March 31, 2023.
Sharing his views on the same Mr. Ravi Mittal, Founder & CEO of QuackQuack says, “The budget gave a futuristic feel of things to come with focus on technology and enabling digital for the country’s growth. The government’s support to startups involved in drone tech will help fulfill the dreams of drone deliveries. The support on EV infrastructure will be a boon for startups in the EV space. With respect to taxations, the reduction in long term capital gains taxation will certainly benefit startups. Quite a few things were desired for the startup space, but these are welcome moves” –
The Investors and Startups operating in the virtual digital assets and cryptocurrency ecosystem also hailed the visionary budget presented by the Finance Minister. The move to tax 30 per cent on any income from transfer of any virtual digital asset is seen as a stepping stone in mainstreaming the asset class.
“The government seems to be approaching the crypto space with a comprehensive understanding, while keeping in mind the P2P nature of crypto as they’re considering taxing the transfer of digital assets. While we eagerly wait for the crypto bill, we expect positive and well-thought regulations going ahead, which are strongly needed for consumer protection.UPI and Aadhar are ground breaking, world renowned finance and governance initiatives. We hope for the same from Indian crypto regulations” – says Mr. Roshan Aslam, Co-Founder & CEO at GoSats on the Crypto bill.
Overall, India Inc has termed FM Sitharaman’s second pandemic Budget as growth-oriented and said it exudes a fine balancing act with an increase in capital expenditure while maintaining fiscal discipline.
“No explicit rise in the stock market post-budget announcement is a clear indicator that the business community isn’t really excited. There is not much for startups except for the upsurge in Tax Incentives concerning three to four years old incorporations. Overall the government is eyeing stability post the third Covid wave, which is demonstrated less aggressive in Budget 2022 – adds Mr. Siddhartha Vanvani, Founder & CEO,Digidarts on the Union Budget.
