Here Is How The Startup Community In India Reacted To The Budget For 2023.
India’s Union Budget 2023 gives young Indian entrepreneurs, in particular, optimism for a brighter year after 3 years of combating several pandemic-related issues.
After the US and China, India has developed into the third-largest start-up ecosystem in the world. Through a number of governmental actions, the government has supported the startup industry. It’s commonly accepted that India will see an “entrepreneurial decade” between 2020 and 2030.
One of the most anticipated days on the startup calendar is the Budget because government policies have the power to alter the course of businesses and even create entirely new markets. Similar to previous years, the government unveiled a number of policies in the budget for 2023 that would have an influence on startups.
Let’s see the reaction
Kunal Bahl- Snapdeal Founder
Snapdeal founder Kunal Bahl said, “Budget ‘23 is a reassuring balance between investing for growth & maintaining fiscal discipline,”. He also said, “Emphasis on infrastructure spending, green tech, and further development of public digital infrastructure augur well. Tax breaks for the middle class will boost spending sentiment,”. The increase in digital transactions that was foreshadowed in the budget also pleased Bahl. He tweeted “Digital transactions in India saw a 91% increase in value YoY! Such incredible growth off a large base at a national scale of India’s size is beyond mind-boggling!”.
Budget ‘23 is a reassuring balance between investing for growth & maintaining fiscal discipline. Emphasis on infrastructure spending, green tech and further development of public digital infrastructure augur well. Tax breaks for the middle class will boost spending sentiment 🇮🇳🇮🇳
— Kunal Bahl (@1kunalbahl) February 1, 2023
Digital transactions in 🇮🇳 saw a 91% increase in value YoY!
Such incredible growth off a large base at nation scale of India's size is beyond mind-boggling!
🔥🔥🔥#Budget2023
— Kunal Bahl (@1kunalbahl) February 1, 2023
Vijay Shekhar Sharma- Paytm Founder
Vijay Shekhar Sharma, the founder of Paytm, also lauded India’s advancements in digital public infrastructure, which were highlighted during the budget, by using three rocket emojis.
🇮🇳🚀🚀🚀 https://t.co/scTKlZJGLa
— Vijay Shekhar Sharma (@vijayshekhar) February 1, 2023
Anand Lunia- Founding Partner Of India Quotient
Anand Lunia of India Quotient discussed the prospects the budget will provide to start-ups. Budget opening up a tonne of startup chances… Nearly makes you forget about regulatory quirks and tax cuts, he tweeted.
Budget creating massive startup opportunities…
Almost makes you forget tax cuts and regulatory niggles…— Anand Lunia, IndiaQuotient (@anandlunia) February 1, 2023
Sridhar Vembu- Founder of Zoho
On budget morning, Zoho’s creator Sridhar Vembu emphasised the growth forecasts for India, which revealed that it will have the world’s fastest-growing major economy in 2019. He tweeted, “India is the growth engine of the world. It is a testimony to the leadership of our Prime Minister that in a challenging global economy, India is doing so well. To sustain this for decades ahead, our private sector must invest in R & D and building our technology capabilities,”.
India is the growth engine of the world.
It is a testimony to the leadership of our Prime Minister that in a challenging global economy, India is doing so well.
To sustain this for decades ahead, our private sector must invest in R & D and building our technology capabilities. https://t.co/LPrHxq3LPI
— Sridhar Vembu (@svembu) February 1, 2023
Kunal Shah- Founder Of Cred
Kunal Shah, the creator of Cred, was at his most sardonic. He merely tweeted a joke about how everyone becomes an entrepreneur on budget day while everyone else was posting their budget comments.
— Kunal Shah (@kunalb11) February 1, 2023
Indian startups’ 2023 budget and expectations:
Increased from the present 2.5 to 3 percent, Indian start-ups are anticipated to contribute 4-5 percent of the GDP of the nation. The country has experienced an increase in the amount of “start-ups recognized by the Department for Promotion of Industry and Internal Trade” of over 190% since the beginning of Startup India in 2016. (DPIIT). According to the sector’s report, 8.6 lahks direct employment is supported by it. Industry participants are now turning to the Union Budget of 2023, which will be delivered by “Finance Minister Nirmala Sitharaman on February 1” before the Lok Sabha, for assistance in the form of funding and a tax reprieve.
