The Times of India | 1 February 2023
Finance Minister Nirmala Sitharaman announced several measures to boost the satrtup industry in the country. In her budget speech, she proposed the extension of the date of incorporation for income tax benefits to start-ups from March 2024. “Entrepreneurship is vital for a country’s economic development. We have taken a number of measures for start-ups and they have borne results. India is now the third largest ecosystem for start-ups globally, and ranks second in innovation quality among middle-income countries,” said Sitharaman. In the Budget 2022-23, the government had allocated Rs 283.5 crore for the Startup India Seed Fund Scheme, which is higher than the Revised Estimates of about Rs 100 crore in the previous budget. The startup industry has welcomed the budget. Here are what CXOs of some popular startups have to say
Anirban Mukherjee, CEO, PayU India
“Budget 2023 is a great step towards supporting the long-term growth potential of India's fintech ecosystem amidst increasing global headwinds. The new National Financial Information Registry, simplified KYC processes and adoption of PAN as the common business identifier will help streamline business operations for fintechs across India. The government’s strong focus on cutting-edge tech like AI & 5G will offer a much-needed growth impetus to our country’s digital infra at a grassroots level. We at PayU India welcome the policies laid out in Budget 2023 and are excited to contribute driving financial inclusion through our digital payments & credit businesses.”
Vikas Jain, Co-Founder, PLAY Design Labs