India’s startup landscape is at a critical point as we approach Budget 2024. The whispers from industry experts are clear: the ecosystem needs a resurgence. The startup sector is navigating through funding slowdowns and needs policies that will rekindle its growth potential.
In this blog, we explore the voices of industry leaders and their expectations from the upcoming budget 2024.
The Call for Innovation and Simple Regulations in Budget 2024
Anil Agarwal, CEO and Co-Founder of InCruiter stresses the need for a budget 2024 that goes beyond economic reform to foster an environment where startups in India can flourish. He suggests that the budget 2024 should focus on empowering tech startups and small businesses with dedicated funds for innovation and tax incentives for research and development. Simplifying regulatory processes and compliance frameworks is also crucial to reduce complexity and encourage nimble operations.
Employee Well-being and Digital Infrastructure
Moreover, employee well-being is crucial, with calls for flexible work hours, remote work options, and a ‘right to disconnect.’ Investing in professional development and enhancing digital infrastructure with technologies like cloud solutions and cybersecurity are also vital components of a startup-friendly budget.
Nishant Kumar, CEO of Earthy Tweens, points out the potential market size for startups, which is expected to exceed $100 billion by 2025. He hopes the budget 2024 will introduce pivotal policy changes related to tax and investment that will fuel growth and innovation. The goal is to make India’s startup environment as vibrant and conducive to growth as possible.
Empowering Entrepreneurship and Addressing Investment Concerns
Amit Mishra, Co-Founder of 91Squarefeet, adds to the discourse by highlighting the need for a progressive capital gains tax regime for startups, akin to that enjoyed by listed companies. Addressing ESOP taxation is also essential to attract and retain top talent.
Charting a Growth Path
Despite the recent downturn in funding, with a 30% decline in the last quarter of 2023, experts like Nishant Kumar believe in the sector’s growth potential. A conducive ecosystem that nurtures new entrepreneurs and startups is the need of the hour.
Conclusion: Budget 2024 as a Catalyst for Change
As India awaits Budget 2024, India’s startup sector stands at a threshold, waiting for policy changes that will unlock its potential and reignite its spirit. The focus should be on easing regulations, simplifying compliance, and offering incentives that would revitalize the sector. With the right moves, India can ensure that its startup ecosystem remains a powerhouse of innovation and a cornerstone of economic growth. As we chart the course for the next fiscal year, let’s plant the seeds for a flourishing startup culture that will lead India’s economic narrative in the years to come.
