Industry leaders in Pune lauded Wednesday’s Union Budget as a fiscally prudent and progressive budget, praising the Agri Accelerator Fund, the green energy initiative and the support given to startups and MSMEs, among others. Here are some of the reactions:
Vineet Patni, TiE Pune president
The Budget is extremely progressive in line with the Indian growth story. Significant announcements to drive entrepreneurship specifically focus on agriculture, AI and education and manufacturing. We are excited to support the cause of fostering entrepreneurship and employment creation.
Zelam Chaubal, TiE Pune charter member, chapter lead TiE Women Initiative Programme, and director of Kesari Tours Pvt Ltd
This year’s Budget is positive, encouraging and futuristic. It is about bettering India’s today while keeping an eye on the future. Digitalisation of agriculture to make farmers strong is an excellent initiative. Reducing business processes and ease of business processes will encourage MSMEs and new businesses. Women will benefit with Mahila Aamman Bachat Patra scheme. Skill India will benefit many young people. Reducing anaemia is a part of the Budget’s vision, and an example of how well-studied it is to make the country strong. The youth are our future and the Eklavya pattern of school, building and digitalising libraries for children is encouraging…AI is the future of the world and stress on strengthening AI will definitely benefit India.
The hospitality and tourism industry contributes 7.5 per cent to India’s GDP and the biggest hurdle of Indian inbound tourism is infrastructure. The Budget has shown promise to tackle this. The development of 50 tourist places in India, tourists’ safety, enhancement of the tourist experience and border tourism, among others, will boost tourism from within India as well. The Dekho Apna Desh initiative is promising too.
Shashank Deshpande, TiE Pune charter member and co-founder of Cubyts
An excellent Budget that is fiscally prudent and paves the path for growth through consumption (by rationalisation of income tax slabs) and higher allocation to infra. For startups, credit guarantees for MSMEs will boost startups. The government has also allocated Rs 283.5 crore for the Startup India Seed Fund Scheme. Also, the Budgetary allocations for the Fund of Funds for Startups stood at Rs 1,000 crore. A great visionary Budget that balances every constituent beneficiary of the country extremely well.
Aditya Modak, co-founder of Gargi by P N Gadgil & Sons
The government has maintained control of the current Budget by limiting the deficit within limits, leading to a 4 per cent higher revenue receipt over the revenue expenditure. The gold import duty has remained the same; we expected it to go down by 2.5 per cent. On the other hand, the import duty on silver has increased by 2.5 per cent, affecting the fashion jewellery market due to the price hike of sterling silver. On the other hand, the reduction in surcharge on super-rich taxpayers will give positive sentiment to investments. The increase in the income tax limit will increase the disposable surplus income of the middle class, which will be good for tourism, discretionary spending, and luxury FMCGs.
Sujata Pawar, co-founder and CEO at Avni
Women in India have received benefits in different areas like banking, health and others. However, in this Budget, the FM has announced the government’s aim to empower women by way of self-help groups focused on raw material supply, branding and marketing of products, and we understand it is a wonderful approach. In India women are driven by the ‘community effect’ and there could not be a better tool for their welfare. Additionally, since a lot of startups have come forward with innovations for women, by women, therefore, the ease of compliance will only help them reach the audience quicker and better.
Mohit Rathod, co-founder of Truly Desi
Agri Accelerator Fund will inspire a lot of young entrepreneurs in the agriculture sector to bring in innovations by supporting them financially and making this space more organised. Additional provision of marketing linkages should be considered for millet-growing farmers and startups producing millet-based products as it will give a huge boost to the sales of millet-based products in the domestic and international markets.
Chetan Walunj, co-founder of Repos Energy
The government initiative for green energy is a welcome step. There is a necessity to create a well-organised distribution network for a successful transition. Currently, only B2B are able to receive diesel for self-consumption. The government should allow the same facility for farmer producer organisations and self-help groups in the rural sector. Also, bulk purchase of fuel can be ensured through extension of credit. Banks should be encouraged to create fuel financing product at a lower rate. If this network is ready, transition of the same for green energy will be easy.
Tejas Kulkarni, co-founder of SheWork.in
The Budget is overall supportive of startups and MSMEs. Various schemes announced by the government will act as a catalyst for startups and MSMEs. The carry forward of losses to set off against future profits will now be allowed for 10 years instead of seven years. This is definitely good news for startups and entrepreneurs. Startups can now register one year after incorporation and tax liability shall come afterwards. This will give a boost to early-stage startups and would encourage many to get into startups and entrepreneurship. When repo rates increase, it has an effect on business loans as well. I was hoping the government would allocate funds for easier loans with better lending rates to startups. I was expecting more grants for startups. As a startup founder, I can say there are lots of challenges when it comes to raising loans from banks. When startups are in initial stages, they do not have any tangible ROI and at that stage, it becomes very difficult to raise funds from banks. If loans were easier to get, more startups would have preferred it instead of diluting their equity by going to VCs and angels.
Dr Ganesh Nikam, MD and CEO of Biojobz
After the Covid-19 wave, there was a huge cry to strengthen the health industry and infrastructure. Fuelling research in pharma and reducing dependency on exports was the first alarming need. The Union Budget this year has put a lot of attention to the same and increased health expenditure to 2.1% of GDP. The new programme to promote research in pharma through Centers of Excellence programme and other measures is a foundation-laying step which will give an R&D-oriented boost to Indian pharma industry and unleash the huge scientific talent of India. This will create more quality jobs and entrepreneurship. With persistent efforts like this, we could be at the forefront of the entire health and pharma global ecosystem.
Sunil Jalihal, founder-CEO Indic Inspirations
PM-VIKAS package for artisans and craftspeople announced in the Budget and its linking with MSMEs and skill development will enable the country’s artisans to improve the quality, scale, and reach of their products. This will link them to the manufacturing sector and help them address the opportunities as a manufacturing industry rather than as a cottage industry.
