Mohit Agarwal, CEO and Co-Founder of Adda52.com:

“The Budget announcement for the Indian startups by the Government of India is a sign of relief for all the entrepreneurs’ across the country. One important step of not scrutinizing the startups and investors who have filed the returns has provided a major respite to the startup community.  To add to this, it has relieved the startup community from the tax issues, as returns of startups will not be subject to any scrutiny from the Income Tax department. More than half of the startups have received Angel tax notices.

In this world of technology, it is indeed an interesting step by the government of India to air a channel under Doordarshan bouquet only for start-ups. This channel managed by the startups will broadcast programs aimed at inspiring start-ups across the country. It will be a great help to the entrepreneurs, as it will ensure that the important updates from the industry are aired through the channel.

Further, the government’s decision to provide internet connectivity under Pradhan Mantri Grameen Digital Saksharata Abhiyan will not only ensure that the startups are able to reach out to masses but it will be an added advantage for the rural population and provide them an easy access to internet. This is truly the wave of a New and Developing India!”

Mr. Pankaj Khanna, Founder & Managing Director, Khanna Gems Private Limited

“1. The industry was expecting that the import duty on gold will be reduced but on the contrary it has been increased. This will have a damping effect on the entire Gems and Jewellery industry. The jewellery sales to tourists will also suffer because of high-cost.

2. Numerous majors have taken to enable MSE & MSME tap the organised market. The will help the industry to grow and enable new startups to make their presence felt.

3. The reduction of corporate tax from 30% to 25% will improve the plough back of profits and give the small and medium enterprises an opportunity to use their own resources to fund their growth.”

 

 

 

Mr. Prodyut Bora, CEO, Bonphul Air Products Pvt Ltd

“Union Budget 2019 contains no major reforms for the start-up ecosystem. The budget speech didn’t quite cover any major reform directly related to start-up ecosystem. The budget lacked a few expected measures. We were hoping to see a positive action on the issue of Angel Tax which is a major concern and maybe there is some relief there. The budget 2019 states that start-ups in India are taking firm root and to resolve the angel tax issue, returns will not be subject to any scrutiny from the Income Tax department. Also start-ups and investors who file requisite declarations will not be subjected to any kind of scrutiny in respect of valuation of share premium.

Furthermore the Finance Minister Nirmala Sitharaman announced the government’s plan to launch an exclusive TV channel which will be started for start-ups. The channel is proposed to be started under Doordarshan bouquet to provide a platform for startups to disseminate information in the industry. Dedicated to start-ups, the channel will broadcast programmes aimed at inspiring start-ups across the country. It will be handled by start-ups themselves.

But I believe this is still not a major drive to stimulate growth in the economy.”