Says Sanjay Shah, Chief Operating Officer, Wadhwani Foundation – India/SEA, “The Indian startup ecosystem skyrocketed in 2021 to become the third-largest globally with 78 unicorns, 8 IPOs and a 3x increase in total funding over last year to touch $39 billion. However, despite a stellar show, two challenges are predominant in the Indian startup space; (1) many unicorns in India lack a compelling revenue base and require an infusion of cash flow for survival (2) the need to accelerate their digital transformation with technology and platforms. Hence, in 2022, the government should look at assisting startups through policies and support mechanisms towards domestic capital participation, favourable investment climate in tier 2 and tier 3 cities, incentives to set up incubators in every state, tax exemptions in foreign direct investments, and a high focus on startup infrastructure development. This will also help in the globalisation of Indian startups as ~42% of them are planning to go global in 2022.”

Says Shivam Sinha, Founder and CEO of Indiassetz, “With more than 80 Uniorns, the Indian startup and entrepreneurial ecosystem is rebranding India as “The Next Biggest Startup Hub”. Today, India is being recognised as a country with the perfect environment for entrepreneurial and employment opportunities to people all over the world. On this note, policies, which help startups scale exponentially and empower the common man to invest in startup and infrastructure development, should unavoidably be kept on top of the mind for the next fiscal year. This will strengthen the Prime Minister’s dream of getting India among the top 5 in the world in every sector.” 

HR Industry:

Says Mr Subramanyam S, CEO Of AscentHR – “Hit by the pandemic over the last two years, Income in the hands of individuals be it salaried or otherwise, except the IT / ITES / Healthcare employees,  has shrunk owing to lesser opportunities combined with an average appraisal(s). This trend has led to reduced earnings and increased expenses causing a dent in savings potential which was hitherto a big contributor  in the Indian economy. Given the circumstances, Govt must continue the option of both the old and new regimes and encourage small savings for tax purposes and possibly put more cash in the hands of individuals through more tax saving options or increase of standard deduction.

In addition the government should consider incentivizing employers promoting WFH to facilitate better growth of Tier II and Tier III cities or engaging more GIG/Platform workers which reduces gender bias and enhances options before an individual in ways he can improve earnings.”

Education Sector

Says Sunil Dahiya, Executive VP, Wadhwani Opportunity at Wadhwani Foundation, “Training, upskilling, and reskilling talents from freshers to veterans is the need of the hour for India in 2022. We recommend the government to focus on three things to reposition India from being the value-oriented talent pool to a demandable one; (1) allocate budget for specialized, government-led, training and skilling centres (2) focus on vocational and experiential led employment openings across industries, and (3) redefine the hiring and retention policies for companies across India by mandating a minimum wage policy for each industry and skill. Budget allocations specifically aimed at reskilling and upskilling for family-supporting jobs will be a game-changer for the skill development ecosystem in India.”

Investment and Wealth Management Sector:

Says Shivam Sinha, Founder and CEO of Indiassetz, “With respect to the aftermath of the COVID-19 pandemic, the Indian economy grew 8.4% in the 3rd quarter of 2021. While India is going through another wave of the pandemic, it is crucial to closely examine and redefine the wealth, investment, and tax reforms of the country. To keep the growth intact, tax policies on investments in global stocks and foreign direct investments should promptly be reviewed. While the tax revenue is of crucial importance to the recovery of the Indian economy, a balanced approach towards GST, property tax liability, and stamp duty will play a very important role in determining an average Indian’s ability to invest in the real estate sector. Starting from the remotest of areas in the country, a focus on investments in townships and infrastructure is equally important to help the Indian economy rise back to its full potential.”

SME Sector:

Say Samir Sathe, Executive VP, Wadhwani Advantage at Wadhwani Foundation, “We would like the government to take swift measures to prevent potential inflation, create an industry-based innovation capital fund, create a national and state-funded task force of experts, advisors and implementation partners, to transform the weak enterprises into strong and stronger ones into globally competitive enterprises.”