Dr Nishi Singh, DirectorHOD (Department of Infertility & IVF), Prime IVF
While India goes through different stages of pandemics in the last 2 years, healthcare should be a priority as far as budget allocation is concerned. It means better medical schools, hospitals, staff, resources, etc. Looking at the lifestyle changes and lower fertility rates in India, it is also important to understand the need for better resources and treatments in healthcare. So, to address the fertility issue, Lok Sabha recently passed the Assisted Reproductive Technology Bill, which now allows IVF clinics to work towards better facilities. Therefore, we hope that the experts and leaders keep in mind all these factors while finalizing the budget for the upcoming fiscal year.
Mr.Naresh Kumar Mishra, Health Expert, Zyropathy
We expect the government to work on the grounds of GST as far as the health sector is concerned. Medical facilities are the basic/primary needs of humans, it is not a luxury. So, the GST should be implied accordingly. In Zyropathy, we save lives with the use of natural resources, and the government should cooperate with us in this attempt. Other than that, we think that with the right budget allocation, we would be able to get better resources, equipment, and space, to treat our patients. Also, there should be a tax holiday for 10 years for the new entrepreneurs creating new health systems and in turn reducing the burden on Govt. Infrastructure. Govt. Should also provide infrastructure-free of the cost for research and development to new entrepreneurs.” Said Commander Naresh, Health Expert and Founder Zyropathy.
Mr .Rajat Jain, Co-founder , Tech Expert, Pataa
The country is still coming to terms with the onslaught of COVID-19 and like many sectors, even the startup and tech industries are rallying in to relax the tax burden. There are some low hanging fruits like allowing startups to carry forward loses, bringing down the GST rate or providing relief packages. However the key issue that needs to be addressed is of funding. Cashflow and funding problem has killed many a successful and profitable business than any other factor put together. Even now most Indian startups (up to 85%) receive funding from overseas investors.
I think the government needs to both step-up and step-in. Domestic pension/insurance funds especially LIC need to open up their coffers to start ups giving them access to long term capital commonly called “Patient Capital” in industry parlance. The various funding options available under the Mudra scheme or CGTMSE are either too insignificant to make a dent or geared for SME sectors that don’t cater to the specific requirements of startups.
India is witnessing the second brain drain through Flipping, i.e. an act registering overseas and operating out of India. Simplified regulations, easy access to capital and few tax sops is all what it takes for companies to flip. India needs indigenous financing to stop this or we may lose the next generation of entrepreneurs to it.
The government needs to start picking up stake in local startup companies by choice rather than by compulsion to convert the debt. This public-private partnership will usher in the new era of our local decacorns ready to take on the world.
Mr Vikas Jain, Managing Director, Anytime Fitness India
People across the country have been very conscious about fitness and health for the past Decade or so. More so ever since the Pandemic struck there is an increased awareness of Health & Fitness and Immunity. It has been observed that people with better health & fitness levels have had less co-morbidities and were in a better spot compared to the other lot. Fitness has become a necessity. Fitness Industry in India has been considered a luxury always and has been highly taxed at 18%.
The gym industry is one of those industries which has suffered a considerable loss because of the pandemic. The industry’s loss will require a lot of support from the Government of India to regain everything. In the coming Union Budget Government can support the industry in reviving by:
- Simplifying the loan policies with low-interest rates and hassle free loan approvals.
- Lower the GST charged on gym memberships & coaching services.
- Fitness industry to be considered as necessity and be made a part of Health care services.
Mr. Satish Singh, Co-Founder MyLyfCare
“Health is the most important sector when it comes to the betterment of the society as a whole. That’s why we think that government should allocate a good budget for this sector. Also, GST should be minimised as we feel that health and treatment are not luxury services. It’s a primary need of any human. We are trying to do our best, but we think we would be able to do even better if we have more resources and funding. So, we would like to request government to allocate budget to the health sector accordingly.”
Mr Shams Tabrej, Financial Expert and Founder Ezeepay
With the growing demand for digitalization and platforms, it becomes important to take care of the funding in this area too. Last year, the government of India allocated Rs 1,500 crore to our sector to boost online payments and take fintech to another level. We hope even this year the government shows us the support and helps us do better. With the right funding and investment, we would be able to make the process easy for users and also generate employment in the country too.”, Said Mr. Shams Tabrej, Financial Expert and Founder Ezeepay.
Mr Ashutosh Verma, Founder at Exalta India
India has witnessed economical growth because of MSME sector. Being a big contributor to the growth of the country, MSME sector should get an appropriate budget allocation in the upcoming fiscal year. Also, as the pandemic situation has affected the sustainability and growth of thousands of companies in the country, the government can also help us in the low-interest loans from the banks. This way, we would be able to keep up with our research, innovative, production, and services. And when we can do that, we would be able to generate more employment opportunities for the youth, which in turn would benefit the government and our country’s economic development.
Mr Hiren Shah, Founder, The Men’s Life
“With pandemic hitting the world many businesses have been bearing losses. Some had to lay off their staff and shut down completely. We need the government’s help in sustaining the businesses and the growth of the Indian economy. We are expecting a decent budget allocation by the government for the startup brands like us. This would help us run better operations and provide better services to the customers. To help us with that, the government can set a low-interest loans policy for the service providers, and also lower the GST as it directly affects our sales and services.