As the Union Finance Minister Nirmala Sitharaman is about to present the Union Budget on February 1, leaders from the technology-based firms give their opinion on how the budget is going to shape the future of technology and the start-ups in India. They talk about various aspects that should be a part of the budget announcements and sectors that must be in the spotlight.
Amit Gupta, CEO & Co-founder at Rapyder
We are optimistic about the country’s economic growth as he foresees better days compared to the current slow down. He said, “India, no doubt continues to remain the software development hub for the world. More hurdles in the path of MSME growth would be removed as I foresee a significant relaxation in the lending aspects for MSMEs to survive the current economic changes.
The government could relax some of the compliances, which were mandatory earlier. It will also address the issue of delayed payments to MSMEs. The ecosystem of MSME lending is set to see the significant transformation. Thanks to better access to authentic data from various credible sources that provide a better understanding of the nature of the specific business, its growth potential and profits.
The government will become even more citizen-friendly, by providing a boost in consumer confidence with lowering personal income tax in the coming budget. This is, in turn, is expected to fuel demand for goods and services, leading to consumer-spending more for buying and consumption.
Shailesh Shah, Co-founder at Strata Consulting
India needs to garner over $10 trillion to get its urban infrastructure going in the correct direction. We need relevant, innovative and bold policy interventions to help make this happen. In the short term, we need to foster exports and domestic consumption while we start thinking beyond taxes the way we currently are to balance budgets. The Insolvency and Bankruptcy Code is a step in the right direction but is in its infancy in comparison to the depth and width the nation needs to resolve thousands of cases and trillions of rupees. As a nation, we need to commit to monetary policy that helps align inflation and interest rates to massive growth.
Vaibhav Kapoor, MBBS, MS & Co-founder at Pristyn Care
As a startup trying to increase the accessibility and affordability of minimally invasive surgical technologies beyond the confines of corporate hospitals in Tier-1 cities to Tier-2 and Tier-3 cities, we could benefit a lot from partnerships with the government. The existing infrastructure of government hospitals, coupled with experienced surgeons and the latest technology from the private sector can go to great lengths in ensuring that the vast majority of the population, that was previously bereft of the benefits of quality secondary care, can now be guided on the path to health.
As the largest and sole provider of Laser General Surgery treatments in India through Ayushman Bharat, Pristyn Care has already taken steps in this regard to extending the benefit of Government schemes through a hassle-free patient experience, but now the Government must also include provisions for such partnerships in the upcoming Union Budget.”