Union Budget 2016: From Kaaryah to Carwale, startups hope Arun Jaitley delivers on Narendra Modi vows
Narendra Modi was also seen clapping when Suresh Prabhu announced measures to create employment opportunities for "district domiciles" in railway projects and for having toilets in select railway stations for people with disabilities. Soon after presentation of the Budget, Modi went up to Prabhu and shook hands with him. Later, a smiling Modi was also seen chatting with Finance Minister Arun Jaitley.
1. Budget 2016 - kickstarting startups: "Implementation of nationwide GST (Goods and Services Tax) will help in simplifying the entire tax structure, will cut business costs and will ensure more revenue for us," said Navneet Singh, co-founder of PepperTap. He said he was looking for simpler processes, easy regulations, faster clearances and less of red-tape, and added: "More liberal labour laws and capital flows will enable business to be more adaptable and agile".
2. Budget 2016 - kickstarting startups: Atit Jain, CEO and co-founder, Pluss, noted that India did not have taxation treaties with the US and Japan that have the potential and intent to heavily invest in Indian start-ups. "Laws should be passed so as to avoid double taxation for investors in these countries. This will attract a significant investor interest in India and thus promote India's start-up ecosystem," Jain said.
3. Budget 2016 - kickstarting startups: "Implementation of the already mentioned tax holiday for start-ups for a period of three years and tax benefits for angel investors will also act as a huge encouragement for the entire sector," said Nidhi Agarwal, founder and CEO, Kaaryah.
Department of Industrial Policy and Promotion (DIPP) secretary Ramesh Abhishek launched a portal and a mobile app on the start-up India programme, which will provide up-to- date information on various notifications/ circulars issued by various ministries and departments “towards creation of a conducive ecosystem for start-ups”.
5. Budget 2016 - kickstarting startups: Mohit Dubey, co-founder & CEO, Carwale, said he hoped the government would address fuel policy -- "by moving us to global quality standards and using pricing to encourage lesser polluting fuels, rather than a partial ban on diesel-run vehicles as is currently imposed. Indian start-ups also often face a lot of hurdles in securing investment, particularly during the early phases of their growth. This can be remedied by giving out tax benefits and incentives for early stage investors," said Amit Mishra, CEO and co-founder, Quifers. That would help establish a much larger, holistic seed and early stage investment ecosystem within the country and enable Indian start-ups in achieving scale and success, Mishra added.
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ANALYSIS / EXPERT COMMENTS
- Meghnad Desai
India needs a body like the UK’s Office of Budget Responsibility
- Anita Rastogi
In addition to simplifying the taxation structure, implementation of the GST regime will help eliminate most indirect tax issues
- Nirvikar Singh
Repressive regimes fail to deliver inclusive and substantive economic growth
- Anwar Shirpurwala
Extend duty incentives for mobile phones and tablets to all Information Technology Agreement goods
- Eric Mehta
Will this Budget be an enabler for ‘Make in India’, ‘Make for India’ and, most importantly, ‘Make India’ is something that will soon be answered