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  1. Budget 2017: Expect more startup friendly rules, says Abey Zachariah, Goodbox

Budget 2017: Expect more startup friendly rules, says Abey Zachariah, Goodbox

Abey Zachariah, Co-Founder & CEO, Goodbox on Friday said that he expects more startup friendly rules from Finance Minister Arun Jaitley in the upcoming Budget 2017.

By: | Updated: January 27, 2017 3:11 PM
"Digital payments cost should be brought down further. This will help make India a digital economy at a faster pace," he added. “Digital payments cost should be brought down further. This will help make India a digital economy at a faster pace,” he added.

Abey Zachariah, Co-Founder & CEO, Goodbox on Friday said that he expects more startup friendly rules from Finance Minister Arun Jaitley in the upcoming Budget 2017. “Startups of today will power the economy of tomorrow. The definition of a ‘startup’ needs to be revised to include companies funded by foreign VCs and not just those registered with SEBI. The date of such funding should be taken while deciding the time till when a company is considered as a startup rather than the date of incorporation,” he said. “Digital payments cost should be brought down further. This will help make India a digital economy at a faster pace,” he added.

Peyush Bansal, Founder and CEO, Lenskart also said that he expects the government to continue with positive policy announcements and look forward to the implementation of single window license regime in order to improve the business environment and give a strong push to start-ups in India in the upcoming Budget 2017. Speaking to FE Online he also said that a “futuristic tax policy (single tax regime through the roll out of GST) that will create grounds for innovation and entrepreneurship,” is expected. “2016 has been an exciting year for the Indian economy. The government has been making positive reforms allowing the e-commerce industry to move at a superlative speed. Government’s support in retail and e-commerce expansion has enabled us to reach out to the consumers in tier 2 and 3 markets,” he added.

Narendra Modi government will be presenting Budget 2017 on February 1. Yesterday, Supreme Court dismissed the plea to change the Budget date from February 1. The Budget is special not only for the fact that it has been preponed but more importantly because it comes within months after Modi government’s massive demonetisation drive. Most analysts and economists expect Budget 2017 to be tax-payer friendly, especially given the pain that common man has faced after old Rs 500 and Rs 1000 notes ceased to be legal tender money.

Meanwhile, the Cabinet Committee on Parliamentary Affairs (CCPA) recommended holding of the Budget Session from January 31. The first part of the Budget Session will run till February 9. The 92-year-old practice of presenting a separate Rail Budget is going to end from this fiscal, with the Finance Ministry accepting Railway Minister Suresh Prabhu’s proposal to merge it with the General Budget.

Finance Minister Arun Jaitley has indicated that railway travel may become pricier for passengers come the next financial year.

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