The founder of ShopClues and Droom Mr. Sandeep Aggarwal has hailed the Union Budget 2017-2018 as a progressive economy budget and said that he hopes that it will help GDP to move in an upward direction. “The Union Budget 2017-2018 is a progressive economy budget. I hope with the Union Budget 2017, GDP moves in an upward direction this financial year vis-à-vis calendar year 2016 which was negatively affected due to demonetization,” he said.
He also had a positive take towards government’s announcement to reduce the fiscal deficit gap. “The government has mentioned everything right from reducing fiscal deficit gap to cleaner GDP growth, expansionary nature of monetary policies to reducing the tax for income bracket of Rs 5 lakh,” he added.
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Mr. Sandeep said, “Profit linked-deductions for start-ups getting reduced to 3 years out of 7 years is a big relief for the startup ecosystem. Until, last year government had given three year tax holiday and MAT (Minimum Alternative Tax) which was going to expire by 2019 and now has been extended to 7 years. Increasing the tax holiday from 3 years to 7 years is a welcome change and startup friendly.”
However, he was completely satisfied with the Budget and said that there was scope for more reforms for entrepreneurs. He said, “There are a lot of things I was hoping 2017 Union Budget to touch upon for example policies to ensure that capital is easily accessible to entrepreneurs, repatriation of money coming to India, R&D credit, no capital gain for any kind of start-up sale or exit and to make foreign listing for any Indian company straightforward. These pointers should have been addressed.”