Mr. Vikrant Khanna(Co-Founder / CEO) of Mogi IO says, Budget sets the tone for taking India one step forward as the Startup Capital of the World.
There is an overarching theme of boosting digitization & entrepreneurship via tax incentives for another year and by earmarked capital expenditure & promoting startups in sector such as defense, agriculture, drone, digital currency, data centers, animation etc.
There is no doubt it will lead to an accelerated trend of global investments and growth for the Indian start ups.
Rajat Singhania, Founder of HyLyt by SocioRAC said, I welcome this budget, which is:- keeping up with the need of the times (Data centers now counted as infrastructure, Crypto holding accepted as legal, e passports, National Digital Health system),
– leverages India’s strength (Push to agro startups, using Drones to solve India specific problems)
– progressive (Job creation, Economic growth at more than 9%)
– innovative (PM Gati shakti, EV battery swapping policy)
Key Updates; Union Budget 2022:-
-Economic growth in FY22 to be pegged at 9.2%
-Introduction of a central bank digital currency (RBI Crypto)
-Creation of 60 lakh jobs announced: Creation of 60 lakh jobs
-Seven engines of PM gati shakti – roads, rail, airways, ports, waterways, mass transport, logistics.
-FM’s mega push for infrastructure development under PM Gati shakti
-Start-ups in agriculture sector encouraged with commitment to provide support for FPOs, technology including IT based support.
-Start-ups to be promoted to create Drone-shakti. Government to promote Drone-as-a-service: Drones to be used for crop assessment, digitization of land records, spraying of insecticides.
-E-passports to be rolled out
-An open platform for the National Digital Health Ecosystem will be rolled out.
-A push for Electric Vehicles: A battery-swapping policy to be brought out with interoperability standards to boost EV eco system
-Data centers to get Infra Status.
-The government will tax income from digital asset transfers at 30% giving it a legal status in India
-Period of incorporation for eligible start-ups to claim the tax benefit is extended by 1 year.
Lots has been done, more needs to be done for sure but this is surely a step in that direction.