PUNE startups and businesses in the city welcome tax incentives, the earmarking of the defense budget for startups and academia, the general digitization and adoption of technology, and the strengthening of the logistics network in the Union Budget presented by Finance Minister Nirmala Sitharaman on Tuesday.
Abhishek Jain, chief operating officer of Zeus Numerix and chairman of the Society of Indian Defense Manufacturers (SIDM) Startup Forum said: “Increasing tax incentives from three to four years of establishment, 25 percent budget for defense research and development for startups and academy .and the increase in purchases of defense capital from India from 58 to 68 per cent are all good signs for startups for defense.
The FM announced that in order to reduce imports and promote AtmaNirbharta in equipment for the armed forces, 68 percent of the budget for capital purchases will be earmarked for the domestic defense industry.
The budget also had an announcement about changing batteries to boost e-cars. Sulajja Firodia Motwani, Founder and CEO, Kinetic Green said: “Battery exchange policies with interoperability standards will promote the creation of an ecosystem for electric cars. The private sector will be encouraged to develop sustainable and innovative models for battery and energy as a service, what the efficiency of the EV ecosystem.I am sure this move will encourage manufacturers to improve investment in this sector.
According to Rajib Gangopadhyay, founder and MD of Pune-based EMotorad, “The introduction of the new battery exchange policy and the decision to formulate interoperability standards by the government will facilitate the rapid deployment of battery exchange centers, as well as widespread implementation of batteries. as a service.This will save time for owners of electric cars, reduce the initial costs and associate those costs with the use of cars.However, the need of the hour is at the moment to make electric mobility accessible to the people and the way to do that is through e-bikes, which offer more than 60 km range in one charge and tackle anxiety problems.
Satish Patil, mentor and advisor to startups, entrepreneurs and investment ecosystems, said: “Startups serving the agricultural and rural sectors will be supported by a fund mobilized through Nabard, a welcome move. The announcement to launch the Digital DESH e-portal for youth skills, retraining skills and education are on the rise.Another highlight of the Union Budget 2022 is setting up a digital university to provide access to world-class quality education with ISTE standards.
On digital and crypto at the moment, Shinam Arora, chief operating officer at Hybrid Finance (HiFi) Blockchain said: “This 30 percent Virtual Digital Asset Tax will not only boost our GDP but will also clear the air about the crypto ban. This will encourage many startups to come forward with various blockchain uses and investors to get involved and support us.Now there will be no uncertainty or fear and we can fully focus on solving blockchain issues and cryptotechnology.
Prashant Pansare, CEO of Rubiscape said, ” 6,000 crore program over five years for MSMEs and startups is a welcome move. Digital Rupee comes later this year and the 5G auction will further boost the influence of startups in India in AI, digital, automation and ed-tech. The emphasis on future skills and start-up acceleration will also create new jobs in India for global markets. The challenge will be political stability in implementing the new initiatives in the coming years. ”
Nikhil Kurhe, co-founder at Finarkein Analytics said: “Reducing storage for unlisted stocks is a step in the right direction to encourage entrepreneurs and fellow builders to get involved in startups and create value. From the perspective of Open Digital Ecosystems could enable the announcement of an RBI-supported Central Bank Digital Currency (CBDC) some incredible use cases, as we have already seen a piece of stable currency.
By extending the Emergency Credit Line Guarantee Scheme (ECLGS) until March 2023, Nita Kapoor, CEO, International and Spirits and Wine Association of India (ISWAI) said, “It is a temporary step for the hospitality sector. This will help the sector to to recover some of the lost ground during the pandemic, and the tendency for tax cuts and exemptions on various goods and the phasing out of overlapping compliance will stimulate trade and industry, thereby helping to further recovery.