Even as the Interim Budget 2024 is going to be presented in Parliament on February 1 and is not expected to have major announcements, there are expectations from various industries. Startups expect the Budget 2024 to provide measures to push growth momentum and promote India’s widespread startup ecosystem.
Rishabh Goel, Co-Founder & CEO, Credgenics, said, “The eagerly awaited Union Budget 2024 is expected to provide further growth momentum for the fintech industry and India’s widespread start-up ecosystem. We have witnessed unprecedented credit growth, surpassing the Rs 50 lakh crore mark for retail loans — a significant stride for the Indian financial services ecosystem. A series of regulatory frameworks put in place by the RBI have bolstered the lending sector’s morale, and we anticipate Finance Minister Nirmala Sitharaman’s budget to introduce some direction-setting measures supporting further credit growth, financial inclusion and digital enablement of financial services.”
He added that in addressing concerns from the previous Budget, we anticipate favourable tax policies, particularly those related to carry-forward losses and employee stock options, which are indispensable for a thriving start-up industry. “Overall, we foresee a forward-looking Budget that nurtures innovation through targeted incentives, tax breaks, and streamlined regulations, empowering startups to make substantial contributions to India’s economic growth.”
Sandiip Bhammer, founder and co-managing partner of Green Frontier Capital, said, “As India readies for the 2024-2025 Interim Budget on February 1, all eyes will be on the EV and green sectors. At Green Frontier Capital, we’re forecasting a vigorous array of incentives and policies aimed at supercharging India’s green growth, marking a clear stride towards slashing carbon emissions and bolstering sustainability. We anticipate substantial subsidies to ignite electric vehicle manufacturing, significant investments to electrify charging infrastructure, and tax benefits designed to fast-track green tech adoption.”
He added that The agenda is likely to spotlight renewable energy, with a strong push in solar and wind capacity. But the real game-changer could be green hydrogen initiatives. We’re expecting a surge in support and investment here, from funding for cutting-edge research and development to subsidies aimed at laying the groundwork for a robust green hydrogen economy. Watch for policies nurturing hydrogen fuel cell technology, poised to revolutionize sectors from transportation to industry.
Krish Ramineni, CEO at Fireflies.ai, said, “As we eagerly await the Union Budget 2024, my expectations for the startup ecosystem revolve around fostering innovation and harnessing the potential of Artificial Intelligence (AI). The Indian startup landscape stands at a crucial juncture, primed to leverage the transformative power of AI in shaping the future of technology and services.”
Ramineni added that in the next five years, AI-driven advancements promise to revolutionize industries, and it is imperative that the budget reflects a commitment to incentivizing and supporting startups at the forefront of this wave. By encouraging Research and Development (R&D) investments, we can catalyze a surge in entrepreneurial activity, laying the foundation for groundbreaking solutions that will redefine global standards.
“This is an opportune moment for India’s tech ecosystem to shine on the international stage, capitalizing on the momentum generated by influential players like OpenAI and Microsoft. I look forward to a budget that propels our startup community into a future where AI-driven innovation is not just encouraged but integral to our nation’s growth story,” Ramineni said.
Sudeep Kulkarni, founder of Game Theory, said, “This being a pre-election budget and as mentioned by the Finance minister herself, Startups in India can’t expect anything drastic and is largely to be a status-quo situation. However, it is noteworthy that the previous budget managed to attract an INR 100 Cr allocation for the National Sports University which I feel is a step forward in creating newer sports infrastructure.”
Kulkarni added that the development of the sector will need more capital, but it is an important step forward and can help lead to the creation of more jobs and facilities that can be the stepping stone for putting India as an important contributor in the World of Sports.
“We must create facilities to train and provide job opportunities to people. Coaches, Physios and other support staff are extremely important for the growth of a player, and enough capital must be allocated in the future to build this ecosystem,” Kulkarni said.
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