Start-ups seek booster dose from budget
Mumbai, Jan 31 (UNI): Amid the uncertainties of the Covid-19 pandemic, Indian start-ups are pinning hopes on the Union Budget, to be tabled on February 1, for a booster dose in the form of tax incentives, reduction in GST and relaxing regulatory restrictions, among others.
Start-ups are optimistic about a bigger focus by the government on fintech, edtech, healthtech, electric mobility and crypto, among other segments, to ensure an all-encompassing growth.
According to data revealed by the Economic Survey, the number of new recognised start-ups have increased to over 14,000 in 2021-22 from only 733 in 2016-17, making India the third largest start-up ecosystem in the world after the US and China.
As many as 44 Indian start-ups have achieved unicorn status in 2021 taking the overall tally of unicorns in India to 83, most of these are in the services sector, the Survey said.
According to Agility Ventures Co-founder Prashant Narang, the start-up ecosystem in the country could benefit from tax reliefs and incentives.
“The government should look at providing various tax reliefs for developing infrastructure in the start-up ecosystem, especially in Tier-2 and Tier-3 cities. For instance, they can give tax incentives for setting up incubators/ innovation labs. There is also a need to introduce relaxations on capital gains tax for specific sectors like agritech, electric vehicles, healthcare and renewable energy,” he said.