Budget 2020 Expectations: What startups seek in Modi 2.0's big presentation - Founders, CEOs want these measures
Budget 2020 Expectations: PM Narendra Modi-led Central government is all set to present Budget 2020.
Budget 2020 Expectations: PM Narendra Modi-led Central government is all set to present Budget 2020. Various sectors are pinning high hopes on a big presentation as this is the first full budget of Modi 2.0. Ahead of the presentation, startups have requested FM Nirmala Sitharaman to consider what they want in Budget 2020.
Akshay Singhal, Founder, Log 9 materials, working in Nanotechnology Domain, said, "I think for startups, there are already a lot of initiatives in action, improved mechanisms for the execution of those schemes is extremely important. However, I am more concerned about the economy as a whole. To boost economy my suggestion would be to increase spending under the Swachh Bharat Scheme to get Indian cities clean by employing the bottom of the pyramid."
Sidhant Lamba, Founder, Fabrento, an online furniture rental startup, says, "Income tax holiday for start-up should apply for all start up companies registered beginning April 2015."
Lamba adds, "Under GST, the extra GST inputs should be credited back to the startups (like for us, when we buy furniture, we have to pay GST in it, now when we rent, the GST in rent is adjusted against the already paid GST during purchase. But even then, the GST on purchase is much higher compared to what we adjust in rent, so we want that extra GST to be credited back to us."
Siddharth Jain, Co- founder of Vaahika, freight logistics startup, suggests, "Indian economy needs an urgent dose of consumption booster; thus it would be wonderful to have provisions in the budget which could assist in an instant rise in consumer expenditures. Relaxation on personal income tax rates could be one such move that can act as a booster shot. We expect the budget to bring in provisions for lesser and reduced compliance for smaller companies; which as of today have to follow almost similar compliance that of a larger corporation. We expect this budget to come up with revolutionary steps to overhaul the complete compliance and fillings guidelines for smaller companies and startups and do away with the current penal provisions."
Dhananjay Sharma, Director & CEO, Log 9 Spill, a clean-tech company, "Cleantech companies around the country seek special incentive programmes and larger tax benefits with aggressive government push for innovative cleantech solutions. So that this sector becomes more desirable and stable resulting in more investments in this sector. A conducive environment should be provided to encourage the creation of new cleantech businesses by easing regulatory and compliance policies for such companies."
Interestingly, this will be first time after 2015-16 when budget is set to be presented on Saturday.