Budget 2019: Ronnie Screwvala explains what startups and small businesses want from Modi government
There are emerging challenges in the job market coming from rapid changes in technology and automation. India's higher education institutes need to gear themselves up towards addressing these new challenges.
Budget 2019 expectations: Given Modi government's drive to boost startups during its first term in power, small businesses have high hopes from the upcoming budget - from reduction in tax to various benefits for startups which will boost entrepreneurship and employment.
Ronnie Screwvala, Co founder and Chairman, upGrad, told Zee Business online that, "With 90% of start-ups in India meeting a premature demise, there is an urgent need for increased support from the Govt. to fuel the incubator eco-system in India. I expect the government to announce tax benefits for startups to boost entrepreneurship and employment in the economy including simplified norms for levying a tax on employee stock option schemes (ESOPs) at the time of sale of shares."
Talking on the challenges, Screwvala added, "There are emerging challenges in the job market coming from rapid changes in technology and automation. India's higher education institutes need to gear themselves up towards addressing these new challenges. Changes in technology and business are creating demand for reskilling of the workforce."
From the budget it is also expected that "At least, the government needs to build ground-level opportunities and incentives for the few farmers left in rural- and the ones we need to get back there to drive India's agricultural agenda.”
It is expected that the coming budget will offer further tax sops as well as some special incentives offered to startups, and overall reduction in corporate tax.