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Union Budget 2021: Here’s what startups in India have to say – Times of India

Finance Minister Nirmala Sitharaman introduced a number of proposals to enhance the nation’s begin-up sector. The finances prolonged tax holidays for startups in India by one yr until March 31, 2022. “Tax holidays for startups extended by one year, till 31st March 2022,” mentioned Sitharaman in the Parliament. The capital positive aspects exemption given to startups too has been prolonged by a yr extra. Here’s what startups have to say on the Budget.
Kunal Bahl, co-founder and CEO, Snapdeal
The Budget 2021 holds out numerous positives for the beginning-up sector. The transfer in the direction of offering social safety advantages for gig staff will add a a lot-wanted security internet that can assist this sector develop in a sustainable approach and assist the numerous tens of millions which might be a component of it. Reducing residency necessities for founders will enable expertise to movement & will enhance the beginning-up ecosystem. Extension of tax vacation for begin-ups by 1 yr, enhance to digital funds, growing threshold for small companies to Rs 2 Cr are different positive aspects for the startup sector.
Rakesh Deshmukh, Co-founder and CEO, Indus OS
The announcement of the National Language Translation Mission is a a lot wanted effort by the federal government to attain our residents in the language they perceive. At Indus App Bazaar, the utilization of apps in Indian languages on our platform has elevated 2.2 occasions final yr. We consider that with an enhanced app retailer ecosystem we will probably be in a position to break linguistic boundaries and including extra worth to the following half a billion Indian clients. Moreover, for Atma Nirbhar Bharat to achieve success, the main target needs to be on expertise innovation as an entire. We recognize the federal government’s deal with innovation and R&D in the finances 2021.
Atul Rai, CEO, Staqu
In the Union Budget 2021, FM Nirmala Sitharaman made a number of encouraging bulletins when it comes to India’s expertise sector in addition to the startup ecosystem. It was introduced that chopping-edge tech together with information analytics, AI, ML, and MCA-21 model 3.0 will probably be launched to have further modules for e-adjudication, session, and compliance administration and monitoring. This, together with the proposed extension of tax vacation for begin-ups by yet one more yr, will improve ease of doing enterprise and encourage the following technology of tech firms to step up and carry the mantle of growth in the direction of a digital-first future in line with the PM’s Digital India mission. The Finance Minister additionally proposed to revise the definition of small firms beneath Companies Act, 2013 by growing their threshold for capitalization to not exceeding Rs 2 crore from the present Rs 50 lakh and turnover to not exceeding Rs 20 crore from the present Rs 2 crore. With this step, the Government goals to profit about two lakh firms. We additional welcome the FM’s plans to incentivize incorporation of one-particular person firms (OPCs). Besides permitting an organization to convert into every other sort at any time, the Government has decreased the residency restrict for an Indian citizen to arrange one particular person firm from 182 to 120 days whereas permitting NRIs to set up OPCs in India. This transfer will present an enormous enhance to startups and innovators by enabling them to develop with out regulatory restriction on paid up capital and turnover, thereby bolstering the startup ecosystem and the financial system at massive.
Rajit Bhattacharya, CEO, Data Sutram
We welcome this finances because it steers development in the correct course. Extension of tax vacation by one yr is a superb transfer that can give startups extra time to consider and sort things, owing to the pandemic-associated challenges. We are additionally comfortable to see the federal government’s elevated deal with expertise by leveraging information analytics, AI, ML to revamp MCA-21 portal. This will guarantee seamless compliance throughout companies of all sizes. With the mixing of these developments, we are able to count on the MCA-21 3.0 to be geared up with new options like a single supply of reality, ease of doing enterprise, e-adjudication, on-line compliance monitoring, to identify just a few. Incorporation of one-particular person firms to incentivize innovation is one other floor-breaking transfer for startups and can assist them develop with none restrictions, primarily on paid-up capital and turnover. The expertise-pushed strikes taken by the federal government may even assist streamline India’s healthcare and pharma trade whereas widening the avenues for recruitment throughout the startup ecosystem in India.

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