We welcome the government’s focus on incentivising transparency in the start-up ecosystem. No scrutiny in share valuation, e-verification of funds raised by start-ups and no further tax scrutiny can certainly improve the ease of doing business.
The Union Budget clearly identifies the role of start-ups & MSME’s in reaching the $2.7 trillion economy goal. The Economic Survey presented also highlighted the fact that India Inc comprises 85 per cent start-ups & small firms and a few very large-scale operations. Therefore, enabling small businesses to scale quickly is the key to job creation.
We commend the government’s initiative to promote entrepreneurship in the country by supporting over 300 budding entrepreneurs as a part of the Stand Up India Scheme.
The Budget’s focus on Bharat Net providing internet to every Gram Panchayat in the country will help us take our healthcare initiatives to every nook and corner, providing much-needed quality medicines and affordable healthcare services like online medicine delivery, remote doctor consultation to rural India.
The proposed TV Channel exclusively focusing on start-ups, will not only inspire the community but also promote entrepreneurs, ideas and stimulate growth in the economy. Skilling the youth of India in technology domains such as Artificial Intelligence, Big Data, and Robotics, is a clear indicator that the government identifies technology’s role in redefining the future of the country.
As expected the budget has further incentivised digital modes of payment and discouraging cash transaction with 2% TDS on cash withdrawals in a year from a bank account. This will further fine-tune the already existing framework that supports the digital payments and fiscal transparency.
However, the cess on diesel and petrol would increase operational cost and effect delivery start-ups in particular and the ones that rely on efficient last-mile delivery.
In conclusion, the Union Budget 2019-2020, marks a paradigm shift in the start-up industry with its landmark regulatory and tax compliance benefits. We believe that this will bring about a positive change in the sentiments, further bolster the economy and align our value system fittingly expressed by Finance Minister Nirmala Sitharaman, “Mazboot Desh Mazboot Nagrik” (Strong Nation Strong Citizens).
— The writer is Founder-CEO, Netmeds.com