Recently, The Finance Minister Nirmala Sitharaman, anncounced the budget for 2022-2023. Here are some of the thoughts from various technology enterprises on budget of this year.
Investors/Vcs
Gaurav Singh, Co-founder, JPIN mentioned, “We were looking forward to policies and support mechanisms for boosting the startup sector in India and the Budget has been a good indication! We welcome the forward-looking approach that the government has shown towards the sectors such as agritech, edtech, healthtech, and fintech, as well as the support ecosystem being fostered to drive growth. The crypto-tax and the introduction of digital rupee based on blockchain signifies the growing interest of the Government as well as the investors in this asset class. We are looking to invest US$ 100 billion+ in the startup ecosystem in India over the decade and the growth-oriented budget has fortified our faith in the Indian economy.”
Auto
Sunil Gupta, MD and CEO, Avis India said, “The demand for electric vehicles continues to surge ahead as we are witnessing consumers’ preferences are changing. To stay up with consumer demand and accelerate the adoption of EVs, the government has implemented a special policy. In today’s Union Budget for FY2023, Finance Minister Nirmala Sitharaman has given a special push to electric vehicles, increasing EV battery production and development will give the private sector special benefits. The EV ecosystem will benefit from a battery-swapping strategy that will be implemented alongside interoperability standards.”
Agritech
Jinesh Shah, Managing Partner, Omnivore commented, “The Union Budget for 2022 is steering the country into a greener future. Acknowledging the impact of global warming, the rising cost of cultivation and concerns around human and planetary health, sustainable agriculture has been pushed to the centre stage. It is an important step towards climate-proofing Indian agriculture and securing the livelihoods of millions of smallholders in the country. A blended capital fund under NABARD is also interesting as it can provide the FPOs with much-needed assistance. Keeping up with the times, the government’s support for drone use in agriculture and stressing the role of startups in facilitating ‘drone shakti’ is a great leap forward for driving precision farming at scale. I congratulate the Hon. FM for delivering a balanced budget that addresses the current challenges in the economy.”
Fintech
Nitin Misra, Co-founder, indiagold stated, “Overall a positive budget with clear attention to digital currencies and assets. In our opinion, income from the transfer of digital assets to be charged 30 per cent tax is a better outcome that puts to rest the ambiguity around crypto-assets. Also surcharge on capital gains including unlisted shares such as ESOPs to be capped at 15% is positive, as earlier it was limited to listed shares.”
Edtech
Ujjwal Singh, CEO and President, Infinity Learn expressed, “The Budget 2022-23 has an inclusive approach. We are pleased that the Government has recognized the importance of digital learning provided by the EdTech companies in India. The extension of the PM eVIDYA initiative 12 to 200 TV channels will give the segment the requisite boost. Further, the availability of regional language educational modules from Class I to XII will enhance the literacy rates in India’s hinterlands, over and above the metro cities. This will serve as the driver of socio-economic change, enabled through technology. Education specifically has taken a new direction that has made technology-based learning, whether online or blended, indispensable for our education systems. Digital learning holds the potential to empower the country’s grassroots level population through democratized access to education, thereby facilitating continued learning sans infrastructural challenges, pan-India.”
Drone technology
Vipul Singh, Founder and CEO, Aarav Unmanned Systems stated, “The Union Budget presented by the Hon’ble Finance Minister ensures supercharged growth for the drone industry in India in the years to come. The budget duly recognises the key role drone technology is playing in solving some really tough to solve problems for sectors like land records, infrastructure, mining, disaster management, and agriculture. Furthermore, the announcement of Drone Rules 2021, the PLI scheme for the drone industry, and subsidies for drones to be used for agriculture applications have provided a fillip to the sector. In Budget 2022, the announcement of the ‘Drone Shakti’ program will continue to strengthen the sector further making it at least a US$ five billion market in India available primarily for domestic companies. This will enable further innovation in the sector and fuel growth with further adoption of drone tech and ‘drone-as-a-service’. The opportunities, emphasis, and support being provided to this emerging sector will help drone startups extend their portfolio across agriculture, digitisation of land records, railways, mining, renewable energy, telecom, etc., and will lead to a paradigm shift for a new Digital India.”
NGO
Arman Ali, Executive Director, NCPEDP said, “It is disheartening to note that persons with disabilities once again find no substantive mention in the Budget Speech of the FM, 2022-23. The disability sector had been demanding for an insurance scheme for all persons with disabilities and the FM’s announcement of payment of annuity/lumpsum amount to persons with disabilities during the lifetime of parent/guardian attaining 60years doesn’t add much relief to persons with disabilities.”