Union Budget 2023 Expectations from Indian Entrepreneurs

Here are some of the expectations that Indian entrepreneurs from different industries have on the union budget 2023 to be presented by the Finance Minister.

Union Budget 2023 is all set to be presented by Finance Minister Nirmala Seetharaman on the first week of February. Based on the recent happenings, here are some of the expectations that Indian entrepreneurs from different industries have on the budget.

Tech Industry

Rajat Jain, Co-Founder of Pataa Navigations

Commenting on the Pre-budget expectation 2023, Mr. Rajat Jain said, “In the upcoming union budget, the government should prioritize partnerships with startups. By integrating technologies created by startups into the government system, both parties can benefit from the innovation and creativity of these young companies. One way the government can support startups is by providing financial assistance to companies whose products and services align with government needs. The government must take measures to break the monopolistic nature of foreign companies like Facebook and Instagram and promote domestic competition to keep revenue within the country. For example, Google holds a 95% market share in the maps and navigation industry. Similarly, the government should help Indian companies that are developing similar products and services as Google maps. By promoting domestic competition, the government can boost the economy and promote the growth of domestic businesses.

Sanat Jain, Co-Founder of Lavna Smart Locks

Addressing the 2023 union budget, Mr. Sanat Jain, said, “we would like the Indian government to make taxation exemptions to ensure the product delivery is cost-effective. This will leverage the expansion of the market for security solutions and also promote them on the global market. Additionally, in order to boost product innovation, strengthen our competitive edge, and expand our global reach, the government should allocate adequate funding for research and development (R&D). This way, the industry will be able to gain a strong foothold in the global market and promote its innovative smart security solutions while retaining a firm concentration on cost-efficiency.”

EV Industry

Ashutosh Verma, Founder of Exalta 

Commenting on the upcoming budget expectations, Mr. Verma said ”As EV adoption has been growing at a fast pace, and India is one of the largest electric two-wheeler markets in the world, we are expecting subsidies to be extended for EVs in respect of promoting clean mobility in India. Infrastructure for EV charging and swapping should be prioritized to hasten the adoption of e-mobility. FAME incentives for infrastructure for swapping and charging can help achieve this goal. We also believe that introducing the battery swapping policy and recognising batteries as a service will help develop EV infrastructure and increase the use of EVs, as the EV industry has been providing high-quality and cost-effective sustainable energy solutions. Such incentives and policies will help promote the growth of sustainable energy infrastructure in India and make EVs more affordable”.   

MS Chugh, Founder and Chairman of Aponyx EV

Stating on the Budget 23-24 expectation Mr. Chugh said,  our industry is expecting the government to extend the duration of the financial incentives scheme which was provided to the industry last year under FAME-II. Additionally, In the upcoming budget, the EV industry expects the government to lower the GST for last-mile delivery and the sale of spare parts, as well as announce a 50% subsidy for establishing charging infrastructure across the country. Such steps are absolutely necessary for accelerating the growth of the EV industry, which is currently in its early stages.”

“The budget for 2022–2023 was focused on promoting electric vehicles. Under FAME-II, the government has offered financial incentives totaling Rs 10,000 crore to increase the demand for EVs. Moreover, since FAME II’s validity is set to expire on March 31, 2024, the EV companies envisage that the government will adopt a long-term perspective and extend the program’s validity past 2024.”

Healthcare Sector

Rahul Misra, Founder Vesta Elder Care

Speaking about the Government’s initiative “The Ayushman Bharat Digital Mission” Mr. Rahul Misra said:” In a country where 70% of the citizens do not have access to a single doctor and only 17% of people have insurance coverage, the government has taken a step forward to ensure the availability of quality medical services for all. Under the National Digital Health Mission, patients can opt-in to create a Health ID allowing them to share their medical records with healthcare providers including doctor’s appointments, diagnosis of an ailment, line of treatment, hospitalization for any treatment, and drugs taken to provide high-quality healthcare for all is commendable.”

“The major challenge India is about to face is providing healthcare services to the ageing population in near future. By the year 2050, it is expected that the number of elderly in the country will reach 324 million. We are now an ageing country, and the factors responsible for this include decreasing fertility and mortality rates as an outcome of better healthcare services.”

Retail Industry

Dheeraj Bansal, Founder, Recode Studios 

Mr. Bansal said The proposed budget for 2023–2024 should include encouraging policies, streamlined principles, and clear GST rules and regulations to help the beauty industry expand further. This is especially important, given that the beauty industry in India provides employment to hundreds of thousands of people and contributes substantially to the country’s GDP. The government should also invest in creating a consumer-friendly tax structure, offering subsidies and tax exemptions to small beauty businesses that are exploring opportunities to grow. All these measures will increase the palatability of the beauty industry and open up many opportunities for start-ups and businesses”. 

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