Budget 2023: Which technology-driven sector expects

Mr. Bhaskar Mishra, Head of Product, Mihup stressed that 2023 will be a pivotal year from a technology point of view. “This year will be very crucial for the government’s efforts to boost digitalization in India, in the technology and startup industry, especially the AI ​​solution providers, have placed a lot of hopes in the forthcoming Union budget. The policy decisions and budgetary allocations that the government would make are expected to shape the future of India’s thriving startup ecosystem,” said Mishra.

“The AI ​​and startup industries are anticipating steps such as increasing the angel investor pool in the early stage and a 30% tax credit on the cost of equity that will be offset against the investor’s income tax liability for the year the investment is made. was made. In many cases, employees tend to use ESOPs to accumulate wealth and use the same to launch their own startups. That’s why the startup industry has demanded that the ESOPs be taxed at the time of sale, not at vesting,” he added.

In the Fintech space, Mr. Saurav Ghosh and Mr. Vineet Agrawal, co-founders, Jiraaf that amid geopolitical tensions, attracting foreign investment in key growth sectors needs to be streamlined.

“Given the current volatile market and looming uncertainty due to inflation, war and possible recession, some of the key areas of focus for the Indian Union Budget 2023/24 should be around supporting sustainable growth, keeping inflation under control and attracting foreign investment in key growth sectors,” they said.

“To support individual taxpayers, some of the actions that can be taken are changes to current taxation, such as increasing the basic income tax exemption limit, standard deductions, limits under Sections 80C and 80D, and changing the 30% tax bracket. Equalizing long-term capital gains taxes between equities and debt/real estate investments would also help grow fixed income investments and increase investor confidence in long-term investment products.”

Mr. Abhijit Bhattacharya, Founder and CBO, OneGreen expects government policies to improve overall quality of life.

“The government has taken several steps in recent years to benefit both the economy and the startup ecosystem, such as digitization, innovation support, ease of doing business, FDI policies, and funding support. The Make In India initiative has also seen the emergence of several home-grown start-ups that are envisioning solutions to bring about sustainable lifestyle change,” said Bhattacharya.

“As the world faces several challenges, we hope that the government will introduce policies, initiatives, guidelines and financial steps that will not only create more economic output but also improve the overall quality of life and productivity of India’s 1.4 billion people. come. Concerns about the increased cost of plant-based organic food and a lack of awareness about food options should be addressed through sustainable information sharing and support for companies producing green food products,” he added.