Roshan Aslam, Co-founder & CEO of GoSats
Mr. Mohammed Roshan Aslam, Co-founder & CEO of GoSats, feels abolishing Angel Tax and reducing Corporate Tax offers a unique opportunity for Indian startups to grow at an unprecedented rate, “The financial blueprint put forward by the Union Budget is highly favourable to the startup ecosystem in India. The Angel Tax has been one of the limiting factors for Indian startups, and doing away with it offers a unique opportunity for entrepreneurs to ensure scalability and attract angel investments. Furthermore, the Union Budget proposes to reduce the corporate tax rate on foreign companies from 40% to 35%, aligning with long-term business goals and FDI inflow, assisting the entrepreneurial spirit further.
Mukul Goyal, Co founder of Stratefix Consulting
“The Union Budget 2024 presents an ambitious framework aimed at revitalizing India’s economic landscape, particularly for MSMEs, startups, artificial intelligence, and job creation. With a proposed allocation of ₹22,000 crore for the MSME sector, this budget has the potential to catalyze significant growth and innovation.
However, while the expansion of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) is commendable, it could have been further enhanced by introducing specific incentives for eco-friendly technologies, which are crucial for aligning economic growth with sustainability.
The budget’s focus on ease of doing business is promising, with measures to streamline regulatory processes and extend tax holidays for startups. Yet, the absence of substantial changes in GST rates is a missed opportunity. Simplifying compliance and reducing the GST burden on essential goods for MSMEs would have provided immediate relief and improved cash flow management.
Moreover, while the introduction of employment-linked incentives and a ₹2 lakh crore allocation for job creation is noteworthy, the framework for skill development remains insufficient. A more robust approach to job-ready education and targeted training programs is essential to bridge the growing employability gap, particularly in high-demand sectors like AI and renewable energy.
Additionally, the budget lacks a comprehensive strategy to address the potential job displacement caused by AI advancements. A proactive approach, including retraining programs and direct benefit transfers for affected workers, could have been beneficial.
while the Union Budget 2024 lays a strong foundation for growth, it is imperative that the government prioritizes effective implementation and creates synergies across sectors. By addressing these gaps, we can ensure that the coming fiscal year transforms not just the economy, but also the lives of millions of Indians.”
Mr. Anand V.S., Managing Director, NOCIL Limited
The Union Budget announcement by the government, which aims to skill 20 lakh youth over 5 years and upgrade 1,000 Industrial Training Institutes, is a significant move towards empowering the next generation. A highly skilled workforce becomes crucial as the chemical sector continues to evolve with technological advancements and innovation. Proficiency in the latest technologies and innovative techniques is vital for maintaining competitiveness. Skilled professionals are also essential for navigating stringent environmental and safety regulations, ensuring compliance, and avoiding costly penalties.
Managing the complex chemical processes involved in chemical manufacturing requires a skilled workforce to ensure high-quality production while minimising errors and safety risks. As sustainability becomes increasingly important, skilling in green chemistry and environmentally friendly processes is necessary to meet the demand for sustainable products and reduce environmental impact.
The Chemicals & Petrochemicals sector in India, with a current market size of around $220 billion, is expected to grow to $300 billion by 2030. For companies like NOCIL, a leading player in the rubber chemicals sector, these advancements are particularly pertinent. Our commitment to innovation and quality aligns with the need for a skilled workforce that can adapt to emerging markets and new applications.
By aligning course content with industry needs, the government’s budget allocation, which includes a total central outlay of Rs 2 lakh crore and a Rs 60,000 crore Skill Enhancement scheme, will modernise ITIs and support a skilled workforce. This initiative is expected to drive growth and contribute to the overall development and competitiveness of the chemical industry, benefiting both the youth and companies like NOCIL, as well as the sector at large.
Roshan Aslam, Co-founder & CEO of GoSats
Mr. Mohammed Roshan Aslam, Co-founder & CEO of GoSats, feels abolishing Angel Tax and reducing Corporate Tax offers a unique opportunity for Indian startups to grow at an unprecedented rate, “The financial blueprint put forward by the Union Budget is highly favourable to the startup ecosystem in India. The Angel Tax has been one of the limiting factors for Indian startups, and doing away with it offers a unique opportunity for entrepreneurs to ensure scalability and attract angel investments. Furthermore, the Union Budget proposes to reduce the corporate tax rate on foreign companies from 40% to 35%, aligning with long-term business goals and FDI inflow, assisting the entrepreneurial spirit further.
Prateek Rastogi, Co-Founder & CEO of Greenday
The 2024 budget further strengthens the government’s commitment to agriculture and startups, with a significant focus on climate-resilient agriculture. This is a tremendous boost for biofortified varieties, which are the beacon of hope for climate resilient farming.
The emphasis on agricultural research is particularly exciting for us at Greenday. Our mission to enhance the nutritional value of food while supporting farmers is closely aligned with these initiatives. This will help us create nutrion dense and climate resilient farms that meet the growing demand for sustainable and nutritious food.
The removal of the angel tax and the major push for agri startups make this an ideal time for investors to dive into this sector. The budget’s increased allocation for agricultural infrastructure and support for innovation will drive remarkable growth over the next five years.
For Greenday and our Better Nutrition brand, this budget provides the perfect environment to scale operations and bring more innovative products to market. We are helping farmers create and market differentiated varieties, which is essential for improving food security and nutrition.
The focus on digital infrastructure and ease of doing business is another significant win for startups. Streamlined processes and better connectivity will enable us to reach more people, faster. It’s an exciting time to be in the agri-tech space, and we’re eager to leverage these new opportunities to drive growth and create lasting change.
Overall, the 2024 budget lays a strong foundation for innovation and growth in agriculture and startups. It’s a pivotal moment, and I’m optimistic about the future it promises for companies like Greenday.