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Union Budget 2022: Expectations from Indian businesses

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Finance Minister of India – Nirmala Sitharaman is all set to present the Union Budget on February 01, 2022 for the financial year 2022-23.  The Indian biz sector is quite optimistic about the same; rebate in taxation, simplifying investment and offering of further incentives to the Indian startups and MSMEs are some of the expectations from the Union Budget 2022.

Rajesh Gupta, CTO, BUSY Accounting Software says, “To become Atmanirbhar Bharat, we expect the government to control prices of raw materials, which will help more MSMEs stay afloat during these challenging times. Besides, the government must reduce GST rates across sectors, increase the working capital limit for MSMEs, and ease credit disbursement to small businesses.”

Startup companies that have been driving job creation within the country and have weathered the Covid-19 storm are now looking up to the Finance Minister to provide them with business boosters in the form of incentives.

Ravi Mittal, Founder and CEO, QuackQuack take on the situation, “With the frequent curfews and lockdowns, startups are seeing unforeseen circumstances, it would be ideal to introduce simplification of an exit route for failed startups. On the other hand, simplification of listing norms for startups will encourage further investments. Also, certain startup products in life saving equipment can be exempt from GST. The government could create a centralised fund for smaller startups with innovative ideas. These can go a long way in supporting and promoting startups in our country.”

“2021 has emerged as an exceptional year for the Indian Startup Ecosystem. Our mighty economy produced 75+ unicorns in a single calendar year for the first time with nearly 40 billion dollar fundings. Covid is still a concern for the businesses, and Union Budget 2022-23 is just around the corner. To provide support, the government can infuse large cash flows into the system by extending current policies to facilitate the commercial expansion of the startups. Plus, create mass awareness programs to accelerate the digital transformation of the Nation. Lastly, a more lucrative taxation structure will surely help companies invest more in building a highly advanced future for all of us,” commented Siddhartha Vanvani, Founder and CEO, Digidarts adds to the scenario.

Start-ups from the crypto sector have also been facing uncertainties with respect to the upcoming crypto bill in the Union Budget, startup founders are though optimistic about the future and are expecting a progressive stance from the government.

Roshan Aslam, Co-Founder and CEO, GoSats shares his views on the same, “While the Indian crypto ecosystem eagerly awaits the government’s decision to regulate crypto assets through the crypto bill, in the Union Budget 2022 we can expect the government to provide their initial views on crypto. This could include information on income or capital gains, taxation, and other certain views they have on crypto assets. However, nothing can be firmly stated until the crypto bill is released, as that would be the basis on which crypto assets will have a definition in India. Furthermore, we expect to see a boom in Indian crypto start-ups as the industry is growing massively. We are seeing many Indian and foreign VC’s being intrigued with crypto companies and the talent they have. With this degree of growth, we hope the government takes a positive regulatory stance in regulating crypto assets.”

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