Mr. Pratik Marwah, Chief Operating Officer (COO), iAugmentor says, “It was good to have our Finance Minister Nirmala Sitharaman presents her maiden Budget that will put India on the road to a $5 trillion economy by 2025. was a neutral budget on the India’s growing startup ecosystem, reflecting government’s intention to increase the support to our entrepreneurial journey. The Finance Minister has laid out the plan during her speech mentioning the goal of establishing 50,000 startups by 2024 set by President Ram Nath Kovind.
Indian startups are growing continuously, and the government of India has encouraged them by resolving ‘Angel Tax’ issue, startups and their investors filing requisite declarations and provide information in their returns will not be subjected to any kind of scrutiny in respect of valuations of share premiums.
Also, it a great relief from the issue of establishing the identity of the investor and source of funds by introduction of e-verification mechanism. FM has also proposed an exclusive TV channel, which will be operated under the Doordarshan umbrella, and will also help in matching startups with venture funds and investors, these kind of initiatives by GOI is a positive approach to make the start-up ecosystem more stronger.
With this kind of budget, I am sure the start-up ecosystem will hold a strong part in the Prime Minister Narendra Modi’s vision to turn India into a great nation.”
