Rajarshi Bhattacharyya, Co-Founder, Chairman, and Managing Director, of ProcessIT Global shares his expectations from the Union Budget 2024
While major announcements may be deferred until after the 2024 General Elections, the upcoming budget presents a key opportunity to lay the groundwork for the country’s future economic growth. As India solidifies its position as the world’s third largest startup ecosystem our global impact is undeniable, yet there is untapped potential to create a even more conducive environment for entrepreneurs.
Allocating increased funds specifically for startups in Digital Transformation and Cybersecurity Services is vital. There is an urgent need for additional incentives for Research and Development, robust cybersecurity measures, and technology-driven solutions, particularly in light of the escalating threat landscape.
Strategic investments in the further development of cybersecurity technologies are imperative, empowering both businesses and consumers to actively contribute to the digital economy. The imperative to cultivate a talent pool capable of addressing evolving cyber threats is evident. The government’s role is crucial, and it must provide tax breaks for startups to attract and retain talent through comprehensive employee skilling and training programs.
Tax policies must support businesses by allowing the carry-forward of losses and accommodating employee stock options, ensuring sustained health of the startup ecosystem. Simplifying GST procedures can eliminate complexities, fostering compliance, and facilitating the robust growth of tech startups.
Collectively, these measures fuel innovation, propel further growth and guarantee sustainability in the country’s dynamic startup landscape.
