Budget 2023-24: Great expectations among entrepreneurs in Bengaluru

Ahead of the upcoming Union Budget on Feb 1, entrepreneurs in the city share their expectations with 
Tunir Biswas

Published: 30th January 2023 09:27 AM  |   Last Updated: 30th January 2023 09:27 AM   |  A+A-

Budget 2023-24

Express Illustration

Express News Service

Aniket Bajpai, co-founder, LimeChat

Despite all the problems regarding increased inflation rates and halted global supply chains in 2022, it has been encouraging to see that the Indian government has continued to support the startup ecosystem in the country. As a result, the e-commerce industry in India has seen a fantastic explosion, and despite the occasional spikes in physical shopping trends, the convenience of e-commerce is here to stay.

For D2C brands to remain competitive in an environment, the next step would be to continue aggressively on the path of automation, R&D, and wider adoption of AI in every possible sector. The government’s attitude towards tech and AI has been positive and we hope the Budget will be reflective of this.

Parag Datta, CEO and co-founder, Roadster Hospitality

The F&B industry would expect an input tax credit for GST, as we are the only industry that does not get the benefit. The other areas could be providing incentives to food concessionaires to encourage Indian brands over wealthier international brands in the restaurant business. Furthermore, startups need relaxation in the form of a moratorium in debt repayment, so we can build more units and compete with bigger brands in the organised sector.

Prachotan DL, co-founder and head of operations, Bhanzu

As a startup, we expect to see more employee skill development schemes, which will aid people to have more employment opportunities. Creating some tax policies that would help people start things on their own would also help. In my opinion, it is something the government can easily facilitate. Some of these developments would really help flourish the startup ecosystem in India.

M Parthasarathy, CEO, Augie

One change we are expecting is the reduction of customs duty on pet food, treats and accessories to five per cent instead of 30. Special incentives should be created for the pet industry as well.

Richa Singh, CEO and co-founder, YourDOST

Overall, the total health budget estimate for the 2022-23 year was Rs 86,200.65 crore, out of which, Rs 83,000 crore has been allocated to the Department of Health and Family Welfare (mental health is a division in the said department). While mental health concerns have plunged in the recent past, we certainly believe that this year, we will have more holistic contributions, specifically in the mental health section to reduce the existing treatment gap. As a mental health entrepreneur, the Budget must acknowledge the increase in mental health issues in India.

So, the budget for mental health should allocate resources for holistic treatment while creating provisions to use PSR budgets on health/mental health initiatives for underprivileged sections. Another key incorporation would be the exemption or reduction of GST on counselling services. This will ensure greater affordability of quality services.

Seema Harsha, COO and co-founder, Indiassetz

Many women entrepreneurs in the real estate sector face difficulty in accessing funding for their projects. We expect that more funding options, such as government grants and loans, should be made available to them. Tax incentives for them in the real estate segment should be increased to encourage more women participation in the industry.

Educational and training programmes tailored to the real estate industry should be made available to help them develop the skills needed to succeed in the field. Government support and recognition for women entrepreneurs in the real estate industry should be increased to help promote their businesses. Most importantly, low-cost houses must be promoted by the government, and are meant for women who have had a bad experience in their lives. Even at the builder level, there must be a provision that a certain portion of the property is set aside for women in particular.


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