Page 57 - Banking Finance August 2024

BUDGET QUOTE

Shalya Gupta, CEO, PHF Leasing Limited

This budget focuses on job-creation and we welcome the steps that will ensure that the first timers /
interns / youth will get a level playing field. The PM Package for Employment linked Incentives is a
brilliant way to incentivise private and public sector in skilling of the youth of the country, so that they
are able to eke out a respectable living. Companies like ours which hire and skill a large number of first
time job seekers will benefit and be rewarded. It will also encourage companies to hire more young-
Shalya Gupta sters, which will make a sizeable dent to the issues of joblessness and employability.

Vaibhav Kaushik, Co - Founder & CEO, Nawgati

I am elated by the government's decision to abolish the angel tax for all classes of investors. It is what
we, and the whole startup community, were looking forward to. This move will now give the Indian
startup ecosystem the needed boost, allowing us to attract international funding and expand our reach
beyond national borders. The establishment of a ?1 lakh crore financing pool for private sector-driven
research and innovation is a commendable step, aligning with every startup’s vision for commercial-
scale advancements. Additionally, the comprehensive plan to strengthen India's energy security with
new policies and initiatives is a promising development for our industry. These steps along with other
Vaibhav Kaushik
targeted incentives specifically for startups can play a crucial role in bolstering and sustaining our mo-
mentum and driving further innovation in the Indian startup ecosystem.

Nemesisa Ujjain, VP & Head of The Circle FC
The Union Budget 2024-25 has focused on a robust foundation for economic growth, investments and
capital formation. The increased allocation for skilling and employment, along with the abolition of
the Angel Tax, is a significant step towards supporting the startups and innovation ecosystem.
The enhanced tax deductions, increase in Mudra loan limit and concessions for MSMEs will boost en-
trepreneurial growth, creating a favorable environment. Higher FDI is expected with a reduction in
Nemesisa Ujjain tax on Foreign Companies from 40 to 35%.

At The Circle: Founders Club, we are optimistic about these measures and believe they will create new growth opportu-
nities and contribute to India's economic progress. This budget underscores the government's commitment to building a
'Viksit Bharat,' and we are excited to be a part of this transformative journey.

Sunil Shekhawat, CEO of SanchiConnect.
The Union Budget brings hope for DeepTech start-ups through increased funding for R&D and inno-
vation, which is crucial for those with disruptive ideas and longer fundraising cycles. With entrepre-
neurial experience since 2012, I recognise the challenges DeepTech start-ups encounter. The budget's
strategy of combining financing, regulation, and skilling into one comprehensive approach is a
masterstroke.
Central to this approach is the Rs. 1,000 crore Venture Capital fund for the space economy, which will
significantly boost India's spacetech sector. Additionally, the abolition of the angel tax for all investors Sunil Shekhawat
is set to attract more funding, thereby easing financial burdens on investors. Furthermore, the emphasis on skilling under
CSR, particularly through internships, is a brilliant move that benefits both students and corporates. The 2024 budget
exemplifies India's forward-thinking approach, creating a supportive environment for start-ups, driving innovation, and
equipping the workforce with essential skills.

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