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Yesterday, On 5th July Finance Minister Nirmala Sitharaman presented the 89th Union Budget. Here is the Post budget reactions given by some Business leaders, Entrepreneurs,... Post Budget Reactions from Business leaders and Entrepreneurs

Yesterday, On 5th July Finance Minister Nirmala Sitharaman presented the 89th Union Budget. Here is the Post budget reactions given by some Business leaders, Entrepreneurs, Policy makers & investors. Look what they have to say about Budget 2019:

 

1) Mr.Sanjay Agarwal, Director, and Co-founder at Umbrella Infocare

Finance Minister Nirmala Sitharaman today presented the maiden budget of Narendra Modi 2.0 government. She proposes 100% FDI for insurance intermediaries that will boost investments in the sector. Government is also considering to increase FDI in aviation and media. Investment by FIIs and FDIs in debt securities in infrastructure debt funds to be allowed. It’s a welcome move to integrate PAN and Aadhar that will ease taxpayers who don’t have PAN to file returns by simply quoting Aadhar number. Also, she proposes to allow an additional tax deduction of Rs 150,000 on interest paid on housing loans for self-occupied house owners.

-This budget of Modi 2.0 is a balanced budget and ensures the continuity of policies at ground level without offering big bang changes.

Most neglected area Gaon, Garib, and Kissan have got the maximum attention through many large scale welfare schemes. Simplifications of GST, Investments, Labour Laws simplification got covered. However there nothing to cheer for Individuals directly due to no change in IT slabs.

I am sure, the Finance Minister will announce more policies to ensure growth regularly, without waiting for the next budget. Unfortunately, there is nothing specific to promote IT products and services however few demands of Startups have been met.

2) Shubham Maheshwari, founder at Being Chef

India has emerged as the third biggest startup hub in the world. Though govt has shown their intent to help startups in fundraising by removing it from IT scrutiny and giving relaxation in Angel Tax but increasing taxes on HNIs will indirectly hamper the source of fundraising for startups. For food startups like ours who are working on stopping food wastage, the intent of govt in providing more budget for food security is in synergy with our vision.

Overall we would rate it as an average budget for startups.

3)Arijit Biswas, Co-Founder at EnrichAI

We feel that Budget 2019 will foster the startup ecosystem in the country by encouraging different stakeholders including entrepreneurs, investors, talent and consumers to participate in a more spirited manner. While the government’s push to skill India’s youth in cognitive technologies will help startups source talent easily and big pocket global R&D teams, setting up of a dedicated TV program for and by startup founders will provide a cost-effective medium to entrepreneurs to demonstrate innovative ideas and gain mind share of the mass. The announcement to relax scrutiny of the tax returns filed by founders and investors will allow the startup ecosystem to focus wholly and solely on innovation and value creation, and not get bogged down by administrative procedures.
Overall, we feel that the budget will encourage the youth of the country to consider entrepreneurship a very serious and viable career option post their academic pursuits.

Shivangi Srivastava

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