Budget 2020 Expectations: Technology startups wishlist from Nirmala Sitharaman

Budget 2020 Expectations: As Nirmala Sitharaman is going to present the Union Budget 2020 on 1st February 2020, various industry insiders have started flooding their wishlist from the Indian Finance Minister. In this cue, technology startups have also come forward demanding measures to ease the compliance and filings guidelines for tech startups. They have also demanded from Nirmala Sitharaman to bring in significant investments in the technology hubs and strengthen emerging technologies.

Showcasing the wishlist of technology startups Bhavin Turakhia, Founder & CEO at Flock said, “The two important sectors that should be an area of focus in the coming Union Budget should ideally be – technology and startups. Last year, we saw India jump 14 places to be 63rd among 190 nations in the World Bank’s ease of doing business ranking, a testimony to the fact that India has made significant strides in making it easier for startups to set up their operations. In the upcoming budget, we would like the government to bring in measures to ease the compliance and filings guidelines for startups and eradicate the current penal provisions. Also, with technological disruption being a catalyst for the growth of startups today, we expect the government to make significant investments in technology hubs that will help strengthen emerging technologies such as artificial intelligence, machine learning, the internet of things etc." Bhavin went on to add that as India is witnessing this boom in digital technology adoption, it has put us on the global map and we need to ensure that we take the relevant steps to ensure that our country is at the center of the fourth industrial revolution.

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Batting for focus on the MSME sized startups in the coming Budget 2020 Rajeev Chawla, Chairman, IamSMEofIndia told Zee Business online, "Post 2008 corporate profits have gone down drastically and hence the profit of the startups, especially of the MSME sized startups, because of MSMEs work as vendors to the corporates. Hence, there is a good number of MSMEs who are on the list of bank NPA through their projects are still viable from market and business perspective. Once their business gets on track, they can further avail the bank loans for further expansion and need of their business." He said that tech startups are facing huge skill gaps and hence there is a need to bring in measures to ease the compliance and filings guidelines for tech startups.