Union Budget 2022-23: There should be easy, uncomplicated exit routes for failed startups which will encourage new entrepreneurship
Indian Union Budget 2022: Start-ups need a boost in budget. Reuters
Like other sectors, the startup industry too has its eyes glued on the upcoming Budget. Amid the pandemic, many startups came forward to ease the lives of citizens. Within a year, many have aced their games and earned recognition in the market, opening new opportunities for future businesses. Startups have much hope from Finance Minister Nirmala Sitharaman for easing their survival and growth in the market.
Reduction in GST rates
In these uncertain times with a new virus variant, the startup industry needs to stay afloat and expects the government to reduce the GST rates across sectors. Reduction in rates would allow startups to invest in their businesses further and will also help to elevate the mood for greater buying power. Besides, low GST rates will give rise to new and needed startups and create job opportunities in the pandemic affected economy.
Simplify exit routes for failed startups
Not all startups gain recognition; some fail miserably. Now when the curfews and restrictions are back, many startups are again standing at the edge of shutting down their businesses. The industry expects the government to introduce easy and uncomplicated exit routes for failed startups. A quick exit from the swamp will open new doors to fresh opportunities for entrepreneurs.
Ease norms for public listing
The Indian startup ecosystem has the potential of creating wealth. The leaders have already gauged it and are now looking to list their businesses on public markets. India is already among the top investment destinations globally. The advent of more simplified and investor-friendly guidelines would help startups open new investment channels and flourish internationally.
Exempt life-saving products from GST
The pandemic has boosted the production and demand for important medical devices and life-saving equipment. The government can look into exempting products which could be vital in the fight against COVID. A reduction would also benefit as they are the need of the hour and in demand by all strata of society.
Support young entrepreneurs
Young India is passionate, brimming with innovative and new ideas which have the power to turn the world’s attention to India. For Budget 2022, the government should provide benefits to the young entrepreneurs in setting up their companies and supporting their ideas by allocating centralized funds.
In the Union Budget of 2021-22, the government took several steps to support the startup community. The eyes of the entire nation are once again on the upcoming Budget to boost the startup ecosystem in our country.
The author is Founder and CEO of QuackQuack-a dating app. Views are personal.
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