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Post-budget comments

Sanjay Shah, Chief Operating Officer, Wadhwani Foundation – India/SEA, “Though the economic growth suffered due to the COVID-19 pandemic, India has still arisen to become one of the most powerful startup powerhouses in the world. The budget for the upcoming financial year promises India’s economic growth to be at 9.2%, with a special focus on inclusive development and financing of investments, among others. I conclusively believe that the startup ecosystem in India is aiming for a positive boom with the help of tax reforms and benefits. The extension in the redemption of taxes by one more year will be an important determining factor for startups reaching IPO valuations. Additionally, the Government’s decision to focus on 5G tech in India opens an array of entrepreneurial and employment-generation opportunities, along with helping every district in India to be exposed more to the world of independent businesses and startups.”

Samir Sathe, Executive VP, Wadhwani Advantage at Wadhwani Foundation, “The budget for 2022-23 has rightly identified a solution for one of the most crucial problems faced by SMEs and MSMEs in India – the credit facilitation. Credit management, job creation, and ease of getting financial assistance through government schemes and services will now be easier as the portals for small businesses will be interlinked. This also adds an organizational structure for these businesses, hence ensuring ease of doing business. Combining the Udyam, e-shram, NCS & Aseem portals will act as a digital enabler, and a go-to-hub for small business owners as these will now function as a capsule for business registration, job identification, and skilled talent sourcing. Performance acceleration programme is an indisputable approach for MSMEs as it will help these businesses identify and rectify business problems in order to yield higher returns and maximize profitability. The government must ensure that the right MSMEs are selected for this programme.”

Sunil Dahiya, Executive VP, Wadhwani Opportunity at Wadhwani Foundation, “Productivity enhancement and skilling are two peas in a pod. The Government’s decision to focus on skilling, reskilling, and upskilling, with an emphasis on online training and monitoring through API based skill credentials will ensure that the talent pool in India stands par with the current industry trends. This will most certainly raise the bar for Indian talent across the world, hence reducing unemployment and helping achieve the goal of reaching 60 lakh jobs in the next 5 years. It is also thrilling to know that India will now have a Digital University. Through this, the entrepreneurial education and skill development initiatives by India will be globally identified and will help in attracting investment and talent acquisition opportunities.”

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