The upcoming union budget may spell some good news for the Indian startup industry, with plans to setup advisory panel for fostering the growth of Indian startups is already on the cards. According to Economic Times, this advisory panel will include some of the biggest names from the Indian startup industry including Ola’s Bhavish Agarwal and Byju’s BYJU Raveendran. The panel may also include Infosys co-founder and CEO Nandan Nilekani and slew of angel as well VC investors.
Finance Minister Nirmala Sitharaman
The move to setup startup advisory panel is in lines with DPIIT’s startup vision 2024, which envisions India to be amongst major startup hub that promotes less compliance and regulatory rules for Indian entrepreneurs.
The first official meeting of this panel is scheduled just before the upcoming budget, where several continuous issues like angel tax and leveling tax over ESOPS among other issues will be discussed. The recommendations and suggestions coming forth after this meeting will be duly forwarded to the Finance Ministry and Finance Minister Nirmala Sitharaman may include few of these recommendations in her budget.
It must be noted that though Sitharaman had given partial relief from angel tax in the last budget, it continuous to be remain a frosty issue for the Indian startup industry. As another important reminder, Techpluto’s team would like to remind that nothing substantial has happened on the front of starting a dedicated television channel for startups that was announced during the last budget.
The upcoming budget’s importance has grown manifold in the wake of ongoing economic slowdown and the impending effect it may have on the Indian startup industry. On Tuesday, the Indian government estimated that the Indian economy will grow at 5% in the current fiscal, which would be lowest growth rate in a decade. The effects of ongoing slowdown may even deepen further, following fresh tensions in the middle-east.
