Budget2023 Reaction quote|| Startup sector|| T-Hub
Mahankali Srinivas Rao (MSR), CEO, T-Hub, India’s leading innovation ecosystem of the Government of Telangana.
Commenting on the Union Budget 2023-2024, Mahankali Srinivas Rao (MSR), CEO of, T-Hub said, “The Union budget’s elaborate focus on building a digital economy and technology-enabled development is extremely encouraging. As mentioned during the budget start-ups have emerged as growth drivers for our economy showcasing the immense potential of India’s start-up ecosystem. It’s evident from the government’s decision to extend the date of incorporation for income tax benefits from 31.03.2023 to 31.03.2024, which will empower the start-up sector, foster entrepreneurship significantly, and give rise to a new generation of founders. We thank the Govt. for extending the benefit of carrying forward losses on change of shareholding to 10 years of incorporation from 7 years, this will help start-ups adjust initial losses. Furthermore, the government’s decision to set up Agriculture Accelerator Fund will encourage Agri-tech start-ups by young entrepreneurs in rural areas, this will bring innovative and affordable solutions for challenges faced by farmers and transform the traditional agricultural sector.
Initiatives like National Data Governance Policy, Skill India Digital Platform, and upskilling policies announced will address the industry-academia widening gap and nurture entrepreneurship at the grassroots level. We are also happy to note that the government had allocated Rs 283.5 crore for the Startup India Seed Fund Scheme and the budgetary allocations for the Fund of Funds for Start-ups stood at Rs 1,000 crore, this will help in nurturing innovation and encouraging private investments in the start-up ecosystem. The government has taken a series of steps to promote start-ups in the country, the budget highlights special incentives Under the Startup India initiative, Fund of Funds for Start-ups (FFS) scheme, Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Start-ups (CGSS) encouraging capital at various stages of the business cycle of start-ups. These initiatives will serve as a successful catalyst for the country’s economic growth. We are excited about India’s economic growth this year and looking forward to start-ups playing a pivotal role”.
