Reaction on proposed Union Budget 2023 on start-up Industry

Nitish Mittersain, Founder, CEO & Joint Managing Director of Nazara Technologies:

“The Union Budget 2023 has given prominence to digital infrastructure. The intent is not only on developing but building an ecosystem. The budget makes digitization an integrated aspect of all sectors. AI is the next level in technology innovation and enterprise creation. The creation of three centers of excellence for artificial intelligence to enable ‘Make AI for India’ and ‘Make AI work for India’ will be a game changer in streamlining AI further. The budget also emphasizes developing applications under 5G as the country makes way for it.

While focusing on new pillars of growth, the budget has also given start-ups their due credit. Establishing a National Data Governance Policy to enable access to anonymized data and extending the date of incorporation for income tax benefits to start-ups will be a game changer. In addition, removing the minimum threshold of Rs 10,000/- for TDS and clarifying taxability relating to online gaming is one of the key takeaways.

The proposed Union Budget also reflects the proactive approach by the government in streamlining the tax system and promoting fairness in the industry.”