Budget 2022: Startups give their wishlist to FM Nirmala Sitharaman

By Team Newsable | First Published Jan 14, 2022, 3:41 PM IST

Asianet Newsable spoke to CEOs of a few start-up firms to understand their expectations from Budget 2022

Many start-up companies, which have been driving job creation within the country, have weathered the Covid-19 storm and are now looking up to the Narendra Modi government to provide them with a shot in the arm by way of incentives in the Union Budget 2022. Asianet Newsable spoke to CEOs of a few start-up firms to understand their expectations from the government. Read on.

Raj Das
Global Co-Founder & India CEO of Hirect

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"The Covid-19 pandemic has left a major imprint on every industry, and everyone expects the Union Budget 2022 to get the economy back on track. Since startups are the backbone of job creation, they should be given lucrative incentives and tax relaxation.

"Any initiative that works out for a hiring platform to help first-time job seekers get into work without hefty tax liability or even a reduction of 18 per cent Goods and Services Tax slab will encourage the startup sectors to leverage professional services for business growth and get back on track with their operations efficiently.

"Skill development is -- in the world that we live in today -- a critical tool for improving labour efficacy and quality, which leads to increased productivity and economic growth. India is among the world's youngest nations with more than 62 per cent of the population in the working-age group (15-59 years). India will anticipate a 32 per cent increase in the labour force in the coming years.

"However, current data reveals that barely 2 per cent of India's overall workforce are skilled labourers. So it is expected that the government will focus more on skill development, which will further boost employment in the country. We expect the government to handle the crisis in a strategic manner.

"It is high time for the government to place a greater emphasis on the hiring industry as the key to long-term, and strong growth accompanied by solid employment will ensure that we are laying the groundwork for a period of double-digit growth."

Mugdha Pradhan
Functional Nutritionist
CEO and Founder, iThrive

"The FDI investment process should be simplified, and taxation-related compliances should be kept to a minimum. As the medical industry does not pay GST and wellness is a part of it, the GST rate for wellness services should be 5% rather than the current 18%. In terms of GST, the wellness industry should be on par with the business industry.

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