Union Budget 2023-2024 Reaction: Dinesh Pratap Singh, Co-Founder, WoodenStreet

1 Feb 2023 , 02:48 PM

Startup Sector:

With easing capital gain taxation and carry forward of losses on change of shareholding of start-ups from seven years of incorporation to ten years, the country could become home to many more startups in the coming year.  

Another important announcement about setting up the Agriculture Accelerator Fund will encourage agri-startups by young entrepreneurs in rural areas. Moreover, bringing out the National Data Governance Policy will unleash innovation and research by start-ups and academia. The several supportive policies for startups in Budget 2023 by the Finance Minister will help to scale up the operations to a greater extent and create a boom for the startup ecosystem across the country.

Retail Sector:

The new scheme announced by the Finance Minister falling under PM Vishwakarma Kaushal Samman for artisans and craftsman will enable them to improve the quality, scale and reach of their products, integrating them with the MSME value chain. This will further include financial support and also access to advanced skill training, knowledge of modern digital techniques, brand promotion, linkage with local and global markets, digital payments, and social security. It will greatly benefit the Scheduled Castes, Scheduled Tribes, OBCs, women and people belonging to the weaker sections.