The upcoming Interim budget in 2024 is expected to reinforce existing schemes and introduce new measures aimed at fostering the growth of startups. Entrepreneurs are eagerly awaiting policy support that will sustain their momentum and propel them towards long-term success.
Extension and Enhancement of Schemes: A key expectation revolves around the extension and enhancement of existing schemes such as the Startup India seed fund, ensuring that early-stage companies receive timely disbursement of allocated funds. Collaboration with ecosystem partners like incubation centers will be pivotal in facilitating this process effectively.
Infrastructure Investment for E-commerce Growth: Investments in multi-modal infrastructure and logistics projects are anticipated to ease transportation challenges and facilitate the growth of e-commerce. Improved infrastructure will streamline last-mile connectivity and alleviate congestion, benefiting businesses across the value chain.
Tax Reforms and Simplification: Entrepreneurs are keenly observing potential changes in tax norms, including GST and tax breaks. Simplification of regulations concerning angel tax and ESOP taxation is a longstanding demand that, if addressed, would greatly benefit entrepreneurs and investors alike.
Sector-specific Emphasis and Innovations: Expectations include sector-specific announcements to encourage innovations in agritech, deep tech, fintech, and other domains. Entrepreneurs are eager to align their endeavors with any targeted support or incentives outlined in the budget.
Labor Law and Education Reforms: Anticipated changes in labor laws, particularly concerning gig workers, and advancements in the education landscape, including support for research and incubation, are awaited. These reforms are crucial for fostering entrepreneurship and enhancing employability.
Domestic Capital Access: Enhanced access to domestic capital, including credit for small and medium entrepreneurs and support for high net worth individuals and companies to invest in the innovation economy, is anticipated. A fund-of-funds structure may also be introduced to facilitate funding access for growth-stage firms.
Digital Infrastructure Boost: Further support for digital public goods and infrastructure, building upon initiatives like UPI and Aadhar, is expected. Strengthening the digital economy will catalyze entrepreneurial ambition and innovation, driving economic growth and job creation.
Vision for Entrepreneurial Growth: As part of the vision to become ‘Viksit Bharat’ by 2047, the budget is poised to nurture the entrepreneurial ecosystem and stimulate economic growth. It serves as a crucial milestone in charting the course for sustained entrepreneurship and investment support at the policy level.