HomeBudget 2024Union Budget 2024 Expectations: VCs & Startups' Wishlist for Budget 2024 Centers on Tax Reforms and Regulatory Clarity

Union Budget 2024 Expectations: VCs & Startups’ Wishlist for Budget 2024 Centers on Tax Reforms and Regulatory Clarity

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In the rapidly evolving landscape of media, internet, and publishing, industry leaders are anxiously awaiting Finance Minister Nirmala Sitharaman’s budget announcement for 2024, hoping for a lifeline amidst the current challenges that have left many feeling their worth is dwindling.

Here’s a breakdown of their perspectives:

Lalit Ahuja, CEO ANSR

We anticipate the budget to prioritize incentives for the startup ecosystem, fostering innovation. We need a more favorable capital gain tax system that encourages easy access to capital. The government should also consider tax exemptions in FDI and maintain a sharp focus on start-up infrastructure development.

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As innovation has emerged as the primary focus area in GCC strategy, start-up collaboration gives GCCs access to newer technologies that can help further the innovation agenda of the enterprise. With GCC revenue expected to scale up to $100 billion by 2030, the government needs to take prudent steps to help start-ups, thus creating more fertile soil for GCCs.

Amit Mishra, Co-Founder of 91Squarefeet.

To catalyze the spirit of entrepreneurship in India, the upcoming Union Budget 2024 should pave the way for a progressive and inclusive Capital Gain regime for Startups, like the ones enjoyed by listed companies. This move will stimulate increased investment in the startup ecosystem and unlock unprecedented growth opportunities.

Addressing ESOP taxation for Startups is vital to attracting and retaining top-tier talent, and fostering innovation and excellence. A holistic review of the regulatory framework is essential to create a more conducive and less stringent environment, empowering startups to thrive and contribute significantly to the nation’s economic landscape

Sukhmani Bedi from Orios Venture Partners

We expect the government to continue its support for the startup and VC ecosystem like it’s done in the last few budgets. One of the main things is a harmonization of the capital gains tax rates between listed and unlisted companies. Doing this will attract more investment into privately held companies. Similarly, a tax exemption that could be provided to investments from sale proceeds or one startup to another would be good and will encourage more angel investments.

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Secondly, the issue of ESOP taxation needs to be addressed. Production for specific products has shown to be incredibly successful in raising manufacturing and cutting expenses. We should try to increase the scope and coverage of the PLI program to include many more sectors.

Also, more clarity in regulations regarding disbursements will be welcomed. As far as sector-specific incentives are concerned for cryptocurrencies, the blanket tax on profits and TDS and cryptocurrencies used to be addressed. This has led traders to move to non-compliant exchanges. And this has harmed domestic exchanges. Furthermore, clarity and a more favorable regulatory environment for crypto will be appreciated.

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In the coming years, we anticipate a surge in startups expanding across borders, facilitated by increasingly sophisticated policies that encourage such ventures. For EVs, continuation of FAME policy and dedicated funds FOR EV financing is welcomed.”

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Krishna Mali
Krishna Mali
Founder, CEO & Group Editor of TechGraph.
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