This Year Union Budget promotes huge opportunities for startups in India. Read on to know more about the same.
When the country’s average age is around 28.4 years, a government can either take it as an opportunity by being a creator or feed itself by importing stuff around the world.
But with the digital boom, shopping has never been so easier by scanning the QR code; hotel bookings are now not a headache, And mobility is now not a considerable challenge for people in a strange city or someone with no car or bikes in hand.
According to the Economic Survey 2021-22, India is the third-largest startup ecosystem in the world after US and China. 44 Indian startups achieved unicorn status in 2021, taking the overall tally to 83, mainly in the service sector. Today we have 19 times more startups than we had around 2016-17.
Solar Power And Electric Vehicles in India
Budget this year has focussed a lot on Solar Power generation and is focussed on creating a good ecosystem for electric vehicles. With Tesla, Ola Electric scooters, Tata Nexon Electric, and many more, it is vital to have a proper EV ecosystem; without these, companies can’t sustain themselves for the long run.
So, this year in Union Budget Government has set an ambitious goal of 280 GW of solar capacity by 2030 with an additional allocation of ` 19,500 crores for Production Linked Incentive for the manufacturing of high-efficiency modules, with priority to fully integrated manufacturing units from polysilicon to solar PV modules, will be made.
Not only this, Union Budget has given a massive boost to domestic manufacturers by increasing Duty from 5% to 20% on solar inverters. Also, it will be increasing the Duty on solar Lanterns from 5% to 15%.
India already has overly crowded urban space. Setting up charging stations everywhere can be a considerable problem. So, Battery swapping policy will be brought out by the Government, and the Government will formulate interoperability standards.
Now, here is an opportunity for startups in India.
Technically, for Government to do everything is impossible. So the private sector is also being encouraged to develop a sustainable and innovative business model for “Battery or energy as a service,” which will further improve efficiency in the EV ecosystem.
Make In India
Indian youth love flaunting around electronic gadgets. Indian youth love using electronic devices. India loves it all, whether it is a fitness watch, Bluetooth speaker, or an Optical speaker with good Bass and an excellent woofer.
The Government has considered taking a few steps to encourage domestic manufacturers. Firstly, custom duty rates are being calibrated. Secondly, Duty concession to part of the transformer of mobile phone charger and camera lens of mobile camera module and certain other items is being considered by Government.
The Government has also proposed withdrawing more than 350 Custom exemption entries, including agricultural products, chemicals, fabrics, medical devices, and drugs and medicines for which sufficient domestic capacity exists.
Gaming can Change your Life
Gaming Industry has a huge potential in creating employment opportunities for many. And with emerging technologies like Web3.0, Metaverse, AR-VR, NFT, the whole gaming scenario will change in some years.
Even “not just a gaming company,” Dream 11 is one of the Top 5 Unicorns from India. The Government has realized the immense potential of this sector.
So in this Budget, An AVGC (The animation, visual effects, gaming, and comic) promotion task force with all stakeholders has been proposed to recommend ways to realize this sector’s potential and build domestic capacity for serving our markets and meet the global demand.
Treat Millet as an Opportunity, not as only a Crop
Millets are superfoods packed with protein, antioxidants, and nutrients. And Millet is known for its nutritional benefits and is being consumed and considered by many. Today, in India, fitness is a priority.
So, the Government is committed to providing post-harvest value addition, enhancing domestic consumption, and branding millet products both nationally and internationally.
Trading on Equity
Last year, Venture Capital and Private Equity invested more than 5.5 lakh crore. Scaling up this investment requires a holistic examination of regulatory and other frictions. We also saw Byjus acquiring many small companies in India; it felt like it was on a shopping spree for a while.
When so much is going on, Government intervention in this space is necessary for the ecosystem to sustain itself well.The Government will set up an expert committee to examine and suggest appropriate measures.
Final Thoughts
India is a welfare nation. And in this year’s Budget, it seems like the Government of India has considered the aspirations of young Indians well, who are just in love with this Digital Medium.
So much so that RBI will soon issue a digital Rupee starting 2022-23, and The Government will also establish a digital University. Many startups were hit by Pandemic last year. So Government proposes to extend the period of incorporation of the eligible startup established before 31.3.2022 by one more year, that is, up to 31.03.2023 for providing tax incentives. Opportunity is there and was always there. It is just you need to find your drive and move ahead.
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