Editorial Team

The Union Budget 2022 is getting mixed reactions. Here are some reactions from the industry leaders over Budget 2022!

Jai Decosta, Founder & CEO, K12 Techno Services Pvt. Ltd.

The current Govt has been more inclined towards digitisation in every aspect including education which is futuristic and it is appreciable.

The FM and the Central Govt have given more emphasis on digital education. The acknowledgment of the loss of formal education of the students especially from the Government schools due to the pandemic induced lockdown and infusion of the expertise of foreign universities to strengthen the fintech and mathematics education in the Indian education system is a good proposition. Also, establishing the digital university at par with the global learning standards in various Indian languages will blur the disparity between urban and rural education.

In my opinion, aggressive initiatives to promote and collaborate with private players might help the Govt to reduce further education loss for the students from economically challenged backgrounds.

However, the overall budget failed to provide direction to private education players especially in the K12 segment. The private sector bore the brunt of the pandemic and the budget overlooked it completely and does not give any relief in terms of GST exemption or special provision for Private schools to borrow funds from banks at concessional rates. Since this was highly required and expected from this budget, therefore it was a bit disappointing to notice the FM did not factor these in her Budget planning.

Neeraj Gupta, Founder, and CEO, Genes2Me Pvt Ltd

We are glad that the Budget this year focuses on strengthening the digital healthcare infrastructure with the rollout of an open platform for the National Digital Health Ecosystem. Facilities like digital registries of health providers and health facilities, unique health identity, and universal access to health will fasten the procedures and help in fighting the pandemic at a greater speed.

Shailesh Guntu, CEO – Milann Fertility & Birthing Hospitals

While the overall budget seemed growth-oriented, it is devoid of necessary benefits to the healthcare sector. Although the announcement on the launch of a national tele mental health programme has come as a relief in view of the mental health issue which emerged as a result of the pandemic, there are many other major health concerns which need to be addressed like stress and lifestyle issues which are also regarded as a direct result of the pandemic. Considering the same, fertility treatments like IVF will become a mainstream need for future generations and they have to be brought under health insurance parameters.

Rajeev Agarwal – CEO & Founder, Innoviti Payment Solutions

With India @100 in mind, this budget gives the much-needed thrust on financial inclusion by expanding the access of digital banking, digital payments, and FinTech into the remote areas of the country. Initiatives such as bringing all post office banks under the core banking umbrella while setting up 75 digital banking units in 75 districts of the country are a welcome move that will take India forward.

Digital Rupee will further decrease friction in the movement of money, reducing the cost of money and in the long-term contribute to fuelling economic growth

The budget gives a boost to the overall fintech ecosystem, especially to the start-ups in FinTech sector who are working towards making digital payments safer and more frictionless than before.

Akash Sinha, CEO & Co-Founder, Cashfree Payments

Budget 2022 is a reflection of consumers’ trust in digital-first approach to banking & finance. Economic Survey 2022 highlighted that UPI is currently the single most extensive retail payment system by volume, reiterating its wide acceptance. This has contributed immensely towards driving digital transformation in the country. Additionally, the idea of setting up digital banking units in multiple districts will help in the homogenisation of the financial services in rural and semi-urban geographies. The launch of digital currency by RBI is both encouraging and critical in empowering the digital native youth to take a transformational leap from the conventional currency tools. We have witnessed an increasing use of blockchain technology to simplify and secure the consumer’s journey, and this push was required to encourage innovation in this domain. Fintechs and startups must help stakeholders establish connections with remote locations and provide value-added services to the underserved and unbanked segments.

Moreover, the 5G spectrum technology and the scheme for the penetration of fibre optics across villages will boost the growth of rural and gig economies. We also compliment the Hon’ble Finance Minister for the support extended to the startup ecosystem via reforms in taxation, incentives, investments and other benefits that will promote Make in India and Digital India initiatives. We feel that the announcements made during the budget session display the growing importance of startups and their ability to exhibit agility and purpose alike.

Shashank Khade, Co-Founder & Director, Entrust Family Office

This is a Budget that is focused on prioritising capital expenditure as a key lever for growth, which we endorse as an approach given the multiplier effect of many of these investments. In that sense, the budget augurs well for the economy and the continuing decline in revenue expenditure as a share of total expenditure towards capital expenditure improves quality of expenditure. To put it in context, the 35% increase in capital expenditure, 55% increase in Road sector allocation and 17% increase in railways are significant numbers. On top of this is support to state governments towards capex. Of course, execution of projects in these areas and in urban infrastructure is key towards enjoying the full benefits of this expenditure. The other point to note is that a larger share of defense capital expenditure is targeted to domestic procurement that could also have second order implications for R&D and multiplier effects in the economy.

The Budget is extremely future-oriented. Emphasis on digitisation of government processes, incentives for startups enabling flow of capital (lower capital gains for venture investments), clean energy enablers for fundraising and PLI, categorising data centres and energy storage systems as infrastructure, recognising gaming as an area of potential, and a general focus on sunrise sectors is evidence of this. Impact of this will be felt over the next decades and not in the short term. The taxation on cryptocurrency while at the same time talking about a digital rupee indicates the government recognition of block chain as an important future technology to enable.

The gross market borrowing through G-secs for 22-23 at Rs 14.95 lakh crs is higher than the amount expected by the market and has led to sharp increase in G-Sec yields. However, tax buoyancy is very high and could well surprise on the upside thereby leading to lower fiscal deficit in the current and coming year than forecasted. However what quantum of issuance would be issued as sovereign green bonds and whether it shall be issued to a new set of investors (viz Foreign Institutions) is a key part we can watch out for. Overall, the credibility of numbers is very high as is evident in the tax growth rates and PSU divestment numbers being very moderate. Indicative of an intent to under promise and over deliver.

Pawas Tyagi, Co-Founder, edustoke

A clear emphasis on digital content development and delivery and overall efforts to digitize education is applauded as is the upgradation of Anganwadi. Coupled with 5G roll out – this budget should accelerate more accessible quality education in the country.

Deepak Chandnani, Executive Chairman Designate, Worldline South Asia & Middle East

We continue to witness government’s mega push towards digitalization across all key sectors including health, education, fintech, startup, payments among others in this budget announcement. The proposal to launch Central Bank Digital Currency and introducing 75 Digital Banking Units that will be set up in 75 districts of the country by Scheduled Commercial Banks will bring more users under the digital ambit, especially in the rural pockets. The continuation of financial support announced in the previous budget for digital payments is a big positive as it will continue to deepen the adoption of digital payments across the country and promote use of economical and user-friendly platforms.

Dr. Akhil Shahani, Managing Director, Thadomal Shahani Centre for Management, Shahani group and CEO, Ask.Careers

Considering the experience of e-learning in the pandemic, it is good that the government is seriously looking at integrating online technology to make our education system more inclusive for the less-resourced segments of the population. However, it is important to realise that online technology is no substitute for good quality brick & mortar schools & colleges, as many students have fallen behind over the last 2 years of the lockdown. So, it would have been important for the government to have focussed on efforts to train more teachers & support the building of more institutions. Another good initiative is the increased focus on skilling and upskilling to improve employability among our youth. Along with the new skill-oriented National Higher Qualification Framework being issued by the UGC, I see better integration between the academic & vocational streams of education. Allowing foreign university campuses to set up in Gujarat’s GIFT city will hopefully be an interesting pilot initiative that could encourage foreign universities to expand into other Indian states. A couple of initiatives that were not addressed was the reduction of GST rates for Edtech services & allowing private for-profit investment into India’s schools & colleges, which could have greatly helped expand quality education across India.

Nitish Jain, President – S P Jain School of Global Management

From the standpoint of higher education, the budget is headed in the correct path by focusing on improving the digital infrastructure in the country. Moving ahead, the execution, and how quickly these things move will be the most important factors to watch. Education is what propels the economy and the country forward, and I am confident that Budget 2022 will go a long way toward ensuring that education remains at the top of our country’s priorities.

Jaya Vaidhyanathan, CEO, BCT Digital

The Union Budget 2022 has lived up to expectations on many fronts. The FM has delivered a budget that addresses holistic measures to take the economy towards the $5 trillion target. Overall finances seem to be in good shape, with fiscal deficit for FY22 at 6.9%, and GST collections at a record Rs.1.4 lakh crore in January. Capex budget has been increased by a steep 35.4%, which is the need of the hour.

The highlight for the year has been the unfaltering focus on complementing macro-economic growth through micro measures, such as all-inclusive welfare, domestic production, tech-aided development, and public infrastructure, while pushing the envelope on the energy and climate agenda – a tall order.

The fintech industry will welcome announcements such as 100% CBS coverage for the post office, liberal regulation for the GIFT IFSC centre, and heightened emphasis on fintech education. All of these acknowledge the government’s efforts to transform India into a global fintech hub. The FM has also announced FY23 as the timeline for the much-awaited RBI CBDC – the digital Rupee. Crypto enthusiasts will appreciate the clarified stance on cryptocurrency, although gains will be taxed at 30% with 1% TDS.

Kishan Jain, Director, Goldmedal Electricals

We welcome the measures announced by the honourable Finance Minister Nirmala Sitharaman and the Government of India in the Union Budget towards boosting electronic manufacturing in the country. The Union Budget 2022 has announced the easing of policies and has pledged to allocate INR. 19,500 crore for PLI for manufacturing of high-efficiency modules. PLI in 14 sectors will help in generating 60 lakh new jobs and additional production of Rs 30 lakh crore in the next five years which is laudable. Today, India’s manufacturing industry has incredible potential to place the country on the global manufacturing map, concurrently boosting several employment opportunities for India’s youth. Further to this, the Finance Minister also announced duty concession for electronic items, this will in return further boost the sector, and enable domestic manufacturing of high growth electronic items. The budget features a vigorous, expansionary attitude toward the manufacturing industry, as seen by the government’s incentives and enhancement of the PLI schemes. As a brand, Goldmedal Electricals has always been at the forefront of introducing ground-breaking and sustainable solutions that make our planet not only smarter but also sustainable for generations to come and support the government’s vision of Atmanirbhar Bharat.

Surabhi Goel, CEO, Aditya Birla Education Academy, Aditya Birla World Academy

The Union Budget 2022 has provided an impetus on increasing ‘One Class One TV Channel’, PM e-Vidya from 12 to 200 TV Channels thereby providing to strengthen supplementary education in regional languages for classes 1-12. With a theme of digitisation, the budget has laid emphasis on the importance of continuing to train teachers to improve hybrid learning outcomes especially since the students have faced huge learning gaps due to the pandemic. We are in-line with the announcement as Aditya Birla Education Academy is at the forefront of designing courses to help the country’s educators enhance their skills and bridge gaps as students return to school in 2022.

Senu Sam, Co-founder and CEO, Mykare

As a first-time founder, the time which goes to do all the paperwork to run a startup is enormous. It’s high time to simplify. Start-ups have been burdened with lots of compliances under various laws which have affected their operations. Relaxation of stipulations concerning the appointment of independent directors and women directors, and the appointment of key managerial personnel under the Companies Act is a step forward in this direction. Reducing the corporate surcharge from 12% to 7% is also a welcoming decision.

This is a budget which helps the healthcare more accessible for the common man. The increased allocations for healthcare will boost the country’s healthcare sector and help in the generation of more jobs and the availability of skilled professionals that would help in meeting the increasing demand for accessible and affordable healthcare.

It’s a clear boost for the digital health tech startup on the new announcements on “An open platform for the National Digital Health Ecosystem will be rolled out.” This will give a new era for digital health startups.

Aastha Almast, Co-founder, The New Shop

Looking forward to hearing developments on the GATI Shakti initiative. The Indian governments move to standardize transit infrastructure is a boost for startups like The New Shop which is building a business around transit retail. If we improve connectivity with world-class travel amenities, tourism and businesses will start flourishing outside of urban and metro cities, boosting employment as well.

Raktim Chattopadhyay, Founder & CEO, Esperer Nutrition

Healthcare and infrastructure were the major focus of the budget 2022 and significant investment has been allocated for the expansion of roadways and logistics networks which will definitely strengthen the nation. As we were expecting, start-ups were given keen importance in the budget. The ECLGS credit scheme guarantee cover has been expanded by Rs 50,000 crore, which will provide collateral-free loans to stressed-out MSMEs. The Govt has confirmed support for R&D expenditure, AI, genomics, etc. which is very encouraging. We shall wait for the right spirit in the implementation of all good plans in budget 2022.

Kyle Fernandes, CEO & Co-Founder, MemeChat

The Indian Start-up ecosystem is the third largest in the world and has notched up record investment of nearly $ 36 billion in privately held companies this year as demand for digitisation grew manifold amid the Covid-19 pandemic. One major factor contributing to this is the various hand-holding measures provided by the government. The 30% taxation on virtual digital assets along with the 1% TDS on transfer of virtual assets above a threshold is a strong endorsement by the Indian government. We are grateful for the regulatory clarity which supports our firm belief in the same being a legitimate business activity. The extension on the tax incentives for startups is a welcomed move.The government has yet again simplified regulations, which proves helpful for early stage start-ups. This support from the government will encourage an increasing number of students and young citizens to get aboard the start-up journey and in turn create more employment and create wealth.

Abhishek Talwar Environmentalist, Author and Co-founder Biplob World Pvt. Ltd.

Allocation of $2.6Bn for solar manufacturing and production linked incentives of $2.62Bn are crucial steps in the right direction if we are to achieve targets of 100GW installed solar capacity by March 2023. However, a lot more needs to be done to shore up the rooftop installation, especially in metros. The untapped potential here is staggering. Once solar PV panel manufacturing ramps up, there is a strong case to deploy a judicious mix of incentives and sanctions for commercial and residential structures to adapt rooftop technology.
Lack of robust support infra is the biggest stumbling block for EV adoption reaching critical mass. Battery as a service / battery swapping will not solve this problem as long as the equipment itself remains bulky and unwieldy. While this will get resolved over the next 3 to 5 years, on an immediate basis there is a strong case to ramp up ethanol blending and bring it up to 28 or 30% from the present 6%. This could result in immediate potential savings of 250MBD crude imports per annum. Brazil is a living example of how ethanol blended fuel is reducing emissions drastically.

Samir Sathe, Executive VP, Wadhwani Advantage, Wadhwani Foundation

The budget for 2022-23 has rightly identified a solution for one of the most crucial problems faced by SMEs and MSMEs in India – the credit facilitation. Credit management, job creation, and ease of getting financial assistance through government schemes and services will now be easier as the portals for small businesses will be interlinked. This also adds an organizational structure for these businesses, hence ensuring ease of doing business. Combining the Udyam, e-shram, NCS & Aseem portals will act as a digital enabler, and a go-to-hub for small business owners as these will now function as a capsule for business registration, job identification, and skilled talent sourcing. Performance acceleration programme is an indisputable approach for MSMEs as it will help these businesses identify and rectify business problems in order to yield higher returns and maximize profitability. The government must ensure that the right MSMEs are selected for this programme.

Sunil Dahiya, Executive VP, Wadhwani Opportunity, Wadhwani Foundation

Productivity enhancement and skilling are two peas in a pod. The Government’s decision to focus on skilling, reskilling, and upskilling, with an emphasis on online training and monitoring through API based skill credentials will ensure that the talent pool in India stands par with the current industry trends. This will most certainly raise the bar for Indian talent across the world, hence reducing unemployment and helping achieve the goal of reaching 60 lakh jobs in the next 5 years. It is also thrilling to know that India will now have a Digital University. Through this, the entrepreneurial education and skill development initiatives by India will be globally identified and will help in attracting investment and talent acquisition opportunities.

Vishal Agrawal, MD, India and SAARC, Avaya

We appreciate the government’s continuous focus on the technology sector with the Budget 2022-23. With the ongoing pandemic, the National Digital Health Ecosystem will act as boon to the healthcare workers as it will entail digital registries of health providers, health facilities, unique health identity and universal access to health facilities making their processes digitised and hence, seamless and simplified. At Avaya, we have been contributing to the industry in form of ‘remote healthcare’ for patient care. With social distancing becoming the new norm, frontline responders and healthcare institutions have swiftly adopted collaborative tools and cloud-based solutions to ensure continuity in providing quality healthcare. We look forward to assisting the government with this initiative

We also welcome the announcements on 5G rollout and PLI scheme as it will boost R&D, generate job opportunities, and enable enhanced connectivity across the country. In the last 2 years, Avaya has helped over 2 million people work remotely without disruptions and ensure business continuity and resilience for various organizations across verticals. Therefore, we appreciate the government moving towards a direction which will enhance hybrid work which indeed is the future of workplace.

The Government has also allocated INR 50,000 crore equity infusion in MSMEs which will further strengthen their digital transformation journey. With Avaya being one of the leading global companies in the communications space, we look forward to helping MSMEs create unique customer experiences and scale up with the help of our robust and collaborative solutions. We are also thrilled about government’s announcement around data centers and digital infrastructure boost, and look forward to collectively contribute to the goal of a 5 trillion economy.

Sanjeev Dahiwadkar, Founder & CEO, Cognota Healthcare

The Union Budget 2022 has taken many steps in putting healthcare at the centre of India’s approach to power its future growth. The proposal of launching a National Tele Mental Health Programme is a move in the right direction to provide better access to quality mental health counselling and care services. Proposal to create an open platform for the National Digital Health Ecosystem is also a welcome move. However, with the non-reduction of the GST on medical devices and the lack of tax rationalisation of healthcare services, the government has missed an opportunity to make healthcare affordable for billions of citizens. The pandemic has put healthcare at a pivotal position and the government should provide the right policy environment in the form of tax concessions, investment-friendly regulations till the society develops collective skills to deal with the new normal,” said Sanjeev Dahiwadkar, Founder & CEO of Cognota Healthcare.

Dr. Sunil Shukla, Director General, Entrepreneurship Development Institute of India (EDII), Ahmedabad

I am happy that the Union Budget for the financial year 2022-23 emphasises on key sectors such as education, health, infrastructure and MSMEs, thus focussing on growth and inclusive development. Announcements like a digital university for providing online education in multiple languages, digital ecosystem for skilling and livelihood—the DESH-Stack e portal that aims at empowering citizens to skill, reskill or upskill through online training, setting up of 750 virtual labs in science and mathematics, and 75 skilling e-labs for simulated learning environment showcases the intent of the government towards further augmentations and developments the skilling ecosystem and the education domain.

I appreciate that Startups have been encouraged through various measures – extending tax benefits for a year, earmarking 25 per cent of defence R&D budget for the industry – the vision has rightly focussed on building an environ which fortifies innovation, enterprise, academia and inclusive welfare. Interlinking of Udyam, e-Shram, NCS and ASEEM portals, and the extension of the Emergency Credit Line Guarantee Scheme (ECLGS) for one more year and expansion in its guarantee cover is further intended to formalise the economy and enhance entrepreneurial opportunities. All in all, I look forward to India gaining pace as an entrepreneurial nation.

Appalla Saikiran, Founder & CEO, SCOPE

The extension of Tax incentives for one more year to startups through 2023 is indeed a welcome move in view of the Covid-19 pandemic. The government’s focus on improving digitization, increasing digital and financial inclusion coupled with proposed several other initiatives to increase the ease of doing business will prove the key growth factors in the country.

Sarvagya Mishra, Co-founder & Director, SuperBot (PinnacleWorks)

The government has insisted on the development of digital infrastructure. Especially, in the education sector, the government has realised the need for a nationwide eVidya programme and digital university. This also opens prospects for new age tech startups to collaborate and contribute in establishing a robust digital infrastructure along with the government. New businesses have been leveraging technologies like AI, machine learning and data analytics, and have presented successful implications which might come handy in enabling the national education projects.

Shreegopal Kabra – Managing Director & Group President, RR Global

The 2022 budget has a remarkable approach towards growth orientation. With a substantial focus on housing and infrastructure development, it provides a promising outlook that will provide a much needed boost to the economy. The provision of chemical free agriculture is good move towards health improvement and it will also help in increasing exports. The #PMGatiShakti master plan will definitely aid in reducing logistics costs in the long term. The support for urban capacity is going to improve efficiency and will also provide some relief in reducing the cost of real estate which is the need of the hour in order to afford a good living.

Kirti Kabra, Director, RR Global

The Budget 2022 has a strong futuristic approach with considerable focus on education, sustainability, agricultural growth and women empowerment. It promotes overall economic development including the non-metro cities as well and an overall improvement in the standard of living. The affordable housing scheme is a huge step by the government that will impact the lives of 80 lakh families aspiring them to have their own houses in future. This will boost economic growth and will improve the overall living standards of the people. The support for urban capacity building will open up new possibilities for the citizens in non-metros thereby encouraging people to settle in these cities with a better quality of life. The expansion of National Highway network will help smoothen transportation and reduce the logistic costs thereby also providing opportunities for growth to the smaller towns nearby. The Green Energy & Clean Mobility provision will certainly promote better health, ease of living and reduce mobility cost.

Rajarshi Bhattacharyya, Chairman and Managing Director, ProcessIT Global 

The Union Budget 2022 is a forward-thinking, positive, tech-oriented, macro-budget.  A positive tone was set with India estimating a GDP growth of 9.2% for FY 2022, highest among all economies.
The budget is pro-young and aspirational India with emphasis on digital and technology, especially with focus on health, education and the start-up ecosystem.  There is now better clarity on the implementation of digital technologies across the sectors.  Spectrum auction for 5G rollout to be conducted and completed in 2022-23 is another positive step towards growth.
Regarding promoting the growth of start-ups, it is encouraging to know, the tax incentives will be increased for one more year, i.e., extending the period of incorporation of the eligible start-up to, 31st March, 2023 from the earlier 31st March 2022. Furthermore, launch of the ease of doing business and ease of living in general and extending of the Emergency Credit Line Guarantee Scheme up-to March 2023 for MSMEs in the hospitality and related services are encouraging measures too.  The raising and accelerating MSME Performance (RAMP) programme with Rs. 6,000 crore outlay over the next 5 years will certainly support the sector to become more competent.
Stride towards progress is seen with the inclusion of Data Centre and Energy Storage Systems in the harmonized list of infrastructure as it will certainly facilitate credit availability for digital infrastructure and clean energy storage, which is the need of the hour.
It is heartening to know the proposed skilling programme will be re-oriented for skilling, up-skilling and re-skilling of our youth, the future of India, with the launching of the e-portal to deliver online training, besides providing relevant jobs and entrepreneurial opportunities.
The establishment of Digital Banking Units across the country will further promote digital banking and adoption of digital payments. Introduction of Digital Rupee could also give the much-needed boost to India’s digital economy.
Winny Patro – CEO & Co-founder, Recordent

Major boost for SMEs is the introduction of E-bill system for transparency and faster payments to Vendors to deal with late payments from Govt. departments. The extention of ECGLS scheme can be of some help to MSMEs. The Union Budget 2022-23 emphasized job creation through the growth of SME sector that directly contributes a large percentage to the Indian economy. One can say that the year’s budget has some considerable relief to MSMEs, especially in supporting Atmanirbhar. Budget is also encouraging to Agricultural farmers to invest and produce more. Overall, small entrepreneurs, startups and innovation are given importance. The announcement for India’s digital currency has been pending for sometime and finally announced today, but like a double edged sword with 30% tax on digital assets. This announcement is a boost for startups and for adoption of NFTs in India.

Dr Amit Andre, CEO, The Data Tech Lab Inc.

The Center proposed a budget for the creation of a digital university, which is a forward-thinking budget that stresses digitalization and technological adoption. From an enterprise learning service provider’s perspective, the mention of technologies like AI, IoT, Blockchain, and Digital throughout numerous sectors of the economy is noteworthy. With the pandemic’s long-term effects mandating fresh periods of e-learning, it’s critical to focus on nationwide accessibility. The unveiling of the Digital DESH e-portal for youth skilling, reskilling, and cross-skilling is noteworthy, as it is one of Data Tech Labs Inc.’s key emphases and the concept of Knowledge as Service (KASS). This project will give significant assistance and incentives for the creation of new jobs and the improvement of skill sets. We believe that establishing a digital university will help to advance and grow the digital revolution, resulting in digital transformation that will benefit the Indian economy.

Shachindra Nath, Executive Chairman and Managing Director, U GRO Capital

Hon’ble Finance Minister today announced an encouraging set of measures, targeted towards rapid growth of MSME sector and the economy. The extension of ECLGS scheme by Rs. 50,000 upto March 2023, with a special focus on ailing hospitality sector is crucial to facilitate its faster recovery. The credit support has also been provided in the form of Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) revamp with credit of Rs 2 lakh crore for micro and small enterprises. These initiatives will help financial institutions to mitigate risk and stimulate credit outreach to MSMEs. The Government also announced inter-linking of Udyam, e-SHRAM, NCS & ASEEM portals and providing services such as credit facilitation and entrepreneurial opportunities. This will certainly aid in the MSME sector’s formalization and growth. The Government has time and again shown distinctive support to the country’s MSME sector and encouraged its contribution to the Atmanirbhar Bharat imperative. The outlay of Rs 6,000 crore for programmes to accelerate MSME performance will surely assist in boosting the sector’s resilience and operational efficiency. Overall, the measures announced in Union Budget 2022-23 will unlock rapid recovery and holistic growth of the MSME sector.

Aatish Hundia, Director, EVM India

Union Budget 2022 proves to be an optimistic one for mostly all the sectors. It is a crisp and highly applauded budget which encompasses the pain points of businesses amidst the current uncertainty. The announcement of the extension of ECLGS to help MSMEs cope with pandemic losses is a progressive move by the government with a goal to strengthen the economy and boost employment generation.
High emphasis on indigenous manufacturing is an optimistic sign for the sector. Besides this, the duty concessions towards the electronic sector will be beneficial for the longer duration and will provide further boost towards the growth of the sector.

Rohit Manglik, CEO, EduGorilla

The Union Budget prioritises economic growth, as the Indian economy inches towards normalcy after surviving the recent Omicron wave. Continued emphasis on mobile connectivity and broadband for economic development, ahead of the 5G rollout, will have a cascading effect on the growth of edtech in India. The proposal of the digital university is a pathbreaking initiative that is in line with the requirements of the post-pandemic world. Moreover, expansion of PM eVIDYA using the Internet, mobile phones, TV and radio mediums and emphasis on the newer technologies like blockchain, drones, etc., will pave the way for harnessing these technologies in the education sector. Reorientation of skilling schemes is a welcome step if we were to realise the advantage of the demographic dividend.

Moreover, an extension of incentives for one year for startups, One Nation, One Registration and emphasis on drone technology will catalyse the growth of startups in India. While much will hinge on the implementation of these measures, the Budget marks a formidable effort to usher in tech-enabled growth.

Anshul Srivastava, Product Head, Keka Technologies

Infra, and Rural are the only sectors that were the main focus in this budget. In the Banking sector, introduction of CBDC (Central Bank Digital Currency) using blockchain tech, and terming crypto assets as Virtual Digital Asset (although being taxed at 30%), is a step towards recognising Crypto. This would finally put an end to speculations around banning crypto assets. More focus is on economic growth, but nothing changes much for the working class. This much needed shift in perspective around crypto and digital assets is also expected to open up a whole new avenue of jobs and employment in the country. We’re already seeing career opportunities popping up in blockchain just like we’re noticing crypto businesses spiraling its way into the layman’s economy albeit it being popular in select niches at the moment. Our economy- jobs, employment, business and everything in between – might’ve been bogged down by the pandemic, but we see an upward graph charting from here on. The country’s economy seems to be stabilising to counter the pandemic’s effects.

Raushn Jha, Founder & CEO, PDP Media

Budget 2022-23 has been in favour of startups. As our honorable FM has announced that due to Covid 19 pandemic Tax incentives will be provided for one more year to startups that had already been extended through 2023. As we fall under the same category and most of our clients are emerging startups it will be very considerate for us. As the startup sector has been playing a very crucial role for continuous growth in India’ economy for the past few years and with such support from the government, we hope in the coming time innovative startups will get recognised for their hard work and dedication. Also, promotion of startups to facilitate ‘Drone Shakti’ through varied applications is a great initiative by our government.

Sumit Ghosh, CEO, Co-founder, Chingari

We welcome the budget 2022. It is a promising budget to fulfill the dreams of thousands of crypto startups in India by opening various avenues of crypto assets. The announcements done by hon’ble finance minister Nirmala Sitharaman to introduce a 30% crypto tax is an encouraging development indicating the legalization of cryptocurrency in India. Further, the adoption of the digital rupee based on blockchain is a sign of the growth of making digital assets more accessible to the larger masses.

The budget is a gratitude towards the startup ecosystem by giving and accepting the new-age technologies and extension of tax incentives for startups respectively. In the near future, we expect the government will continue to support and encourage digital currencies.

Shabnum Khan, Founder, 750AD Healthcare Pvt. Ltd.

As per Nirmala Sitaraman in the budget declaration for 2022, India’s growth is estimated to be at 9.27 percent. With high vaccination rate we are in a condition to face the challenges that come our way specially with the Omicron wave on the rise. No declarations have been made on data security. On the other hand, it is good to see the outcomes of the vaccination drives which have been a success. 156 crore doses of vaccines have been administered as of January 16, 2022, which will leave space for the healthcare budget to be focused on other verticals other than vaccination.

Pankaj Khanna, Chairman, Khanna Gems

The budget 2022 has brought in a big sign of relief for the gems and jewelry industry. Customs duty on cut & polished diamonds, gems to be reduced to 5% which will help in a better influx of the gems in the country. This will also mean that the customers will be benefitted with this, by availing better gems and jewelry at affordable prices.

Amaresh Ojha, Business Head, RoundGlass Traqade & RoundGlass Gympik

Ease of Doing Business 2.0 is a great step, as announced in Budget 2022. A Single Window clearance mechanism will enhance the EODB in India and empower all business to do better. This has been developed in line with a trust-based governance system and will help the business to operate easily without getting involved in overlapping systems. Like all other sectors it will help the fitness industry to operate with ease. The development of Tele mental health centers as announced in the budget is also a great step towards promoting both mental and physical fitness in the long run.

Neha Puri, CEO & Founder, Vavo Digital

It’s a positive step that the Modi Government has taken to recognise the Digital currency by bringing it under Tax net. Vavo has been working with various start-ups that work in crypto, the sense which we could get is that the digital is the future. We are going to see the new trend in NFT’s in India which is full of talent & art, giving them opportunity to grow. Another major step to make India truly a digital country is by announcing the auction of 5G spectrum in a time bound period. This will give access to faster internet speed which will in turn increase the digital content on citizens handset thereby growing the business of digital media industry and associated businesses

Vaibhav Singh, Co-founder, Leap Scholar

The 2022 budget is promising for the education sector in promoting digital learning. Initiatives announced like the PM e-Vidya programme and setting up of a digital university will strengthen the broader vision – accessibility of education for all. The proposal to roll out e-passports is a welcoming gesture as it will enable a seamless experience for the travelling population, especially the large section of students flying abroad for their studies. Extended tax benefits for startups announced in the budget will further boost the ecosystem and drive the economy’s growth.

Gautam Thacker, President, NAREDCO – Progressive Neral-Karjat Unit

The union budget for 2022 looks promising and balanced. It has more or less provided each sector with some benefits which will help the businesses to overcome certain uncertainty. Announcements such as 48,000 crores for PMAY, 80 lakh homes under PMAY will help boost the affordable housing market. Besides this, the government (Central and State) has designed various schemes, such as Pradhan Mantri Awas Yojana (PMAY) with the aim to build one crore homes in urban and rural India by 2022 which will further boost the boost affordable housing and achieve the vision of Housing for all by 2022 – 2023.
The Central Government in tandem with the state governments needs to align the process in order to reduce the time period required for all land and construction-related approvals. Having said that the government’s move to develop urban planning with the adoption of public transportation will help the housing sector grow. The govt initiative of subsidy on housing loans through the Credit Linked Subsidy Scheme (CLSS) is benefitting the masses opting for affordable housing.
The announcement of the extension of ECLGS to help MSMEs cope with pandemic losses is a progressive move by the government with a goal to strengthen the economy and boost employment generation

Rohit Sahni, CEO & Co-Founder, WK Life

This is a welcome budget for private enterprises and startups as it addresses our needs. The proposal to reserve 25 percent of the R&D Budget for Startups and Private entities is an excellent move. To provide monitory relief to startups, Finance Minister Nirmala Sitharaman has also announced an extension of one year for the incentives provided to them in view of the pandemic. However, nothing much has been announced for the retail sector which was expecting some major announcements. We expected that the union budget will provide financial support/incentives, particularly for small and medium-sized businesses, to help accelerate the digital India vision. So we can say that it is highly disappointing that there is nothing for the most affected sector that is retail sector.

Nitin Bansal, MD, India & Head-Networks – Southeast Asia, Oceania, and India, Ericsson

We are pleased that the budget for 2022 seeks to leverage technology for enabling the next phase of sustainable socio-economic development of the nation with the use of drones for land surveys and crop assessments, the introduction of digital currency, infrastructure status to data centers, e-content delivery, and e-passports. Apart from this, the announcement of the DESL stack portal to upskill Indian youth as per industry needs will help to fill the talent and skill gap. From a telecom sector perspective, FM’s announcement around the 5G spectrum auction, 100 percent fiberisation with PPP model will provide the required impetus to build upon ubiquitous and reliable internet connectivity. Thereby, bridging the digital divide for a conducive and inclusive development of the nation in keeping with the ‘Digital India’ initiative. Further, design-led initiatives for 5G under the PLI scheme and 5% of USOF for R&D purposes will strengthen the ‘Make in India’ initiative, and contribute to making India a global manufacturing hub.

Ankit Saraiya, Director, Techno Electric and Engineering Limited

The world has seen decades of accelerated digital transformation and adoption of technology, owing to the pandemic. The budget significantly encapsulates the role of tech and includes disruptive, innovative and futuristic growth potential of an aspirational India. The enhanced status of the Data Center and Energy projects to infrastructure status marks a huge step for the industry from a ‘Make in India’ perspective and reassuring several domestic Data Center developers. Additionally, the development and auctioning of the 5G spectrum, incentivizing the AI, EV and digital transformation space will contribute significantly to the Digital India mission.

The government’s stance on the Block chain technologies and the implementation of digital rupee using block chain and other technologies will give a big boost to the tech eco-system of India. We perceive this move to be a big positive push for the government’s “Digital India” programme

Vipin Kumar, CEO Technoloader Pvt. Ltd.
It’s a big bang to a revolutionary journey in India; People seem to welcome this devastating move, as 30% tax slab laved to rumors about crypto ban; it gives a legitimacy boom in bigger Crypto sphere. Our Government is lightening up the path to a progressive stance. It leads to leverage job opportunity in IT and Blockchain industry. Such glance of government will take India to a top notch position in blockchain industry.
Narayan Mahadevan, Founder, BridgeLabz

The budgetary allocation this year emphasises on the needs of skilling, reskilling and upskilling citizens. Considering the situation of the last couple of years which greatly impacted the job pool and led to the declining job opportunities leaving the employable workforce jobless, this years’ union budget focused on creating 60 lakhs jobs . Hence, by prioritizing skilling and reorienting skilling programs the government will give an immense boost to the youth of the country to get back to work. I wish the government had definitive plans to accomplish the same and even encourage such platforms that work towards skilling from the perspective of employability and create business models on successful employment.

Nikhil Barshikar, Founder and MD, Imarticus Learning

Path-breaking initiatives such as digital DESH e-portal, digital university and e-content portal for teachers serve to provide comfort on the acceptance of EdTech by the government and the regulatory bodies. We are pleased with the way Budget 2022 has focused on leveraging technology to drive deeper penetration into the market and breaking barriers to provide access to top-quality education to the masses. We expect EdTech businesses catering to customers in the Tier-II and lower cities to gain significant momentum in the coming years. Education is one of the key pillars of growth and youth upskilling is a major contributing factor. With technology playing a key role in the growth of various sectors, the availability of a skilled workforce will be critical. This provides significant tailwinds to opportunities in the technology upskilling space. Additionally, the focus on agricultural upskilling has given rise to a new opportunity for all the non-technology skilling players in the market.

Sidharth Agarwal, Director, Spectrum Talent Management

As per today’s budget announcement by the FM, there will be creation of 60 Lac new jobs. Using a capital investment approach to do so and not making much alterations would work considering how well the corporate sector is doing. Taking in account the last 2 years of pandemic which has been difficult for all, there wasn’t much for the salaried class/middle class. However, if I must say so, the goal is to improve things through infrastructure investment and by not putting money directly in the hands of the consumers. Introducing Desh Stack e-portal should be a help in creating and stimulating the environment for skill development. In the last year’s budget NAPS was the fourth pillar and now, announcing Desh Stack is a step in the right direction.

Purva Aggarwal, CEO, Good Good Piggy

Digital money management as a life skill will be very important for everyone to learn especially for the new generation as the Budget assures that the future of money is digital with RBI issuing its long-mulled digital rupee currency.

Edul Patel, CEO and Co-founder, Mudrex- A Global Crypto Investing Platform

The Finance Minister, Nirmala Sitharaman, has suggested 30% taxation on crypto gains. The losses if any cannot be offset against other income. Additionally, the introduction of TDS on crypto transfers can now monitor the crypto transactions. On sale of digital assets, 1% TDS would be applicable. Besides taxation on digital assets, India will soon have its blockchain power digital rupee. The digital asset classification will consist of crypto, NFT, and the government issued currencies. It is undoubtedly a progressive step towards boosting crypto adoption in the coming years.

Puneet Gupta, Managing Director & Vice President, NetApp India

I am excited to see the government’s focus on technology sector, as a whole. The incentives towards creating digital infrastructure, education, and skilling, spell out the intent on developing the country’s human capital. The emphasis of digitised skilling will help make our country’s youth future-ready. Additionally, the announcement on RBI introducing digital currency and the government providing infrastructure status to data centers, will help create a framework for emerging technologies making the digital India Inc better and stronger.

Sunil Sharma, managing director – sales, Sophos India & SAARC

The Union Budget 2022 presented by the Government of India is built on the foundation of introducing new technologies across sectors. From education to finance, logistics, and healthcare, the bedrock of change will be driven by tech. The Government has further proposed the introduction of the digital rupee. While this will definitely enhance efficiency and promote growth, increased digital penetration also brings with it additional cyber risks that one should be vary of. As a step towards mitigating cyberattacks, the Government plans to set up broadband in villages as well as the Digital DESH e-portal. This will help equip youth with the right skills, including cybersecurity skill sets, needed to operate safely in today’s tech-driven world.

Dhruvil Sanghvi, Founder & Chief Executive Officer, LogiNext

We welcome the move by the Government of India to boost logistics as a means towards ensuring economic growth. The proposal to set up a Unified Logistics Interface Platform is a welcome move. Leveraging technology to complement the development of infrastructure will help bring in better efficiency. Furthermore, with real-time tracking, and inventory management as a part of the platform, this will go a long way in bringing India at par with global supply chain networks. LogiNext has always been an advocate for digitisation of supply chains, and it is reassuring to see the Government work towards this. The decision taken to extend the tax incentives provided to startups till March 31, 2023 is a reflection of the Government’s commitment towards ease of doing business in India.

Kunal Nagarkatti, CEO, Clover Infotech

The Government’s focus on creating a strong digital ecosystem to enhance banking and financial inclusion is a step in the right direction. Bringing all post office banks under the core banking ambit will enable seamlessness in digital payments and online transfer of funds and accelerate financial inclusion. The setting up of the Digital DESH e-portal for skilling initiatives is the need of the hour as it will bridge the gap between the supply and demand for digitally skilled and technically strong resources.

Niraj Hutheesing, Founder and Managing Director, Cygnet Infotech.

The advancement in enhanced transparency of payments is a huge stride forward for India in terms of fintech innovation. The proposed end-to-end online e-Bill system will enable increased productivity for industries that go completely paperless. This will prove to be extremely fruitful for digitization. Furthermore, the acknowledgement that India’s GST collection stands at Rs.1.4 lakh crore for the month of January 2022, exemplifies the growing need for digital taxation solutions that promise to take the Indian economy to the next level.

Bhavin Turakhia, Co-founder and CEO, Zeta and Founder and CEO, Nova (Flock and Titan)

It is encouraging to see the government’s support for the startup sector in the Union Budget for 2022 through tax incentives and easing of regulatory frictions in venture capital investments. Additionally, the impetus towards the rollout of 5G and broadband services in 2022 will catalyze an entrepreneurial culture and expand India’s presence on the global map of technology innovation.

Pawan Goyal, Director JRG Automotive Industries India Pvt. Ltd.

The government’s proposal to introduce a battery swapping policy with interoperability standards for electric vehicles (EVs) will benefit the entire ecosystem of the EV business, particularly the electric two-wheeler and three-wheeler segments. The regulation will hasten the development of battery swapping stations, where EV owners may recharge their vehicles by exchanging out depleted batteries for fully charged ones. It will ease range anxiety and charging time, which are two of the most common concerns among potential electric vehicle purchasers.

Jeetender Sharma MD & Founder,Okinawa Autotech

The Union Budget 2022-23 provides great encouragement for the EV sector. The introduction of the battery swapping policy to improve the country’s EV infrastructure is a positive and progressive step that could potentially address the range anxiety issue, which is one of the impediments to a mass-market transition from internal combustion engine-based vehicles to electric vehicles. This policy will be critical in enabling a well-established EV infrastructure across the country while instilling customer confidence in riding EVs on Indian roads. More importantly, this will boost EV adoption in the last-mile delivery space, where time constraints make instant battery swapping more viable than charging the existing battery.

With collective efforts from the government and private players, we are confident to realising the nation’s vision of converting all vehicles in India to electric vehicles by 2030. In this regard, we strongly urge the government to roll out EV-charging infrastructure with interoperability standards at all public, private, and strategic locations as soon as possible in order to support both mobility needs and the nation’s commitment to reducing emissions.
Rajesh Gupta, Founder & Director, Nupur Recyclers

We welcome the government’s proposal to introduce a battery swapping policy and interoperability standards for the electric vehicle sector. Consumers will be able to seamlessly switch the battery on-the-go without worrying about running out of charge, which is especially useful when out for the day. Furthermore, this policy encourages companies like ours to continue developing efficient solutions to power India’s EV Revolution, as well as opens up new growth opportunities through the Energy-as-a-Service model, which is expected to explode in popularity in the coming years.

Amarjit Sidhu, Executive Director, Detel – One of the fastest growing Indian electric two wheeler manufacturer
The union budget for 2022 carries a positive message for the EV sector. More efforts than ever are being made by the government towards boosting the EV ecosystem. It’s very encouraging to see this renewed dedication, and it also looks like there are some promising initiatives in store for 2022 with this budget. The Indian government’s recent policy to allow the swapping of electric vehicle batteries is a step in the right direction. This new policy will help get more people to buy electric vehicles and will work to increase battery recycling, thus helping build infrastructure for electric vehicles. Turning the most expensive EV component—the battery—into an operational cost, will significantly reduce the prices of electric vehicles and promote their adoption.
Dr. Yogesh Bhatia, Managing Director & CEO, LML Electric –  Leading E-mobility solution provider
The Union Budget 2022’s four key pillars of inclusive development, productivity improvement, energy transition, and climate action will undoubtedly boost the country’s economic growth. Clean and sustainable mobility is critical for reducing fossil fuel dependence and combating climate change. We applaud the government’s efforts in this area and look forward to seeing concrete steps taken to address the barriers to EV adoption. India’s electric power is increasing! Special mobility zones with a zero-fossil-fuel policy will aid in the transition to cleaner technologies and the development of a more sustainable economy. I look forward to seeing the positive impact electric vehicles will have on India and the planet.
Milind Borate, Co- founder and Chief Development Officer, Druva

The government recognizes that as it puts its thrust on digital transformation to usher in economic growth the human capital of the nation needs to be modernized, digitally empowered and rightly skilled, and this is a very welcome move. The DESH- Stack eportal and the formation of a digital university are all steps in the right direction and a major push towards upskilling & reskilling that should go a long way in addressing skill gaps and employability issues of the industry.”

Divya Jain, Director & Founder, The Class of One
The Union Budget announcement gave a cursory look to the education sector for primary and secondary levels. However, announcement of launching Digital ecosystem for skilling and livelihood is quite a positive move for the educational institutions offering higher education. Startups like us are relieved to hear that in terms of tax relief, an extension of the period of incorporation by one year until March 31, 2023 is given. Expansion plan for One class, one TV channel’ program of PM eVIDYA from 12 to 200 TV channels promotes inclusion of students from all backgrounds, and ensures lack of digital devices does not come as a hurdle for cognitive development of the students.
Ashwini Jain,CEO & Cofounder, ForeignAdmits

Overall budget was good and it was a win for the educational sector. Here are my views:
1) Really looking forward to e-passport as it will help study abroad aspirants/students at the immigration counters and consumer less amount of time.
2) Disappointing to see no relief on education loans.
3) Disappointing to see scholarship cuts for girls’ education.
4) Digital University is a good idea but not sure focusing a lot on the regional language will be helpful for the youth if the youth is not able to get a job. Rather than this, the government can focus on providing English education at the foundation level.
5) E-learning content delivery is definitely a good idea and is a need of the rural india.
6) Putting increasing effort on New skill development courses is a great move as today’s youth is lacking in skills, hence unable to get a job. This will create more job opportunities for the youth. E-labs or virtual labs will definitely help.
7) Revising the syllabi of agricultural universities is a great move. Infact, it should be extended to traditional engineering sectors like electrical, mechanical, civil etc.
8) Setting up of foreign universities in GIFT city is also a great move as it will allow us to learn financial innovations done by other countries and India has a dire need of this.

Vidya Narayanan, Co-Founder & CEO, Rizzle

We welcome the well-balanced budget, which attempts to focus on all the sectors, to accelerate economic recovery. While acknowledging the start-up sector as a growth driver of India’s economy, the finance minister has reaffirmed the Government’s support for the sector by extending the eligibility for claiming tax holidays by another year. Similarly, it has extended the capital gains exemption for investment in start-ups by one more year. This will help boost funding. On the whole, this year’s budget is pro-growth, with an emphasis on digitalization and ease of doing business.

Raman Bhatia, Founder & Managing Director, Servotech Power Systems Limited

The key decisions made on the renewable energy front illustrated in the Union Budget 2022 precisely addresses the most critical challenges halting India’s speedy transition to a clean new era. The allocation of additional Rs 19,500 cr to the Production Linked Incentive (PLI) for the development of high-efficiency solar modules, thoughtful policies & action plans, supporting incentives for green bonds would not only accelerate our pace to achieve the 2030 target of 280 GW of installed solar capacity but would also help deliver on the 2070 net-zero emissions target commitment made by PM Narendra Modi at the COP26 summit held last year in Glasgow and play a pivotal role in tackling the global crisis of climate change.

Sumana Iyengar – CEO & Co-Founder, Goavega Software Pvt. Ltd.

The initiatives to widen the scope of portals meant to support MSME’s is a good move, and in combination with the ‘One Nation, One Registration’, it will help in ease of doing business. However, while the ECLGS will be extended till March 2023 and its guarantee cover will be expanded by Rs 50,000 cr to total cover of Rs 5 lakh crore, several MSME’s and start-up’s like us, who seek support in terms of tax benefits and access to low interest rates for business loans, have little to look forward to.

On the other hand, the announcement of the 5G spectrum auction in 2022 to roll out 5G services across India and defined timelines to laying of optical fibre in villages by 2025, is definitely a big boost to IT services sector as it will help accelerate innovation and make it more financially accessible to businesses. Steps to further enhance financial technology infrastructure is another positive step towards strengthening the overall digital infrastructure in the country, laying the strong foundation for a tech enabled economy.

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